Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018shares | |
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-Q |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 1 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Small Business | false |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Investment in hotel properties, net | $ 2,122,454 | $ 2,497,880 |
Investment in unconsolidated joint ventures | 15,807 | 16,912 |
Restricted cash reserves | 5,200 | 3,300 |
Liabilities and Equity | ||
Debt, net | 713,632 | 1,299,105 |
Rangers Sub I, LLC | ||
Assets | ||
Investment in hotel properties, net | 2,122,454 | 2,497,880 |
Investment in unconsolidated joint ventures | 15,807 | 16,912 |
Cash and cash equivalents | 15,735 | 14,728 |
Restricted cash reserves | 5,225 | 3,303 |
Related party rent receivable | 45,612 | 80,090 |
Intangible assets, net | 46,907 | 118,170 |
Prepaid expense and other assets | 5,101 | 12,691 |
Assets of hotel properties held for sale, net | 25,177 | 0 |
Total assets | 2,282,018 | 2,743,774 |
Liabilities and Equity | ||
Debt, net | 713,632 | 1,299,105 |
Accounts payable and other liabilities | 47,042 | 54,191 |
Related party lease termination fee payable | 17,548 | 7,707 |
Accrued interest | 9,588 | 12,286 |
Distributions payable | 122 | 126 |
Total liabilities | 787,932 | 1,373,415 |
Commitments and Contingencies (Note 9) | ||
Member's equity: | ||
Member's equity | 1,364,041 | 1,302,739 |
Retained earnings | 65,260 | 4,090 |
Total member's equity | 1,429,301 | 1,306,829 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 5,918 | 5,900 |
Noncontrolling interest in FelCor LP | 14,437 | 13,200 |
Total noncontrolling interest | 20,355 | 19,100 |
Preferred capital in a consolidated joint venture, liquidation value of $45,515 and $45,430 at September 30, 2018 and December 31, 2017, respectively | 44,430 | 44,430 |
Total equity | 1,494,086 | 1,370,359 |
Total liabilities and equity | 2,282,018 | 2,743,774 |
FelCor Lodging LP | ||
Assets | ||
Investment in hotel properties, net | 2,122,454 | 2,497,880 |
Investment in unconsolidated joint ventures | 15,807 | 16,912 |
Cash and cash equivalents | 15,735 | 14,728 |
Restricted cash reserves | 5,225 | 3,303 |
Related party rent receivable | 45,612 | 80,090 |
Intangible assets, net | 46,907 | 118,170 |
Prepaid expense and other assets | 5,101 | 12,691 |
Assets of hotel properties held for sale, net | 25,177 | 0 |
Total assets | 2,282,018 | 2,743,774 |
Liabilities and Equity | ||
Debt, net | 713,632 | 1,299,105 |
Accounts payable and other liabilities | 47,042 | 54,191 |
Related party lease termination fee payable | 17,548 | 7,707 |
Accrued interest | 9,588 | 12,286 |
Distributions payable | 122 | 126 |
Total liabilities | 787,932 | 1,373,415 |
Commitments and Contingencies (Note 9) | ||
Member's equity: | ||
Partners' capital | 1,377,819 | 1,315,898 |
Retained earnings | 65,919 | 4,131 |
Total member's equity | 1,443,738 | 1,320,029 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 5,918 | 5,900 |
Preferred capital in a consolidated joint venture, liquidation value of $45,515 and $45,430 at September 30, 2018 and December 31, 2017, respectively | 44,430 | 44,430 |
Total equity | 1,494,086 | 1,370,359 |
Total liabilities and equity | $ 2,282,018 | $ 2,743,774 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
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 capital in a consolidated joint venture, liquidation value | $ 45,515 | |
Rangers Sub I, LLC | Successor | ||
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 capital in a consolidated joint venture, liquidation value | $ 45,430 | |
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 capital in a consolidated joint venture, liquidation value | $ 45,515 | |
FelCor Lodging LP | Successor | ||
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 capital in a consolidated joint venture, liquidation value | $ 45,430 | |
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 | Successor | ||
Preferred shares, shares issued (in shares) | 0 | |
Preferred shares, shares outstanding (in shares) | 0 | |
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 | Successor | ||
Preferred shares, shares issued (in shares) | 0 | |
Preferred shares, shares outstanding (in shares) | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Sep. 30, 2018 | |
Expenses | |||||
Impairment loss | $ 0 | $ 0 | |||
Transaction costs | 1,000,000 | $ 200,000 | 1,900,000 | ||
Interest expense | (4,800,000) | (8,500,000) | (30,200,000) | ||
Equity in income from unconsolidated joint ventures | 115,000 | 218,000 | 945,000 | ||
Predecessor | |||||
Expenses | |||||
Impairment loss | $ 35,100,000 | ||||
Transaction costs | $ 61,900,000 | 68,200,000 | |||
Interest expense | (12,900,000) | (51,700,000) | |||
Equity in income from unconsolidated joint ventures | 556,000 | 1,074,000 | |||
Rangers Sub I, LLC | |||||
Revenues | |||||
Related party lease revenue | 20,854,000 | 57,811,000 | 172,011,000 | ||
Total revenues | 20,854,000 | 57,811,000 | 172,011,000 | ||
Expenses | |||||
Management and franchise fee expense | 0 | 0 | 0 | ||
Depreciation and amortization | 5,974,000 | 19,292,000 | 60,496,000 | ||
Impairment loss | 0 | 0 | 0 | ||
Property tax, insurance and other | 4,449,000 | 13,947,000 | 42,834,000 | ||
General and administrative | 192,000 | (564,000) | 595,000 | ||
Transaction costs | 1,039,000 | 194,000 | 2,369,000 | ||
Total operating expenses | 11,654,000 | 32,869,000 | 106,294,000 | ||
Operating income (loss) | 9,200,000 | 24,942,000 | 65,717,000 | ||
Other income | 0 | 1,000 | 111,000 | ||
Interest income | 3,000 | 70,000 | 153,000 | ||
Interest expense | (4,779,000) | (8,467,000) | (30,221,000) | ||
Gain (loss) on sale of hotel properties, net | 0 | 24,254,000 | 14,930,000 | ||
(Loss) gain on extinguishment of indebtedness, net | 0 | (1,656,000) | 11,280,000 | ||
Income (loss) before equity in income from unconsolidated joint ventures | 4,424,000 | 39,144,000 | 61,970,000 | ||
Equity in income from unconsolidated joint ventures | 115,000 | 218,000 | 945,000 | ||
Income (loss) before income tax benefit (expense) | 4,539,000 | 39,362,000 | 62,915,000 | ||
Income tax benefit (expense) | 0 | 0 | 0 | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,539,000 | 39,362,000 | 62,915,000 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 0 | 0 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,539,000 | 39,362,000 | 62,915,000 | ||
Net (income) loss attributable to noncontrolling interests: | |||||
Noncontrolling interest in consolidated joint ventures | (51,000) | (52,000) | (18,000) | ||
Noncontrolling interest in FelCor LP | (45,000) | (389,000) | (618,000) | ||
Preferred distributions - consolidated joint venture | (122,000) | (374,000) | (1,109,000) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,321,000 | 38,547,000 | 61,170,000 | ||
Preferred dividends | 0 | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,321,000 | 38,547,000 | 61,170,000 | ||
Rangers Sub I, LLC | Predecessor | |||||
Revenues | |||||
Related party lease revenue | 0 | 0 | |||
Total revenues | 142,971,000 | 551,515,000 | |||
Expenses | |||||
Management and franchise fee expense | 4,625,000 | 19,901,000 | |||
Depreciation and amortization | 17,699,000 | 73,065,000 | |||
Impairment loss | 0 | 35,109,000 | |||
Property tax, insurance and other | 12,647,000 | 44,278,000 | |||
General and administrative | 2,785,000 | 16,006,000 | |||
Transaction costs | 61,932,000 | 68,248,000 | |||
Total operating expenses | 182,937,000 | 589,075,000 | |||
Operating income (loss) | (39,966,000) | (37,560,000) | |||
Other income | 0 | 100,000 | |||
Interest income | 46,000 | 126,000 | |||
Interest expense | (12,908,000) | (51,690,000) | |||
Gain (loss) on sale of hotel properties, net | (891,000) | (1,764,000) | |||
(Loss) gain on extinguishment of indebtedness, net | (3,278,000) | (3,278,000) | |||
Income (loss) before equity in income from unconsolidated joint ventures | (56,997,000) | (94,066,000) | |||
Equity in income from unconsolidated joint ventures | 556,000 | 1,074,000 | |||
Income (loss) before income tax benefit (expense) | (56,441,000) | (92,992,000) | |||
Income tax benefit (expense) | 551,000 | (499,000) | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (55,890,000) | (93,491,000) | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (3,415,000) | (3,415,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (59,305,000) | (96,906,000) | |||
Net (income) loss attributable to noncontrolling interests: | |||||
Noncontrolling interest in consolidated joint ventures | 108,000 | 545,000 | |||
Noncontrolling interest in FelCor LP | 274,000 | 495,000 | |||
Preferred distributions - consolidated joint venture | (252,000) | (979,000) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (59,175,000) | (96,845,000) | |||
Preferred dividends | (4,186,000) | (16,744,000) | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (63,361,000) | $ (113,589,000) | |||
Basic and diluted per common share data: | |||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.43) | $ (0.80) | |||
Net Income/(Loss) per share attributable to common shareholders (in dollars per share) | $ (0.46) | $ (0.83) | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 137,904,668 | 137,331,743 | |||
FelCor Lodging LP | |||||
Revenues | |||||
Related party lease revenue | 20,854,000 | 57,811,000 | 172,011,000 | ||
Total revenues | 20,854,000 | 57,811,000 | 172,011,000 | ||
Expenses | |||||
Management and franchise fee expense | 0 | 0 | 0 | ||
Depreciation and amortization | 5,974,000 | 19,292,000 | 60,496,000 | ||
Impairment loss | 0 | 0 | 0 | ||
Property tax, insurance and other | 4,449,000 | 13,947,000 | 42,834,000 | ||
General and administrative | 192,000 | (564,000) | 595,000 | ||
Transaction costs | 1,039,000 | 194,000 | 2,369,000 | ||
Total operating expenses | 11,654,000 | 32,869,000 | 106,294,000 | ||
Operating income (loss) | 9,200,000 | 24,942,000 | 65,717,000 | ||
Other income | 0 | 1,000 | 111,000 | ||
Interest income | 3,000 | 70,000 | 153,000 | ||
Interest expense | (4,779,000) | (8,467,000) | (30,221,000) | ||
Gain (loss) on sale of hotel properties, net | 0 | 24,254,000 | 14,930,000 | ||
(Loss) gain on extinguishment of indebtedness, net | 0 | (1,656,000) | 11,280,000 | ||
Income (loss) before equity in income from unconsolidated joint ventures | 4,424,000 | 39,144,000 | 61,970,000 | ||
Equity in income from unconsolidated joint ventures | 115,000 | 218,000 | 945,000 | ||
Income (loss) before income tax benefit (expense) | 4,539,000 | 39,362,000 | 62,915,000 | ||
Income tax benefit (expense) | 0 | 0 | 0 | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,539,000 | 39,362,000 | 62,915,000 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 0 | 0 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,539,000 | 39,362,000 | 62,915,000 | ||
Net (income) loss attributable to noncontrolling interests: | |||||
Noncontrolling interest in consolidated joint ventures | 51,000 | 52,000 | 18,000 | ||
Preferred distributions - consolidated joint venture | 122,000 | 374,000 | 1,109,000 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,366,000 | 38,936,000 | 61,788,000 | ||
Preferred dividends | 0 | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,366,000 | 38,936,000 | 61,788,000 | ||
FelCor Lodging LP | Predecessor | |||||
Revenues | |||||
Related party lease revenue | $ 0 | $ 0 | |||
Total revenues | 142,971,000 | 551,515,000 | |||
Expenses | |||||
Management and franchise fee expense | 4,625,000 | 19,901,000 | |||
Depreciation and amortization | 17,699,000 | 73,065,000 | |||
Impairment loss | 0 | 35,109,000 | |||
Property tax, insurance and other | 12,647,000 | 44,278,000 | |||
General and administrative | 2,785,000 | 16,006,000 | |||
Transaction costs | 61,932,000 | 68,248,000 | |||
Total operating expenses | 182,937,000 | 589,075,000 | |||
Operating income (loss) | (39,966,000) | (37,560,000) | |||
Other income | 0 | 100,000 | |||
Interest income | 46,000 | 126,000 | |||
Interest expense | (12,908,000) | (51,690,000) | |||
Gain (loss) on sale of hotel properties, net | (891,000) | (1,764,000) | |||
(Loss) gain on extinguishment of indebtedness, net | (3,278,000) | (3,278,000) | |||
Income (loss) before equity in income from unconsolidated joint ventures | (56,997,000) | (94,066,000) | |||
Equity in income from unconsolidated joint ventures | 556,000 | 1,074,000 | |||
Income (loss) before income tax benefit (expense) | (56,441,000) | (92,992,000) | |||
Income tax benefit (expense) | 551,000 | (499,000) | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (55,890,000) | (93,491,000) | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (3,415,000) | (3,415,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (59,305,000) | (96,906,000) | |||
Net (income) loss attributable to noncontrolling interests: | |||||
Noncontrolling interest in consolidated joint ventures | (108,000) | (545,000) | |||
Preferred distributions - consolidated joint venture | 252,000 | 979,000 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (59,449,000) | (97,340,000) | |||
Preferred dividends | (4,186,000) | (16,744,000) | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (63,635,000) | $ (114,084,000) | |||
Basic and diluted per common share data: | |||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.4300) | $ (0.8000) | |||
Net Income/(Loss) per share attributable to common shareholders (in dollars per share) | $ (0.46) | $ (0.83) | |||
Weighted Average Number of Shares Outstanding, Basic | 138,514,851 | 137,941,926 | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 138,514,851 | 137,941,926 | |||
Occupancy [Member] | Rangers Sub I, LLC | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Expenses | |||||
Cost of Goods and Services Sold | 0 | 0 | 0 | ||
Occupancy [Member] | Rangers Sub I, LLC | Predecessor | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 111,977,000 | $ 425,682,000 | |||
Expenses | |||||
Cost of Goods and Services Sold | 28,652,000 | 112,813,000 | |||
Occupancy [Member] | FelCor Lodging LP | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Expenses | |||||
Cost of Goods and Services Sold | 0 | 0 | 0 | ||
Occupancy [Member] | FelCor Lodging LP | Predecessor | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 111,977,000 | 425,682,000 | |||
Expenses | |||||
Cost of Goods and Services Sold | 28,652,000 | 112,813,000 | |||
Food and Beverage [Member] | Rangers Sub I, LLC | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Expenses | |||||
Cost of Goods and Services Sold | 0 | 0 | 0 | ||
Food and Beverage [Member] | Rangers Sub I, LLC | Predecessor | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,577,000 | 90,572,000 | |||
Expenses | |||||
Cost of Goods and Services Sold | 17,325,000 | 71,828,000 | |||
Food and Beverage [Member] | FelCor Lodging LP | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Expenses | |||||
Cost of Goods and Services Sold | 0 | 0 | 0 | ||
Food and Beverage [Member] | FelCor Lodging LP | Predecessor | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,577,000 | 90,572,000 | |||
Expenses | |||||
Cost of Goods and Services Sold | 17,325,000 | 71,828,000 | |||
Hotel, Other [Member] | Rangers Sub I, LLC | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Expenses | |||||
Cost of Goods and Services Sold | 0 | 0 | 0 | ||
Hotel, Other [Member] | Rangers Sub I, LLC | Predecessor | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,417,000 | 35,261,000 | |||
Expenses | |||||
Cost of Goods and Services Sold | 37,272,000 | 147,827,000 | |||
Hotel, Other [Member] | FelCor Lodging LP | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Expenses | |||||
Cost of Goods and Services Sold | 0 | 0 | 0 | ||
Hotel, Other [Member] | FelCor Lodging LP | Predecessor | |||||
Revenues | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,417,000 | 35,261,000 | |||
Expenses | |||||
Cost of Goods and Services Sold | 37,272,000 | 147,827,000 | |||
Hotel [Member] | Rangers Sub I, LLC | |||||
Expenses | |||||
Cost of Goods and Services Sold | 0 | 0 | 0 | ||
Hotel [Member] | Rangers Sub I, LLC | Predecessor | |||||
Expenses | |||||
Cost of Goods and Services Sold | 87,874,000 | 352,369,000 | |||
Hotel [Member] | FelCor Lodging LP | |||||
Expenses | |||||
Cost of Goods and Services Sold | $ 0 | $ 0 | $ 0 | ||
Hotel [Member] | FelCor Lodging LP | Predecessor | |||||
Expenses | |||||
Cost of Goods and Services Sold | $ 87,874,000 | $ 352,369,000 |
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 LPFelCor LP | FelCor Lodging LPConsolidated Joint Ventures | FelCor Lodging LPPreferred Equity in a Consolidated Joint Venture |
Beginning Balance (in shares) (Predecessor) at Dec. 31, 2016 | 12,879,475 | 137,990,097 | ||||||||||||||
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 | |||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | (96,411,000) | (96,845,000) | (545,000) | 979,000 | ||||||||||||
Issuance of stock awards (shares) | Predecessor | 1,998,497 | |||||||||||||||
Issuance of stock awards | Predecessor | 859,000 | $ 20,000 | 839,000 | 859,000 | 859,000 | |||||||||||
Amortization of share-based compensation | Predecessor | 11,946,000 | 11,946,000 | 0 | 11,946,000 | 11,946,000 | |||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | Predecessor | (893,309) | |||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | Predecessor | (6,434,000) | $ (9,000) | 0 | (6,425,000) | (6,434,000) | (6,434,000) | ||||||||||
Conversion of operating partnership units into common shares | Predecessor | 0 | |||||||||||||||
Allocation to the redeemable noncontrolling interests in FelCor LP | Predecessor | (196,000) | (196,000) | 433,000 | 433,000 | ||||||||||||
Contributions | Predecessor | 333,000 | 333,000 | 0 | 333,000 | 333,000 | |||||||||||
Distributions | Predecessor | (150,000) | (150,000) | 0 | (150,000) | (150,000) | |||||||||||
Distributions on Series A preferred shares | Predecessor | (16,744,000) | (16,744,000) | (16,744,000) | (16,744,000) | ||||||||||||
Distributions on common shares and units | Predecessor | (22,468,000) | (22,468,000) | (22,602,000) | (22,602,000) | ||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | (979,000) | (979,000) | (979,000) | (979,000) | ||||||||||||
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 | ||||
Balance at Aug. 31, 2017 | 1,526,409,000 | 1,462,053,000 | 0 | $ 14,769,000 | 5,157,000 | 44,430,000 | 1,526,409,000 | $ 1,476,822,000 | $ 0 | $ 5,157,000 | 44,430,000 | |||||
Increase (Decrease) in Owners' Equity | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | 4,539,000 | 4,321,000 | 45,000 | 51,000 | 122,000 | 4,539,000 | 0 | 4,366,000 | 51,000 | 122,000 | ||||||
Distribution of FelCor TRS | (79,601,000) | (78,882,000) | (797,000) | 78,000 | (79,601,000) | (79,679,000) | 78,000 | 0 | ||||||||
Contributions | 35,545,000 | 35,190,000 | 355,000 | 35,545,000 | 35,545,000 | |||||||||||
Distributions | (19,123,000) | (18,932,000) | (191,000) | (19,123,000) | (19,123,000) | |||||||||||
Preferred distributions - consolidated joint venture | (122,000) | (122,000) | (122,000) | (122,000) | ||||||||||||
Balance at Sep. 30, 2017 | 1,467,647,000 | 1,399,429,000 | 4,321,000 | 14,181,000 | 5,286,000 | 44,430,000 | 1,467,647,000 | 1,413,565,000 | 4,366,000 | $ 5,286,000 | 44,430,000 | |||||
Balance at Dec. 31, 2017 | 1,370,359,000 | 1,302,739,000 | 4,090,000 | 13,200,000 | 5,900,000 | 44,430,000 | 1,370,359,000 | 1,315,898,000 | 4,131,000 | 5,900,000 | 44,430,000 | |||||
Increase (Decrease) in Owners' Equity | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | 62,915,000 | 61,170,000 | 618,000 | 18,000 | 1,109,000 | 62,915,000 | 0 | 61,788,000 | 18,000 | 1,109,000 | ||||||
Contributions | 673,853,000 | 667,115,000 | 6,738,000 | 673,853,000 | 673,853,000 | |||||||||||
Distributions | (611,932,000) | (605,813,000) | (6,119,000) | (611,932,000) | (611,932,000) | |||||||||||
Preferred distributions - consolidated joint venture | (1,109,000) | (1,109,000) | (1,109,000) | (1,109,000) | ||||||||||||
Balance at Sep. 30, 2018 | $ 1,494,086,000 | $ 1,364,041,000 | $ 65,260,000 | $ 14,437,000 | $ 5,918,000 | $ 44,430,000 | $ 1,494,086,000 | $ 1,377,819,000 | $ 65,919,000 | $ 5,918,000 | $ 44,430,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Equity in income from unconsolidated joint ventures | $ (115) | $ (945) | |
Predecessor | |||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Equity in income from unconsolidated joint ventures | $ (1,074) | ||
Rangers Sub I, LLC | |||
Cash flows from operating activities | |||
Net income (loss) | 4,539 | 62,915 | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
(Gain) loss on sale of hotel properties and other assets, net | 0 | (14,930) | |
Depreciation and amortization | 5,974 | 60,496 | |
Amortization of deferred financing costs | 0 | 217 | |
Other amortization | (526) | (2,877) | |
Equity in income from unconsolidated joint ventures | (115) | (945) | |
Distributions of income from unconsolidated joint ventures | 750 | 2,050 | |
Amortization of fixed stock and directors' compensation | 0 | 0 | |
Equity based severance | 0 | 0 | |
(Gain) loss on extinguishment of indebtedness, net | 0 | (11,280) | |
Impairment loss | 0 | 0 | |
Changes in assets and liabilities: | |||
Related party rent receivable | 0 | 34,477 | |
Hotel and other receivables, net | (12,582) | 0 | |
Prepaid expense and other assets | 12 | 5,723 | |
Accounts payable and other liabilities | 1,349 | 68 | |
Advance deposits and deferred revenue | 0 | 0 | |
Accrued interest | (10,563) | (2,698) | |
Net cash flow provided by (used in) operating activities | (11,162) | 133,216 | |
Cash flows from investing activities | |||
Proceeds from the sale of hotel properties, net | 0 | 434,361 | |
Improvements and additions to hotel properties | (55) | (58,209) | |
Additions to property and equipment | 0 | (4) | |
Distributions from unconsolidated joint ventures in excess of earnings | 0 | 0 | |
Net cash flow provided by (used in) investing activities | (55) | 376,148 | |
Cash flows from financing activities | |||
Proceeds from borrowings | 0 | 0 | |
Repayments of borrowings | (471) | (569,033) | |
Repurchase of common shares to satisfy employee withholding requirements | 0 | 0 | |
Contributions from members | 35,545 | 673,853 | |
Distributions to members | (19,123) | (610,132) | |
Distribution of cash in FelCor TRS | (51,867) | 0 | |
Distributions on preferred shares | 0 | 0 | |
Distributions on common shares | 0 | 0 | |
Distributions on Operating Partnership units | 0 | 0 | |
Payments of deferred financing costs | 0 | (10) | |
Distributions to noncontrolling interests | 0 | 0 | |
Contributions from noncontrolling interests | 0 | 0 | |
Preferred distributions - consolidated joint venture | (126) | (1,113) | |
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | 0 | |
Net cash flow used in financing activities | (36,042) | (506,435) | |
Net change in cash, cash equivalents, and restricted cash reserves | (47,259) | 2,929 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of year | 64,434 | 18,031 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 17,175 | 64,434 | 20,960 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 17,175 | 64,434 | 18,031 |
Rangers Sub I, LLC | Predecessor | |||
Cash flows from operating activities | |||
Net income (loss) | (96,906) | ||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
(Gain) loss on sale of hotel properties and other assets, net | 5,079 | ||
Depreciation and amortization | 73,065 | ||
Amortization of deferred financing costs | 2,803 | ||
Other amortization | 0 | ||
Equity in income from unconsolidated joint ventures | (1,074) | ||
Distributions of income from unconsolidated joint ventures | 333 | ||
Amortization of fixed stock and directors' compensation | 3,833 | ||
Equity based severance | 8,372 | ||
(Gain) loss on extinguishment of indebtedness, net | 3,278 | ||
Impairment loss | 35,109 | ||
Changes in assets and liabilities: | |||
Related party rent receivable | 0 | ||
Hotel and other receivables, net | (6,155) | ||
Prepaid expense and other assets | 2,954 | ||
Accounts payable and other liabilities | 54,361 | ||
Advance deposits and deferred revenue | 4,426 | ||
Accrued interest | 9,862 | ||
Net cash flow provided by (used in) operating activities | 99,340 | ||
Cash flows from investing activities | |||
Proceeds from the sale of hotel properties, net | 73,416 | ||
Improvements and additions to hotel properties | (63,802) | ||
Additions to property and equipment | 0 | ||
Distributions from unconsolidated joint ventures in excess of earnings | 840 | ||
Net cash flow provided by (used in) investing activities | 10,454 | ||
Cash flows from financing activities | |||
Proceeds from borrowings | 66,000 | ||
Repayments of borrowings | (121,691) | ||
Repurchase of common shares to satisfy employee withholding requirements | (6,434) | ||
Contributions from members | 0 | ||
Distributions to members | 0 | ||
Distribution of cash in FelCor TRS | 0 | ||
Distributions on preferred shares | (18,836) | ||
Distributions on common shares | (30,926) | ||
Distributions on Operating Partnership units | (134) | ||
Payments of deferred financing costs | 0 | ||
Distributions to noncontrolling interests | (150) | ||
Contributions from noncontrolling interests | 333 | ||
Preferred distributions - consolidated joint venture | (977) | ||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 647 | ||
Net cash flow used in financing activities | (112,168) | ||
Net change in cash, cash equivalents, and restricted cash reserves | (2,374) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of year | 64,434 | 66,808 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 64,434 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 64,434 | 66,808 | |
FelCor Lodging LP | |||
Cash flows from operating activities | |||
Net income (loss) | 4,539 | 62,915 | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
(Gain) loss on sale of hotel properties and other assets, net | 0 | (14,930) | |
Depreciation and amortization | 5,974 | 60,496 | |
Amortization of deferred financing costs | 0 | 217 | |
Other amortization | (526) | (2,877) | |
Equity in income from unconsolidated joint ventures | (115) | (945) | |
Distributions of income from unconsolidated joint ventures | 750 | 2,050 | |
Amortization of fixed stock and directors' compensation | 0 | 0 | |
Equity based severance | 0 | 0 | |
(Gain) loss on extinguishment of indebtedness, net | 0 | (11,280) | |
Impairment loss | 0 | 0 | |
Changes in assets and liabilities: | |||
Related party rent receivable | 0 | 34,477 | |
Hotel and other receivables, net | (12,582) | 0 | |
Prepaid expense and other assets | 12 | 5,723 | |
Accounts payable and other liabilities | 1,349 | 68 | |
Advance deposits and deferred revenue | 0 | 0 | |
Accrued interest | (10,563) | (2,698) | |
Net cash flow provided by (used in) operating activities | (11,162) | 133,216 | |
Cash flows from investing activities | |||
Proceeds from the sale of hotel properties, net | 0 | 434,361 | |
Improvements and additions to hotel properties | (55) | (58,209) | |
Additions to property and equipment | 0 | (4) | |
Distributions from unconsolidated joint ventures in excess of earnings | 0 | 0 | |
Net cash flow provided by (used in) investing activities | (55) | 376,148 | |
Cash flows from financing activities | |||
Proceeds from borrowings | 0 | 0 | |
Repayments of borrowings | (471) | (569,033) | |
Repurchase of common shares to satisfy employee withholding requirements | 0 | 0 | |
Contributions from members | 35,545 | 673,853 | |
Distributions to members | (19,123) | (610,132) | |
Distribution of cash in FelCor TRS | (51,867) | 0 | |
Distributions on preferred shares | 0 | 0 | |
Distributions on common shares | 0 | 0 | |
Distributions on Operating Partnership units | 0 | 0 | |
Payments of deferred financing costs | 0 | (10) | |
Distributions to noncontrolling interests | 0 | 0 | |
Contributions from noncontrolling interests | 0 | 0 | |
Preferred distributions - consolidated joint venture | (126) | (1,113) | |
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | 0 | |
Net cash flow used in financing activities | (36,042) | (506,435) | |
Net change in cash, cash equivalents, and restricted cash reserves | (47,259) | 2,929 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of year | 18,031 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 17,175 | 20,960 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 17,175 | $ 18,031 | |
FelCor Lodging LP | Predecessor | |||
Cash flows from operating activities | |||
Net income (loss) | (96,906) | ||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
(Gain) loss on sale of hotel properties and other assets, net | 5,079 | ||
Depreciation and amortization | 73,065 | ||
Amortization of deferred financing costs | 2,803 | ||
Other amortization | 0 | ||
Equity in income from unconsolidated joint ventures | (1,074) | ||
Distributions of income from unconsolidated joint ventures | 333 | ||
Amortization of fixed stock and directors' compensation | 3,833 | ||
Equity based severance | 8,372 | ||
(Gain) loss on extinguishment of indebtedness, net | 3,278 | ||
Impairment loss | 35,109 | ||
Changes in assets and liabilities: | |||
Related party rent receivable | 0 | ||
Hotel and other receivables, net | (6,155) | ||
Prepaid expense and other assets | 2,954 | ||
Accounts payable and other liabilities | 54,361 | ||
Advance deposits and deferred revenue | 4,426 | ||
Accrued interest | 9,862 | ||
Net cash flow provided by (used in) operating activities | 99,340 | ||
Cash flows from investing activities | |||
Proceeds from the sale of hotel properties, net | 73,416 | ||
Improvements and additions to hotel properties | (63,802) | ||
Additions to property and equipment | 0 | ||
Distributions from unconsolidated joint ventures in excess of earnings | 840 | ||
Net cash flow provided by (used in) investing activities | 10,454 | ||
Cash flows from financing activities | |||
Proceeds from borrowings | 66,000 | ||
Repayments of borrowings | (121,691) | ||
Repurchase of common shares to satisfy employee withholding requirements | (6,434) | ||
Contributions from members | 0 | ||
Distributions to members | 0 | ||
Distribution of cash in FelCor TRS | 0 | ||
Distributions on preferred shares | (18,836) | ||
Distributions on common shares | (30,926) | ||
Distributions on Operating Partnership units | (134) | ||
Payments of deferred financing costs | 0 | ||
Distributions to noncontrolling interests | (150) | ||
Contributions from noncontrolling interests | 333 | ||
Preferred distributions - consolidated joint venture | (977) | ||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 647 | ||
Net cash flow used in financing activities | (112,168) | ||
Net change in cash, cash equivalents, and restricted cash reserves | (2,374) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of year | 64,434 | 66,808 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 64,434 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 64,434 | $ 66,808 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2018 | |
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 3 . 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 September 30, 2018 , the Company owned 31 hotel properties with approximately 9,365 rooms, located in 13 states. The Company, through wholly-owned subsidiaries, owned a 100% interest in 28 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 29 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 30 of its 31 hotel properties to subsidiaries of RLJ LP. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The combined Annual Report on Form 10-K for the year ended December 31, 2017 of Rangers and FelCor LP contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no other significant changes to the Company's significant accounting policies since December 31, 2017 . Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income (loss), statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2017 , included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on March 2, 2018. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue 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 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 did not have an impact to the Company's consolidated financial statements. Lease Revenue The Company's hotel properties are leased through intercompany lease agreements. The Company's hotel property-owning subsidiaries (the "Lessors") lease the hotel properties to lessees owned by FelCor TRS Holdings, LLC ("FelCor TRS"), a subsidiary of RLJ LP (the "Lessees"). 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. 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 by 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. If substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single asset or a group of similar identifiable asset(s), then the transaction is considered to be an asset acquisition (or disposition). As a result of this standard, the Company anticipates the majority of its hotel purchases will be considered asset acquisitions as opposed to business combinations, although the determination will be made on a transaction-by-transaction basis. Transaction costs associated with asset acquisitions will be capitalized rather than expensed as incurred. The Company adopted this guidance on January 1, 2018 on a prospective basis. 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 is not expected to have a material impact on the Company's consolidated financial statements. 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. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is 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 assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated 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. Sale of Real Estate ASU 2014-09 also applies to the sale of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. 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 . This 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 this guidance, sales and partial sales of real estate assets will be accounted for similar to all other sales of nonfinancial and in substance nonfinancial assets. The Company adopted this guidance on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this guidance did not have an impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements 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 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 will adopt this new standard on January 1, 2019. The Company has not yet completed its analysis on this standard, but it believes the application of the new 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, parking 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 August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification . The amendments simplify or eliminate duplicative, overlapping, or outdated disclosure requirements. The amendments also add certain disclosure requirements, such as requiring entities to disclose the current and comparative quarter and year-to-date changes in shareholders' equity for interim periods. The amended rules are effective for reports filed on or after November 5, 2018. However, the SEC issued Compliance & Disclosure Interpretation 105.09 that allows entities to defer the adoption of the new disclosure requirement relating to changes in shareholders' equity for interim periods until the Form 10-Q for the quarterly period that begins after November 5, 2018. The Company will adopt the new disclosure requirement relating to changes in shareholders' equity for interim periods on January 1, 2019. Based on the Company's assessment, the adoption of the new disclosures will not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The guidance is effective for annual reporting periods beginning after December 15, 2019, and the interim periods within those annual periods, with early adoption permitted. The Company will adopt this new standard on January 1, 2020. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Merger with RLJ Lodging Trust
Merger with RLJ Lodging Trust | 9 Months Ended |
Sep. 30, 2018 | |
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 periods after the Acquisition Date are 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 the Lessors, and 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 New Basis After FelCor TRS Distribution Investment in hotel properties $ 2,661,114 $ (2,000 ) $ 2,659,114 Investment in unconsolidated joint ventures 25,651 (7,900 ) 17,751 Cash and cash equivalents 47,396 (40,878 ) 6,518 Restricted cash reserves 17,038 (10,989 ) 6,049 Hotel and other receivables 28,308 (28,308 ) — Deferred income tax assets 58,170 (58,170 ) — Intangible assets 139,673 (20,262 ) 119,411 Prepaid expenses and other assets 23,811 (11,417 ) 12,394 Debt (1,305,337 ) — (1,305,337 ) Accounts payable and other liabilities (118,360 ) 52,995 (65,365 ) Advance deposits and deferred revenue (23,795 ) 23,795 — Accrued interest (22,612 ) — (22,612 ) Distributions payable (4,312 ) — (4,312 ) Total equity $ 1,526,745 $ (103,134 ) $ 1,423,611 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 (loss). 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 (loss). 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 (loss). • Debt — RLJ estimated the fair value of the Senior Notes (as defined in Note 7) 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 (loss). • 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. For the three and nine months ended September 30, 2018 , the Company recognized approximately $0.2 million and $1.9 million of integration costs, respectively. The Company recognized approximately $1.0 million of integration costs during the Successor period of September 1, 2017 through September 30, 2017. The Company recognized approximately $61.9 million and $68.2 million of transaction costs during the Predecessor period of July 1, 2017 through August 31, 2017 and the Predecessor period of January 1, 2017 through August 31, 2017, respectively. 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). |
Investment in Hotel Properties
Investment in Hotel Properties | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): September 30, 2018 December 31, 2017 Land and improvements $ 531,850 $ 597,451 Buildings and improvements 1,545,752 1,801,302 Furniture, fixtures and equipment 116,378 126,590 2,193,980 2,525,343 Accumulated depreciation (71,526 ) (27,463 ) Investment in hotel properties, net $ 2,122,454 $ 2,497,880 For the three and nine months ended September 30, 2018 , the Company recognized depreciation expense related to its investment in hotel properties of approximately $19.2 million and $60.0 million , respectively. For the Successor period of September 1, 2017 through September 30, 2017, the Company recognized depreciation expense related to its investment in hotel properties of approximately $5.9 million . For the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized depreciation expense related to its investment in hotel properties of approximately $17.6 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 $72.7 million . Impairment The Company determined that there was no impairment of any assets for the nine months ended September 30, 2018 or for the Successor period of September 1, 2017 through September 30, 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, which was based on both 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 both 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. Held for Sale In July 2018, the Company entered into a purchase and sale agreement to sell the Holiday Inn San Francisco - Fisherman's Wharf. At September 30, 2018, this hotel property has been included in assets of hotel properties held for sale, net in the accompanying consolidated balance sheet. The transaction closed on October 15, 2018. The following table is a summary of the major classes of assets held for sale (in thousands): September 30, 2018 Land and improvements $ 12,203 Buildings and improvements 10,900 Furniture, fixtures and equipment 2,074 Total assets of hotel properties held for sale, net $ 25,177 |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2018 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Joint Ventures As of September 30, 2018 and December 31, 2017 , the Company owned 50% interests in joint ventures that owned two hotel properties. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income (loss) 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 September 30, 2018 and December 31, 2017 , 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): September 30, 2018 December 31, 2017 Equity basis of the joint venture investments $ (4,998 ) $ (4,733 ) Cost of the joint venture investments in excess of the joint venture book value 20,805 21,645 Investment in unconsolidated joint ventures $ 15,807 $ 16,912 The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): Successor Predecessor Successor Predecessor For the three months ended September 30, September 1 through September 30, July 1 through August 31, For the nine months ended September 30, September 1 through September 30, January 1 through August 31, 2018 2017 2017 2018 2017 2017 Unconsolidated joint ventures net income attributable to the Company $ 498 $ 208 $ 621 $ 1,784 $ 208 $ 1,332 Depreciation of cost in excess of book value (280 ) (93 ) (65 ) (839 ) (93 ) (258 ) Equity in income from unconsolidated joint ventures $ 218 $ 115 $ 556 $ 945 $ 115 $ 1,074 |
Sale of Hotel Properties
Sale of Hotel Properties | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | Sale of Hotel Properties During the nine months ended September 30, 2018 , the Company sold five hotel properties for a total sale price of approximately $441.2 million . In connection with these transactions, the Company recorded an aggregate $14.8 million net gain on sales, which is included in gain (loss) on sale of hotel properties, net in the accompanying consolidated statement of operations and comprehensive income (loss). The gain on sale is net of approximately $9.8 million in lease termination fees as a result of early terminating the TRS Leases with the lessees at these hotel properties. The following table discloses the hotel properties that were sold during the nine months ended September 30, 2018 : Hotel Property Name Location Sale Date Rooms Embassy Suites Boston Marlborough Marlborough, MA February 21, 2018 229 Sheraton Philadelphia Society Hill Hotel Philadelphia, PA March 27, 2018 364 Embassy Suites Napa Valley Napa, CA July 13, 2018 205 The Vinoy Renaissance St. Petersburg Resort & Golf Club St. Petersburg, FL August 28, 2018 362 DoubleTree by Hilton Burlington Vermont Burlington, VT September 27, 2018 309 Total 1,469 On October 15, 2018, the Company sold the Holiday Inn San Francisco - Fisherman's Wharf for $75.3 million . In connection with the sale, the Company transferred its purchase option on the land underlying the ground lease to the buyer. The proceeds to the Company as a result of the sale was approximately $30.4 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 connection with these transactions, the Company recorded a $1.6 million loss on sale, which is included in loss on sale of hotel properties, net in the accompanying consolidated statement of operations and comprehensive income (loss). The following table discloses the hotel properties that were sold during the nine months ended September 30, 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 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date September 30, 2018 December 31, 2017 Senior secured notes (1)(2)(3) 9 5.63% — $ — $ 552,669 Senior unsecured notes (1)(2)(4) — 6.00% June 2025 506,503 510,047 PNC Bank/Wells Fargo (5) 3 4.95% October 2022 92,322 120,893 Prudential (6) 1 4.94% October 2022 29,758 30,323 Scotiabank (1) (7) 1 LIBOR + 3.00% November 2018 (8) 85,073 85,404 14 713,656 1,299,336 Deferred financing costs, net (24 ) (231 ) Debt, net $ 713,632 $ 1,299,105 (1) Requires payments of interest only through maturity. (2) The senior secured notes include $28.7 million at December 31, 2017, and the senior unsecured notes include $31.5 million and $35.1 million at September 30, 2018 and December 31, 2017, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) On March 9, 2018, the Company completed the early redemption of the senior secured notes in full for an aggregate amount of approximately $539.0 million , which included the redemption price of 102.813% for the outstanding principal amount. The Company recognized a gain of approximately $12.9 million on the early redemption, which is included in gain (loss) on extinguishment of indebtedness, net in the accompanying consolidated statements of operations and comprehensive income (loss). (4) The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0% . (5) Includes $2.0 million and $3.0 million at September 30, 2018 and December 31, 2017, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) Includes $0.6 million and $0.7 million at September 30, 2018 and December 31, 2017, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (7) Includes $0.1 million and $0.4 million at September 30, 2018 and December 31, 2017, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (8) On November 5, 2018, RLJ LP paid off the Scotiabank mortgage loan in full. In connection with the mortgage loan payoff, the Company's consolidated joint venture entered into an $85.0 million related party loan with RLJ LP at an interest rate of LIBOR + 3.00% that has a maturity date of November 9, 2023. The senior unsecured notes and the senior secured notes (collectively, the "Senior Notes"), and certain mortgage agreements are subject to customary financial covenants. As of September 30, 2018 and December 31, 2017 , the Company was in compliance with all financial covenants. Interest Expense During the three and nine months ended September 30, 2018 , the Company recognized $8.5 million and $30.2 million of interest expense, respectively. During the Successor period of September 1, 2017 through September 30, 2017, the Company recognized $4.8 million of interest expense. During the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized $12.9 million of interest expense, which is net of capitalized interest of $0.3 million . 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 . |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
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 at December 31, 2017 . On March 9, 2018, the Company completed the early redemption of the senior secured notes in full for an aggregate amount of approximately $539.0 million . The senior unsecured notes had an estimated fair value of approximately $504.0 million at September 30, 2018 . The Company estimated the fair value of the Senior Notes by using publicly available trading prices, market interest rates, and spreads for the Senior Notes, which are Level 2 and Level 3 inputs in the fair value hierarchy. The mortgage loans had an estimated fair value of approximately $205.7 million and $236.2 million at September 30, 2018 and December 31, 2017 , respectively. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total estimated fair value of the Company's debt was $709.7 million and $1.3 billion at September 30, 2018 and December 31, 2017 , respectively. The total carrying value of the Company's debt was $713.6 million and $1.3 billion at September 30, 2018 and December 31, 2017 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of FF&E) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% to 5.0% of the individual hotel’s revenues 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 September 30, 2018 and December 31, 2017 , approximately $5.2 million and $3.3 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 ( 22 hotels), 2022 ( five hotels), and thereafter ( one hotel). As of September 30, 2018 , the future minimum lease payments to the Company under the noncancelable operating leases were as follows (in thousands): 2018 $ 15,712 2019 58,880 2020 (1) — 2021 (1) — 2022 (1) — Thereafter (1) — Total $ 74,592 (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 proceeding mentioned below, neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Prior to the Mergers, on March 24, 2016, an affiliate of InterContinental Hotels Group PLC ("IHG"), which was previously the hotel 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 hotel 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 September 30, 2018 , the Company maintained an accrual of approximately $4.6 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 sheet. The Company plans to vigorously defend the underlying claims and, if appropriate, IHG’s demand for indemnification. Management Agreements As discussed in Note 3 , Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' management agreements. During the Predecessor comparative period, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, 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 (loss). For the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $4.4 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $19.1 million . The Wyndham management agreements 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 July 1, 2017 through August 31, 2017, the Company recorded $1.4 million for the pro-rata portion of the projected aggregate full-year guaranties. 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. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. Franchise Agreements As discussed in Note 3 , 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 July 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.2 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.8 million . |
Equity
Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Equity | Equity Successor Period Rangers Ownership Interests/FelCor LP Partnership Interests As of September 30, 2018 , RLJ LP owned 100% of the ownership interests and was the sole managing member of Rangers. In addition, Rangers owned, through indirect interests, 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers General Partner, LLC's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP on the consolidated balance sheets of Rangers. 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. The fifth anniversary for the majority of the equity issuance is in February 2019. 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. Upon completion of the REIT Merger, on August 31, 2017, each issued and outstanding share of Common Stock was converted into the right to receive 0.362 common shares of RLJ. Accordingly, for the Successor period, FelCor no longer has any issued, outstanding, or authorized shares of Common Stock. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company declared a cash dividend (distribution) of $0.06 per share of Common Stock (unit) in each of the first and second quarters of 2017 and a cash dividend (distribution) of $0.04 per share of Common Stock (unit) for the Predecessor period of July 1, 2017 through August 31, 2017. Preferred Stock/Units FelCor's Board of Directors authorized the issuance of up to 20 million shares of preferred stock in one or more series. FelCor's $1.95 Series A cumulative convertible preferred stock, par value $0.01 per share (the "Series A Preferred Stock") (units), had an annual cumulative dividend (distribution) that was payable in arrears equal to the greater of $1.95 per share (unit) or the cash distributions declared or paid for the corresponding period on the number of shares of Common Stock (units) into which the Series A Preferred Stock (units) is then convertible. Each share of Series A Preferred Stock (unit) was convertible at the holder's option to 0.7752 shares of Common Stock (units), subject to certain adjustments. Upon completion of the REIT Merger, each issued and outstanding share of Series A Preferred Stock was converted into the right to receive one $1.95 Series A Cumulative Convertible Preferred Share, par value $0.01 per share, of RLJ. Accordingly, for the Successor period, FelCor no longer has any issued, outstanding, or authorized shares of Series A Preferred Stock. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company declared a cash dividend (distribution) of $0.4875 on each share of Series A Preferred Stock (unit) in each of the first and second quarters of 2017 and a cash dividend (distribution) of $0.325 on each share of Series A Preferred Stock (unit) for the Predecessor period of July 1, 2017 through August 31, 2017. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests/Units in FelCor LP | 9 Months Ended |
Sep. 30, 2018 | |
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. The following table summarizes the changes in the redeemable noncontrolling interests (or redeemable units) (in thousands): Predecessor January 1 through August 31 2017 Balance at beginning of the period $ 4,888 Redemption value allocation 196 Distributions paid to unitholders (134 ) Net loss (495 ) Balance at end of the period $ 4,455 Upon completion of the Partnership Merger, each outstanding FelCor LP Common Unit was converted into 0.362 common units of limited partnership interest in RLJ LP, unless the respective limited partner of FelCor LP elected to redeem his or her FelCor LP Common Units and receive 0.362 common shares of RLJ. Accordingly, for the Successor period, the Company no longer recognizes a redeemable noncontrolling interest (or redeemable units) in FelCor LP on the consolidated balance sheets. |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share/Unit | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share/Unit | Loss per Common Share/Unit Successor Period For the Successor period, RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively. Predecessor Period Basic earnings (loss) per common share/unit is calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings per common share/unit is calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of the unvested restricted share (unit) grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares (units) have been excluded from the diluted earnings (loss) per share (unit) calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends (distributions) or dividend (distribution) equivalents (whether paid or unpaid) are participating shares (units) and are considered in the computation of earnings (loss) per share (unit) pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares (units), they would be deducted from net income (loss) attributable to common shareholders (unitholders) used in the basic and diluted earnings (loss) per share (unit) calculations. The limited partners’ outstanding limited partnership units in FelCor LP (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings (loss) per share (unit) calculation as there was no effect on the per share (unit) amounts, since the limited partners’ share of income would also be added back to net income (loss) attributable to common shareholders. The computation of basic and diluted earnings (loss) per common share (unit) is as follows (in thousands, except share/unit and per share/unit data): Rangers Loss Per Common Share Predecessor July 1 through August 31, January 1 through August 31, 2017 2017 Numerator: Net loss attributable to Rangers $ (59,175 ) $ (96,845 ) Discontinued operations attributable to Rangers 3,400 3,400 Loss from continuing operations attributable to Rangers (55,775 ) (93,445 ) Less: Preferred dividends (4,186 ) (16,744 ) Less: Dividends paid on unvested restricted stock — (73 ) Numerator for the loss from continuing operations attributable to Rangers common stockholders (59,961 ) (110,262 ) Numerator for the discontinued operations attributable to Rangers common stockholders (3,400 ) (3,400 ) Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock $ (63,361 ) $ (113,662 ) Denominator: Weighted-average number of common shares - basic 137,904,668 137,331,743 Weighted-average number of common shares - diluted 137,904,668 137,331,743 Basic and diluted loss per share: Loss from continuing operations $ (0.43 ) $ (0.80 ) Discontinued operations $ (0.02 ) $ (0.02 ) Net loss $ (0.46 ) $ (0.83 ) FelCor LP Loss Per Common Unit Predecessor July 1 through August 31, January 1 through August 31, 2017 2017 Numerator: Net loss attributable to FelCor LP $ (59,449 ) $ (97,340 ) Discontinued operations attributable to FelCor LP 3,415 3,415 Loss from continuing operations attributable to FelCor LP (56,034 ) (93,925 ) Less: Preferred distributions (4,186 ) (16,744 ) Less: Distributions paid on FelCor unvested restricted stock — (73 ) Numerator for the loss from continuing operations attributable to FelCor LP common unitholders (60,220 ) (110,742 ) Numerator for the discontinued operations attributable to FelCor LP common unitholders (3,415 ) (3,415 ) Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock $ (63,635 ) $ (114,157 ) Denominator: Weighted-average number of common units - basic 138,514,851 137,941,926 Weighted-average number of common units - diluted 138,514,851 137,941,926 Basic and diluted loss per unit: Loss from continuing operations $ (0.43 ) $ (0.80 ) Discontinued operations $ (0.02 ) $ (0.02 ) Net loss $ (0.46 ) $ (0.83 ) |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Statements of Cash Flows | Supplemental Information to the Statements of Cash Flows The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): Successor Predecessor For the nine months ended September 30, September 1 through September 30, January 1 through August 31, 2018 2017 2017 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 15,735 $ 10,503 $ 47,396 Restricted cash reserves 5,225 6,672 17,038 Cash, cash equivalents, and restricted cash reserves $ 20,960 $ 17,175 $ 64,434 Interest paid, net of capitalized interest $ 38,069 $ 16,301 $ 38,677 Income taxes (refund) paid $ (1,742 ) $ 19 $ 1,346 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 441,200 $ — $ 92,000 Transaction costs (7,034 ) — (18,584 ) Operating prorations 195 — — Proceeds from the sale of hotel properties, net $ 434,361 $ — $ 73,416 Supplemental non-cash transactions Accrued capital expenditures $ 2,566 $ 6,956 $ 3,640 FelCor TRS Distribution (1) $ — $ 51,267 $ — (1) Refer to Note 3, Merger with RLJ, for the non-cash assets and liabilities comprising the FelCor TRS distribution. |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
FelCor LP's Consolidating Financial Information | FelCor LP's Consolidating Financial Information Certain of FelCor LP's 100% owned subsidiaries (FCH/PSH, L.P.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor Hotel Asset Company, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively the “Subsidiary Guarantors”), together with Rangers, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior notes debt. The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (i) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, if, in each case, as a result of such sale or disposition, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (ii) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of the Operating Partnership, (iii) a legal defeasance or covenant defeasance of the indenture, (iv) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (v) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture. For the Predecessor period, FelCor TRS was a subsidiary guarantor in the condensed consolidating balance sheet, the condensed consolidating statements of operations and comprehensive income, and the condensed consolidating statements of cash flows. Pursuant to the terms of each of the indentures governing the Senior Notes, upon completion of the distribution of the equity interests in FelCor TRS, FelCor TRS' guarantee of the Senior Notes was automatically released and FelCor TRS Holdings, L.L.C. ceased being a subsidiary guarantor of the Senior Notes. Accordingly, FelCor TRS is not a subsidiary guarantor in the FelCor LP consolidating financial information for the Company. The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet September 30, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,941,135 $ — $ — $ (1,941,135 ) $ — Investment in hotel properties, net — 657,176 1,465,278 — 2,122,454 Investment in unconsolidated joint ventures 15,807 — — — 15,807 Cash and cash equivalents 10,346 — 5,389 — 15,735 Restricted cash reserves 439 — 4,786 — 5,225 Related party rent receivable — 19,816 25,796 — 45,612 Intangible assets, net — 46,907 — — 46,907 Prepaid expense and other assets 2,004 657 2,440 — 5,101 Assets of hotel properties held for sale, net — 25,177 — — 25,177 Total assets $ 1,969,731 $ 749,733 $ 1,503,689 $ (1,941,135 ) $ 2,282,018 Debt, net $ 506,503 $ — $ 239,838 $ (32,709 ) $ 713,632 Accounts payable and other liabilities 9,902 16,091 21,049 — 47,042 Related party lease termination fee payable — 1,985 15,563 — 17,548 Accrued interest 9,588 — — — 9,588 Distributions payable — — 122 — 122 Total liabilities 525,993 18,076 276,572 (32,709 ) 787,932 Partnership interests 1,443,738 731,657 1,176,769 (1,908,426 ) 1,443,738 Total partners' capital, excluding noncontrolling interest 1,443,738 731,657 1,176,769 (1,908,426 ) 1,443,738 Noncontrolling interest in consolidated joint ventures — — 5,918 — 5,918 Preferred capital in a consolidated joint venture — — 44,430 — 44,430 Total partners’ capital 1,443,738 731,657 1,227,117 (1,908,426 ) 1,494,086 Total liabilities and partners’ capital $ 1,969,731 $ 749,733 $ 1,503,689 $ (1,941,135 ) $ 2,282,018 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 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 Intangible assets, net — 48,846 69,324 — 118,170 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 partners' capital, excluding noncontrolling interest 1,320,029 927,274 1,424,111 (2,351,385 ) 1,320,029 Noncontrolling interest in consolidated joint ventures — — 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 Statement of Operations and Comprehensive Income For the Three Months Ended September 30, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 27,360 $ 30,451 $ — $ 57,811 Total revenues — 27,360 30,451 — 57,811 Expenses Depreciation and amortization 115 8,017 11,160 — 19,292 Property tax, insurance and other (4 ) 7,598 6,353 — 13,947 General and administrative (491 ) 29 (102 ) — (564 ) Transaction costs (4 ) 261 (63 ) — 194 Total operating expenses (384 ) 15,905 17,348 — 32,869 Operating income 384 11,455 13,103 — 24,942 Other income 1 — — — 1 Interest income 285 — 15 (230 ) 70 Interest expense (5,955 ) — (2,742 ) 230 (8,467 ) Gain on sale of hotel properties, net — (9,971 ) 34,225 — 24,254 Loss on extinguishment of indebtedness (4 ) — (1,652 ) — (1,656 ) Income before equity in income from unconsolidated joint ventures (5,289 ) 1,484 42,949 — 39,144 Equity in income from consolidated entities 44,007 — — (44,007 ) — Equity in income from unconsolidated joint ventures 218 — — — 218 Net income and comprehensive income 38,936 1,484 42,949 (44,007 ) 39,362 Noncontrolling interest in consolidated joint ventures — — (52 ) — (52 ) Preferred distributions - consolidated joint venture — — (374 ) — (374 ) Net income and comprehensive income attributable to FelCor LP $ 38,936 $ 1,484 $ 42,523 $ (44,007 ) $ 38,936 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Period of September 1, 2017 through September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 9,511 $ 11,343 $ — $ 20,854 Total revenues — 9,511 11,343 — 20,854 Expenses Depreciation and amortization 38 2,021 3,915 — 5,974 Property tax, insurance and other 8 2,821 1,620 — 4,449 General and administrative 191 — 1 — 192 Transaction costs 1,034 4 1 — 1,039 Total operating expenses 1,271 4,846 5,537 — 11,654 Operating income (1,271 ) 4,665 5,806 — 9,200 Interest income 27 — — (24 ) 3 Interest expense (3,980 ) — (825 ) 26 (4,779 ) Income before equity in income from unconsolidated joint ventures (5,224 ) 4,665 4,981 2 4,424 Equity in income from consolidated entities 9,641 — — (9,641 ) — Equity in income from unconsolidated joint ventures — — 115 — 115 Net income and comprehensive income 4,417 4,665 5,096 (9,639 ) 4,539 Noncontrolling interest in consolidated joint ventures (51 ) — — — (51 ) Preferred distributions - consolidated joint venture — — (122 ) — (122 ) Net income and comprehensive income attributable to FelCor LP $ 4,366 $ 4,665 $ 4,974 $ (9,639 ) $ 4,366 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of July 1, 2017 through August 31, 2017 (Predecessor) (in thousands FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Room revenue $ — $ 111,977 $ — $ — $ 111,977 Food and beverage revenue — 20,577 — — 20,577 Related party lease revenue — — (20 ) 20 — Other revenue 2 10,281 134 — 10,417 Total revenues 2 142,835 114 20 142,971 Expenses Room expense — 28,652 — — 28,652 Food and beverage expense — 17,325 — — 17,325 Management and franchise fee expense — 4,625 — — 4,625 Other operating expense — 37,272 — — 37,272 Total property operating expenses — 87,874 — — 87,874 Depreciation and amortization 78 6,494 11,127 — 17,699 Property tax, insurance and other 815 7,286 4,526 20 12,647 General and administrative — 1,889 896 — 2,785 Transaction costs 61,932 — — — 61,932 Total operating expenses 62,825 103,543 16,549 20 182,937 Operating loss (62,823 ) 39,292 (16,435 ) — (39,966 ) Intercompany interest income (expense) 56 — (56 ) — — Interest income 23 23 — — 46 Interest expense (9,637 ) — (3,271 ) — (12,908 ) Loss on sale of hotel properties, net 2 (913 ) 20 — (891 ) Loss on extinguishment of indebtedness — — (3,278 ) — (3,278 ) Loss before equity in income from unconsolidated joint ventures (72,379 ) 38,402 (23,020 ) — (56,997 ) Equity in income from consolidated entities 16,160 — — (16,160 ) — Equity in income from unconsolidated joint ventures 165 399 (8 ) — 556 Loss before income tax benefit (56,054 ) 38,801 (23,028 ) (16,160 ) (56,441 ) Income tax benefit 20 531 — — 551 Loss from continuing operations (56,034 ) 39,332 (23,028 ) (16,160 ) (55,890 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Net loss and comprehensive loss (59,449 ) 39,332 (23,028 ) (16,160 ) (59,305 ) Noncontrolling interest in consolidated joint ventures — 76 32 — 108 Preferred distributions - consolidated joint venture — — (252 ) — (252 ) Net loss and comprehensive loss attributable to FelCor LP (59,449 ) 39,408 (23,248 ) (16,160 ) (59,449 ) Preferred distributions (4,186 ) — — — (4,186 ) Net loss and comprehensive loss attributable to FelCor LP common unitholders $ (63,635 ) $ 39,408 $ (23,248 ) $ (16,160 ) $ (63,635 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Nine Months Ended September 30, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 70,046 $ 101,965 $ — $ 172,011 Total revenues — 70,046 101,965 — 172,011 Expenses Depreciation and amortization 343 25,129 35,024 — 60,496 Property tax, insurance and other 99 22,310 20,425 — 42,834 General and administrative 482 84 29 — 595 Transaction costs 1,979 361 29 — 2,369 Total operating expenses 2,903 47,884 55,507 — 106,294 Operating income (2,903 ) 22,162 46,458 — 65,717 Other income 10 — 101 — 111 Interest income 524 — 15 (386 ) 153 Interest expense (22,485 ) — (8,122 ) 386 (30,221 ) Gain on sale of hotel properties, net — (19,386 ) 34,316 — 14,930 Gain on extinguishment of indebtedness, net 12,932 — (1,652 ) — 11,280 Income before equity in income from unconsolidated joint ventures (11,922 ) 2,776 71,116 — 61,970 Equity in income from consolidated entities 72,765 — — (72,765 ) — Equity in income from unconsolidated joint ventures 945 — — — 945 Net income and comprehensive income 61,788 2,776 71,116 (72,765 ) 62,915 Noncontrolling interest in consolidated joint ventures — — (18 ) — (18 ) Preferred distributions - consolidated joint venture — — (1,109 ) — (1,109 ) Net income and comprehensive income attributable to FelCor LP $ 61,788 $ 2,776 $ 69,989 $ (72,765 ) $ 61,788 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Room revenue $ — $ 425,682 $ — $ — $ 425,682 Food and beverage revenue — 90,572 — — 90,572 Related party lease revenue — — 84,509 (84,509 ) — Other revenue 41 34,883 337 — 35,261 Total revenues 41 551,137 84,846 (84,509 ) 551,515 Expenses Room expense — 112,813 — — 112,813 Food and beverage expense — 71,828 — — 71,828 Management and franchise fee expense — 19,901 — — 19,901 Other operating expense — 147,827 — — 147,827 Total property operating expenses — 352,369 — — 352,369 Depreciation and amortization 309 28,064 44,692 — 73,065 Impairment loss — 35,109 — — 35,109 Property tax, insurance and other 921 111,020 16,846 (84,509 ) 44,278 General and administrative — 8,914 7,092 — 16,006 Transaction costs 68,248 — — — 68,248 Total operating expenses 69,478 535,476 68,630 (84,509 ) 589,075 Operating loss (69,437 ) 15,661 16,216 — (37,560 ) Other income — — 100 — 100 Intercompany interest income (expense) 241 — (241 ) — — Interest income 66 59 1 — 126 Interest expense (38,722 ) — (12,968 ) — (51,690 ) Loss on sale of hotel properties, net 2 (1,565 ) (201 ) — (1,764 ) Loss on extinguishment of indebtedness — — (3,278 ) — (3,278 ) Loss before equity in income from unconsolidated joint ventures (107,850 ) 14,155 (371 ) — (94,066 ) Equity in income from consolidated entities 12,779 — — (12,779 ) — Equity in income from unconsolidated joint ventures 1,181 (77 ) (30 ) — 1,074 Loss before income tax expense (93,890 ) 14,078 (401 ) (12,779 ) (92,992 ) Income tax expense (35 ) (464 ) — — (499 ) Loss from continuing operations (93,925 ) 13,614 (401 ) (12,779 ) (93,491 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Net loss and comprehensive loss (97,340 ) 13,614 (401 ) (12,779 ) (96,906 ) Noncontrolling interest in consolidated joint ventures — 336 209 — 545 Preferred distributions - consolidated joint venture — — (979 ) — (979 ) Net loss and comprehensive loss attributable to FelCor LP (97,340 ) 13,950 (1,171 ) (12,779 ) (97,340 ) Preferred distributions (16,744 ) — — — (16,744 ) Net loss and comprehensive loss attributable to FelCor LP common unitholders $ (114,084 ) $ 13,950 $ (1,171 ) $ (12,779 ) $ (114,084 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (38,965 ) $ 66,876 $ 105,305 $ — $ 133,216 Investing activities: Proceeds from the sale of hotel properties, net — 151,466 282,895 — 434,361 Improvements and additions to hotel properties — (21,751 ) (36,458 ) — (58,209 ) Additions to property and equipment (4 ) — — — (4 ) Intercompany financing 515,209 — — (515,209 ) — Cash flows from investing activities 515,205 129,715 246,437 (515,209 ) 376,148 Financing activities: Repayments of borrowings (538,813 ) — (30,220 ) — (569,033 ) Contributions from partners 673,853 — — — 673,853 Distributions to partners (610,132 ) — — — (610,132 ) Payments of deferred financing costs — — (10 ) — (10 ) Preferred distributions - consolidated joint venture — — (1,113 ) — (1,113 ) Intercompany financing — (196,591 ) (318,618 ) 515,209 — Cash flows from financing activities (475,092 ) (196,591 ) (349,961 ) 515,209 (506,435 ) Net change in cash, cash equivalents, and restricted cash reserves 1,148 — 1,781 — 2,929 Cash, cash equivalents, and restricted cash reserves, beginning of year 9,637 — 8,394 — 18,031 Cash, cash equivalents, and restricted cash reserves, end of period $ 10,785 $ — $ 10,175 $ — $ 20,960 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of September 1, 2017 through September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (8,078 ) $ (1,666 ) $ (1,418 ) $ — $ (11,162 ) Investing activities: Improvements and additions to hotel properties — (16 ) (39 ) — (55 ) Intercompany financing (6,879 ) — — 6,879 — Cash flows from investing activities (6,879 ) (16 ) (39 ) 6,879 (55 ) Financing activities: Repayment of borrowings — — (471 ) — (471 ) Contributions from partners 35,545 — — — 35,545 Distributions to partners (19,123 ) — — — (19,123 ) Distribution of FelCor TRS — (51,867 ) — — (51,867 ) Preferred distributions - consolidated joint venture — — (126 ) — (126 ) Intercompany financing — 5,056 1,823 (6,879 ) — Cash flows from financing activities 16,422 (46,811 ) 1,226 (6,879 ) (36,042 ) Net change in cash, cash equivalents, and restricted cash reserves 1,465 (48,493 ) (231 ) — (47,259 ) 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 $ 9,430 $ 14 $ 7,731 $ — $ 17,175 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,773 ) $ 85,899 $ 54,214 $ — $ 99,340 Investing activities: Proceeds from the sale of hotel properties, net (696 ) 74,281 (169 ) — 73,416 Improvements and additions to hotel properties 1 (16,727 ) (47,076 ) — (63,802 ) Distributions from unconsolidated joint ventures in excess of earnings 840 — — — 840 Intercompany financing 91,391 — — (91,391 ) — Cash flows from investing activities 91,536 57,554 (47,245 ) (91,391 ) 10,454 Financing activities: Proceeds from borrowings — — 66,000 — 66,000 Repayments of borrowings — — (121,691 ) — (121,691 ) Distributions to preferred unitholders (18,836 ) — — — (18,836 ) Distributions to common unitholders (30,926 ) — — — (30,926 ) Distributions to noncontrolling interests — — (150 ) — (150 ) Contributions from noncontrolling interests — 333 — — 333 Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 647 — 647 Intercompany financing — (140,853 ) 49,462 91,391 — Other (6,568 ) — (977 ) — (7,545 ) Cash flows from financing activities (56,330 ) (140,520 ) (6,709 ) 91,391 (112,168 ) Net change in cash, cash equivalents, and restricted cash reserves (5,567 ) 2,933 260 — (2,374 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 13,532 45,574 7,702 — 66,808 Cash, cash equivalents, and restricted cash reserves, end of period $ 7,965 $ 48,507 $ 7,962 $ — $ 64,434 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Real Estate Transactions, Policy [Policy Text Block] | Sale of Real Estate ASU 2014-09 also applies to the sale of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. 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 . This 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 this guidance, sales and partial sales of real estate assets will be accounted for similar to all other sales of nonfinancial and in substance nonfinancial assets. The Company adopted this guidance on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this guidance did not have an impact on the Company's consolidated financial statements. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income (loss), statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2017 , included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on March 2, 2018. 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. |
Revenue Recognition, Policy [Policy Text Block] | Revenue 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 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 did not have an impact to the Company's consolidated financial statements. Lease Revenue The Company's hotel properties are leased through intercompany lease agreements. The Company's hotel property-owning subsidiaries (the "Lessors") lease the hotel properties to lessees owned by FelCor TRS Holdings, LLC ("FelCor TRS"), a subsidiary of RLJ LP (the "Lessees"). 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, 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. 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 by 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. If substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single asset or a group of similar identifiable asset(s), then the transaction is considered to be an asset acquisition (or disposition). As a result of this standard, the Company anticipates the majority of its hotel purchases will be considered asset acquisitions as opposed to business combinations, although the determination will be made on a transaction-by-transaction basis. Transaction costs associated with asset acquisitions will be capitalized rather than expensed as incurred. The Company adopted this guidance on January 1, 2018 on a prospective basis. 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 is not expected to have a material impact on the Company's consolidated financial statements. 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. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is 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 assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated 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. |
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 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 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 will adopt this new standard on January 1, 2019. The Company has not yet completed its analysis on this standard, but it believes the application of the new 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, parking 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 August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification . The amendments simplify or eliminate duplicative, overlapping, or outdated disclosure requirements. The amendments also add certain disclosure requirements, such as requiring entities to disclose the current and comparative quarter and year-to-date changes in shareholders' equity for interim periods. The amended rules are effective for reports filed on or after November 5, 2018. However, the SEC issued Compliance & Disclosure Interpretation 105.09 that allows entities to defer the adoption of the new disclosure requirement relating to changes in shareholders' equity for interim periods until the Form 10-Q for the quarterly period that begins after November 5, 2018. The Company will adopt the new disclosure requirement relating to changes in shareholders' equity for interim periods on January 1, 2019. Based on the Company's assessment, the adoption of the new disclosures will not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The guidance is effective for annual reporting periods beginning after December 15, 2019, and the interim periods within those annual periods, with early adoption permitted. The Company will adopt this new standard on January 1, 2020. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Management Agreements | Management Agreements As discussed in Note 3 , Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' management agreements. During the Predecessor comparative period, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, 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 (loss). For the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $4.4 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $19.1 million . The Wyndham management agreements 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 July 1, 2017 through August 31, 2017, the Company recorded $1.4 million for the pro-rata portion of the projected aggregate full-year guaranties. 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. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. |
Franchise Agreements | Franchise Agreements As discussed in Note 3 , 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 July 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.2 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.8 million . |
Earnings (Loss) per Common Share/Unit | 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. |
Merger with RLJ Lodging Trust (
Merger with RLJ Lodging Trust (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 New Basis After FelCor TRS Distribution Investment in hotel properties $ 2,661,114 $ (2,000 ) $ 2,659,114 Investment in unconsolidated joint ventures 25,651 (7,900 ) 17,751 Cash and cash equivalents 47,396 (40,878 ) 6,518 Restricted cash reserves 17,038 (10,989 ) 6,049 Hotel and other receivables 28,308 (28,308 ) — Deferred income tax assets 58,170 (58,170 ) — Intangible assets 139,673 (20,262 ) 119,411 Prepaid expenses and other assets 23,811 (11,417 ) 12,394 Debt (1,305,337 ) — (1,305,337 ) Accounts payable and other liabilities (118,360 ) 52,995 (65,365 ) Advance deposits and deferred revenue (23,795 ) 23,795 — Accrued interest (22,612 ) — (22,612 ) Distributions payable (4,312 ) — (4,312 ) Total equity $ 1,526,745 $ (103,134 ) $ 1,423,611 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The Company recognized the following intangible assets in the Mergers (dollars in thousands): Weighted Average Amortization Period (in Years) Below market ground leases $ 118,050 54 Advanced bookings 13,862 1 Other intangible assets 7,761 6 Total intangible assets $ 139,673 46 |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Held for Sale In July 2018, the Company entered into a purchase and sale agreement to sell the Holiday Inn San Francisco - Fisherman's Wharf. At September 30, 2018, this hotel property has been included in assets of hotel properties held for sale, net in the accompanying consolidated balance sheet. The transaction closed on October 15, 2018. The following table is a summary of the major classes of assets held for sale (in thousands): September 30, 2018 Land and improvements $ 12,203 Buildings and improvements 10,900 Furniture, fixtures and equipment 2,074 Total assets of hotel properties held for sale, net $ 25,177 |
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands): September 30, 2018 December 31, 2017 Land and improvements $ 531,850 $ 597,451 Buildings and improvements 1,545,752 1,801,302 Furniture, fixtures and equipment 116,378 126,590 2,193,980 2,525,343 Accumulated depreciation (71,526 ) (27,463 ) Investment in hotel properties, net $ 2,122,454 $ 2,497,880 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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): September 30, 2018 December 31, 2017 Equity basis of the joint venture investments $ (4,998 ) $ (4,733 ) Cost of the joint venture investments in excess of the joint venture book value 20,805 21,645 Investment in unconsolidated joint ventures $ 15,807 $ 16,912 |
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 Successor Predecessor For the three months ended September 30, September 1 through September 30, July 1 through August 31, For the nine months ended September 30, September 1 through September 30, January 1 through August 31, 2018 2017 2017 2018 2017 2017 Unconsolidated joint ventures net income attributable to the Company $ 498 $ 208 $ 621 $ 1,784 $ 208 $ 1,332 Depreciation of cost in excess of book value (280 ) (93 ) (65 ) (839 ) (93 ) (258 ) Equity in income from unconsolidated joint ventures $ 218 $ 115 $ 556 $ 945 $ 115 $ 1,074 |
Sale of Hotel Properties (Table
Sale of Hotel Properties (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Event [Line Items] | |
Schedule of property disposed during period | The following table discloses the hotel properties that were sold during the nine months ended September 30, 2018 : Hotel Property Name Location Sale Date Rooms Embassy Suites Boston Marlborough Marlborough, MA February 21, 2018 229 Sheraton Philadelphia Society Hill Hotel Philadelphia, PA March 27, 2018 364 Embassy Suites Napa Valley Napa, CA July 13, 2018 205 The Vinoy Renaissance St. Petersburg Resort & Golf Club St. Petersburg, FL August 28, 2018 362 DoubleTree by Hilton Burlington Vermont Burlington, VT September 27, 2018 309 Total 1,469 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date September 30, 2018 December 31, 2017 Senior secured notes (1)(2)(3) 9 5.63% — $ — $ 552,669 Senior unsecured notes (1)(2)(4) — 6.00% June 2025 506,503 510,047 PNC Bank/Wells Fargo (5) 3 4.95% October 2022 92,322 120,893 Prudential (6) 1 4.94% October 2022 29,758 30,323 Scotiabank (1) (7) 1 LIBOR + 3.00% November 2018 (8) 85,073 85,404 14 713,656 1,299,336 Deferred financing costs, net (24 ) (231 ) Debt, net $ 713,632 $ 1,299,105 (1) Requires payments of interest only through maturity. (2) The senior secured notes include $28.7 million at December 31, 2017, and the senior unsecured notes include $31.5 million and $35.1 million at September 30, 2018 and December 31, 2017, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) On March 9, 2018, the Company completed the early redemption of the senior secured notes in full for an aggregate amount of approximately $539.0 million , which included the redemption price of 102.813% for the outstanding principal amount. The Company recognized a gain of approximately $12.9 million on the early redemption, which is included in gain (loss) on extinguishment of indebtedness, net in the accompanying consolidated statements of operations and comprehensive income (loss). (4) The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0% . (5) Includes $2.0 million and $3.0 million at September 30, 2018 and December 31, 2017, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) Includes $0.6 million and $0.7 million at September 30, 2018 and December 31, 2017, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (7) Includes $0.1 million and $0.4 million at September 30, 2018 and December 31, 2017, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (8) On November 5, 2018, RLJ LP paid off the Scotiabank mortgage loan in full. In connection with the mortgage loan payoff, the Company's consolidated joint venture entered into an $85.0 million related party loan with RLJ LP at an interest rate of LIBOR + 3.00% that has a maturity date of November 9, 2023. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of FF&E) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% to 5.0% of the individual hotel’s revenues 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 September 30, 2018 and December 31, 2017 , approximately $5.2 million and $3.3 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 ( 22 hotels), 2022 ( five hotels), and thereafter ( one hotel). As of September 30, 2018 , the future minimum lease payments to the Company under the noncancelable operating leases were as follows (in thousands): 2018 $ 15,712 2019 58,880 2020 (1) — 2021 (1) — 2022 (1) — Thereafter (1) — Total $ 74,592 (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 proceeding mentioned below, neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Prior to the Mergers, on March 24, 2016, an affiliate of InterContinental Hotels Group PLC ("IHG"), which was previously the hotel 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 hotel 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 September 30, 2018 , the Company maintained an accrual of approximately $4.6 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 sheet. The Company plans to vigorously defend the underlying claims and, if appropriate, IHG’s demand for indemnification. Management Agreements As discussed in Note 3 , Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' management agreements. During the Predecessor comparative period, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, 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 (loss). For the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $4.4 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $19.1 million . The Wyndham management agreements 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 July 1, 2017 through August 31, 2017, the Company recorded $1.4 million for the pro-rata portion of the projected aggregate full-year guaranties. 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. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. Franchise Agreements As discussed in Note 3 , 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 July 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.2 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.8 million . |
Management Agreements | Management Agreements As discussed in Note 3 , Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' management agreements. During the Predecessor comparative period, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, 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 (loss). For the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $4.4 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $19.1 million . The Wyndham management agreements 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 July 1, 2017 through August 31, 2017, the Company recorded $1.4 million for the pro-rata portion of the projected aggregate full-year guaranties. 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. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. |
Franchise Agreements | Franchise Agreements As discussed in Note 3 , 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 July 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.2 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.8 million . |
Schedule of Future Minimum Rental Payments for Operating Leases | As of September 30, 2018 , the future minimum lease payments to the Company under the noncancelable operating leases were as follows (in thousands): 2018 $ 15,712 2019 58,880 2020 (1) — 2021 (1) — 2022 (1) — Thereafter (1) — Total $ 74,592 (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. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests/Units in FelCor LP (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interests (or Redeemable Units) | The following table summarizes the changes in the redeemable noncontrolling interests (or redeemable units) (in thousands): Predecessor January 1 through August 31 2017 Balance at beginning of the period $ 4,888 Redemption value allocation 196 Distributions paid to unitholders (134 ) Net loss (495 ) Balance at end of the period $ 4,455 |
Earnings (Loss) per Common Sh_2
Earnings (Loss) per Common Share/Unit (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 July 1 through August 31, January 1 through August 31, 2017 2017 Numerator: Net loss attributable to Rangers $ (59,175 ) $ (96,845 ) Discontinued operations attributable to Rangers 3,400 3,400 Loss from continuing operations attributable to Rangers (55,775 ) (93,445 ) Less: Preferred dividends (4,186 ) (16,744 ) Less: Dividends paid on unvested restricted stock — (73 ) Numerator for the loss from continuing operations attributable to Rangers common stockholders (59,961 ) (110,262 ) Numerator for the discontinued operations attributable to Rangers common stockholders (3,400 ) (3,400 ) Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock $ (63,361 ) $ (113,662 ) Denominator: Weighted-average number of common shares - basic 137,904,668 137,331,743 Weighted-average number of common shares - diluted 137,904,668 137,331,743 Basic and diluted loss per share: Loss from continuing operations $ (0.43 ) $ (0.80 ) Discontinued operations $ (0.02 ) $ (0.02 ) Net loss $ (0.46 ) $ (0.83 ) FelCor LP Loss Per Common Unit Predecessor July 1 through August 31, January 1 through August 31, 2017 2017 Numerator: Net loss attributable to FelCor LP $ (59,449 ) $ (97,340 ) Discontinued operations attributable to FelCor LP 3,415 3,415 Loss from continuing operations attributable to FelCor LP (56,034 ) (93,925 ) Less: Preferred distributions (4,186 ) (16,744 ) Less: Distributions paid on FelCor unvested restricted stock — (73 ) Numerator for the loss from continuing operations attributable to FelCor LP common unitholders (60,220 ) (110,742 ) Numerator for the discontinued operations attributable to FelCor LP common unitholders (3,415 ) (3,415 ) Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock $ (63,635 ) $ (114,157 ) Denominator: Weighted-average number of common units - basic 138,514,851 137,941,926 Weighted-average number of common units - diluted 138,514,851 137,941,926 Basic and diluted loss per unit: Loss from continuing operations $ (0.43 ) $ (0.80 ) Discontinued operations $ (0.02 ) $ (0.02 ) Net loss $ (0.46 ) $ (0.83 ) |
Supplemental Information to S_2
Supplemental Information to Statements of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Information to Statements of Cash Flows | The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): Successor Predecessor For the nine months ended September 30, September 1 through September 30, January 1 through August 31, 2018 2017 2017 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 15,735 $ 10,503 $ 47,396 Restricted cash reserves 5,225 6,672 17,038 Cash, cash equivalents, and restricted cash reserves $ 20,960 $ 17,175 $ 64,434 Interest paid, net of capitalized interest $ 38,069 $ 16,301 $ 38,677 Income taxes (refund) paid $ (1,742 ) $ 19 $ 1,346 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 441,200 $ — $ 92,000 Transaction costs (7,034 ) — (18,584 ) Operating prorations 195 — — Proceeds from the sale of hotel properties, net $ 434,361 $ — $ 73,416 Supplemental non-cash transactions Accrued capital expenditures $ 2,566 $ 6,956 $ 3,640 FelCor TRS Distribution (1) $ — $ 51,267 $ — |
FelCor LP's Consolidating Fin_2
FelCor LP's Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet September 30, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,941,135 $ — $ — $ (1,941,135 ) $ — Investment in hotel properties, net — 657,176 1,465,278 — 2,122,454 Investment in unconsolidated joint ventures 15,807 — — — 15,807 Cash and cash equivalents 10,346 — 5,389 — 15,735 Restricted cash reserves 439 — 4,786 — 5,225 Related party rent receivable — 19,816 25,796 — 45,612 Intangible assets, net — 46,907 — — 46,907 Prepaid expense and other assets 2,004 657 2,440 — 5,101 Assets of hotel properties held for sale, net — 25,177 — — 25,177 Total assets $ 1,969,731 $ 749,733 $ 1,503,689 $ (1,941,135 ) $ 2,282,018 Debt, net $ 506,503 $ — $ 239,838 $ (32,709 ) $ 713,632 Accounts payable and other liabilities 9,902 16,091 21,049 — 47,042 Related party lease termination fee payable — 1,985 15,563 — 17,548 Accrued interest 9,588 — — — 9,588 Distributions payable — — 122 — 122 Total liabilities 525,993 18,076 276,572 (32,709 ) 787,932 Partnership interests 1,443,738 731,657 1,176,769 (1,908,426 ) 1,443,738 Total partners' capital, excluding noncontrolling interest 1,443,738 731,657 1,176,769 (1,908,426 ) 1,443,738 Noncontrolling interest in consolidated joint ventures — — 5,918 — 5,918 Preferred capital in a consolidated joint venture — — 44,430 — 44,430 Total partners’ capital 1,443,738 731,657 1,227,117 (1,908,426 ) 1,494,086 Total liabilities and partners’ capital $ 1,969,731 $ 749,733 $ 1,503,689 $ (1,941,135 ) $ 2,282,018 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 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 Intangible assets, net — 48,846 69,324 — 118,170 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 partners' capital, excluding noncontrolling interest 1,320,029 927,274 1,424,111 (2,351,385 ) 1,320,029 Noncontrolling interest in consolidated joint ventures — — 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 |
Condensed Consolidating Statement of Operations and Comprehensive Loss | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Three Months Ended September 30, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 27,360 $ 30,451 $ — $ 57,811 Total revenues — 27,360 30,451 — 57,811 Expenses Depreciation and amortization 115 8,017 11,160 — 19,292 Property tax, insurance and other (4 ) 7,598 6,353 — 13,947 General and administrative (491 ) 29 (102 ) — (564 ) Transaction costs (4 ) 261 (63 ) — 194 Total operating expenses (384 ) 15,905 17,348 — 32,869 Operating income 384 11,455 13,103 — 24,942 Other income 1 — — — 1 Interest income 285 — 15 (230 ) 70 Interest expense (5,955 ) — (2,742 ) 230 (8,467 ) Gain on sale of hotel properties, net — (9,971 ) 34,225 — 24,254 Loss on extinguishment of indebtedness (4 ) — (1,652 ) — (1,656 ) Income before equity in income from unconsolidated joint ventures (5,289 ) 1,484 42,949 — 39,144 Equity in income from consolidated entities 44,007 — — (44,007 ) — Equity in income from unconsolidated joint ventures 218 — — — 218 Net income and comprehensive income 38,936 1,484 42,949 (44,007 ) 39,362 Noncontrolling interest in consolidated joint ventures — — (52 ) — (52 ) Preferred distributions - consolidated joint venture — — (374 ) — (374 ) Net income and comprehensive income attributable to FelCor LP $ 38,936 $ 1,484 $ 42,523 $ (44,007 ) $ 38,936 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Period of September 1, 2017 through September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 9,511 $ 11,343 $ — $ 20,854 Total revenues — 9,511 11,343 — 20,854 Expenses Depreciation and amortization 38 2,021 3,915 — 5,974 Property tax, insurance and other 8 2,821 1,620 — 4,449 General and administrative 191 — 1 — 192 Transaction costs 1,034 4 1 — 1,039 Total operating expenses 1,271 4,846 5,537 — 11,654 Operating income (1,271 ) 4,665 5,806 — 9,200 Interest income 27 — — (24 ) 3 Interest expense (3,980 ) — (825 ) 26 (4,779 ) Income before equity in income from unconsolidated joint ventures (5,224 ) 4,665 4,981 2 4,424 Equity in income from consolidated entities 9,641 — — (9,641 ) — Equity in income from unconsolidated joint ventures — — 115 — 115 Net income and comprehensive income 4,417 4,665 5,096 (9,639 ) 4,539 Noncontrolling interest in consolidated joint ventures (51 ) — — — (51 ) Preferred distributions - consolidated joint venture — — (122 ) — (122 ) Net income and comprehensive income attributable to FelCor LP $ 4,366 $ 4,665 $ 4,974 $ (9,639 ) $ 4,366 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of July 1, 2017 through August 31, 2017 (Predecessor) (in thousands FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Room revenue $ — $ 111,977 $ — $ — $ 111,977 Food and beverage revenue — 20,577 — — 20,577 Related party lease revenue — — (20 ) 20 — Other revenue 2 10,281 134 — 10,417 Total revenues 2 142,835 114 20 142,971 Expenses Room expense — 28,652 — — 28,652 Food and beverage expense — 17,325 — — 17,325 Management and franchise fee expense — 4,625 — — 4,625 Other operating expense — 37,272 — — 37,272 Total property operating expenses — 87,874 — — 87,874 Depreciation and amortization 78 6,494 11,127 — 17,699 Property tax, insurance and other 815 7,286 4,526 20 12,647 General and administrative — 1,889 896 — 2,785 Transaction costs 61,932 — — — 61,932 Total operating expenses 62,825 103,543 16,549 20 182,937 Operating loss (62,823 ) 39,292 (16,435 ) — (39,966 ) Intercompany interest income (expense) 56 — (56 ) — — Interest income 23 23 — — 46 Interest expense (9,637 ) — (3,271 ) — (12,908 ) Loss on sale of hotel properties, net 2 (913 ) 20 — (891 ) Loss on extinguishment of indebtedness — — (3,278 ) — (3,278 ) Loss before equity in income from unconsolidated joint ventures (72,379 ) 38,402 (23,020 ) — (56,997 ) Equity in income from consolidated entities 16,160 — — (16,160 ) — Equity in income from unconsolidated joint ventures 165 399 (8 ) — 556 Loss before income tax benefit (56,054 ) 38,801 (23,028 ) (16,160 ) (56,441 ) Income tax benefit 20 531 — — 551 Loss from continuing operations (56,034 ) 39,332 (23,028 ) (16,160 ) (55,890 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Net loss and comprehensive loss (59,449 ) 39,332 (23,028 ) (16,160 ) (59,305 ) Noncontrolling interest in consolidated joint ventures — 76 32 — 108 Preferred distributions - consolidated joint venture — — (252 ) — (252 ) Net loss and comprehensive loss attributable to FelCor LP (59,449 ) 39,408 (23,248 ) (16,160 ) (59,449 ) Preferred distributions (4,186 ) — — — (4,186 ) Net loss and comprehensive loss attributable to FelCor LP common unitholders $ (63,635 ) $ 39,408 $ (23,248 ) $ (16,160 ) $ (63,635 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Nine Months Ended September 30, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 70,046 $ 101,965 $ — $ 172,011 Total revenues — 70,046 101,965 — 172,011 Expenses Depreciation and amortization 343 25,129 35,024 — 60,496 Property tax, insurance and other 99 22,310 20,425 — 42,834 General and administrative 482 84 29 — 595 Transaction costs 1,979 361 29 — 2,369 Total operating expenses 2,903 47,884 55,507 — 106,294 Operating income (2,903 ) 22,162 46,458 — 65,717 Other income 10 — 101 — 111 Interest income 524 — 15 (386 ) 153 Interest expense (22,485 ) — (8,122 ) 386 (30,221 ) Gain on sale of hotel properties, net — (19,386 ) 34,316 — 14,930 Gain on extinguishment of indebtedness, net 12,932 — (1,652 ) — 11,280 Income before equity in income from unconsolidated joint ventures (11,922 ) 2,776 71,116 — 61,970 Equity in income from consolidated entities 72,765 — — (72,765 ) — Equity in income from unconsolidated joint ventures 945 — — — 945 Net income and comprehensive income 61,788 2,776 71,116 (72,765 ) 62,915 Noncontrolling interest in consolidated joint ventures — — (18 ) — (18 ) Preferred distributions - consolidated joint venture — — (1,109 ) — (1,109 ) Net income and comprehensive income attributable to FelCor LP $ 61,788 $ 2,776 $ 69,989 $ (72,765 ) $ 61,788 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Room revenue $ — $ 425,682 $ — $ — $ 425,682 Food and beverage revenue — 90,572 — — 90,572 Related party lease revenue — — 84,509 (84,509 ) — Other revenue 41 34,883 337 — 35,261 Total revenues 41 551,137 84,846 (84,509 ) 551,515 Expenses Room expense — 112,813 — — 112,813 Food and beverage expense — 71,828 — — 71,828 Management and franchise fee expense — 19,901 — — 19,901 Other operating expense — 147,827 — — 147,827 Total property operating expenses — 352,369 — — 352,369 Depreciation and amortization 309 28,064 44,692 — 73,065 Impairment loss — 35,109 — — 35,109 Property tax, insurance and other 921 111,020 16,846 (84,509 ) 44,278 General and administrative — 8,914 7,092 — 16,006 Transaction costs 68,248 — — — 68,248 Total operating expenses 69,478 535,476 68,630 (84,509 ) 589,075 Operating loss (69,437 ) 15,661 16,216 — (37,560 ) Other income — — 100 — 100 Intercompany interest income (expense) 241 — (241 ) — — Interest income 66 59 1 — 126 Interest expense (38,722 ) — (12,968 ) — (51,690 ) Loss on sale of hotel properties, net 2 (1,565 ) (201 ) — (1,764 ) Loss on extinguishment of indebtedness — — (3,278 ) — (3,278 ) Loss before equity in income from unconsolidated joint ventures (107,850 ) 14,155 (371 ) — (94,066 ) Equity in income from consolidated entities 12,779 — — (12,779 ) — Equity in income from unconsolidated joint ventures 1,181 (77 ) (30 ) — 1,074 Loss before income tax expense (93,890 ) 14,078 (401 ) (12,779 ) (92,992 ) Income tax expense (35 ) (464 ) — — (499 ) Loss from continuing operations (93,925 ) 13,614 (401 ) (12,779 ) (93,491 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Net loss and comprehensive loss (97,340 ) 13,614 (401 ) (12,779 ) (96,906 ) Noncontrolling interest in consolidated joint ventures — 336 209 — 545 Preferred distributions - consolidated joint venture — — (979 ) — (979 ) Net loss and comprehensive loss attributable to FelCor LP (97,340 ) 13,950 (1,171 ) (12,779 ) (97,340 ) Preferred distributions (16,744 ) — — — (16,744 ) Net loss and comprehensive loss attributable to FelCor LP common unitholders $ (114,084 ) $ 13,950 $ (1,171 ) $ (12,779 ) $ (114,084 ) |
Condensed Consolidating Statement of Cash Flows | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (38,965 ) $ 66,876 $ 105,305 $ — $ 133,216 Investing activities: Proceeds from the sale of hotel properties, net — 151,466 282,895 — 434,361 Improvements and additions to hotel properties — (21,751 ) (36,458 ) — (58,209 ) Additions to property and equipment (4 ) — — — (4 ) Intercompany financing 515,209 — — (515,209 ) — Cash flows from investing activities 515,205 129,715 246,437 (515,209 ) 376,148 Financing activities: Repayments of borrowings (538,813 ) — (30,220 ) — (569,033 ) Contributions from partners 673,853 — — — 673,853 Distributions to partners (610,132 ) — — — (610,132 ) Payments of deferred financing costs — — (10 ) — (10 ) Preferred distributions - consolidated joint venture — — (1,113 ) — (1,113 ) Intercompany financing — (196,591 ) (318,618 ) 515,209 — Cash flows from financing activities (475,092 ) (196,591 ) (349,961 ) 515,209 (506,435 ) Net change in cash, cash equivalents, and restricted cash reserves 1,148 — 1,781 — 2,929 Cash, cash equivalents, and restricted cash reserves, beginning of year 9,637 — 8,394 — 18,031 Cash, cash equivalents, and restricted cash reserves, end of period $ 10,785 $ — $ 10,175 $ — $ 20,960 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of September 1, 2017 through September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (8,078 ) $ (1,666 ) $ (1,418 ) $ — $ (11,162 ) Investing activities: Improvements and additions to hotel properties — (16 ) (39 ) — (55 ) Intercompany financing (6,879 ) — — 6,879 — Cash flows from investing activities (6,879 ) (16 ) (39 ) 6,879 (55 ) Financing activities: Repayment of borrowings — — (471 ) — (471 ) Contributions from partners 35,545 — — — 35,545 Distributions to partners (19,123 ) — — — (19,123 ) Distribution of FelCor TRS — (51,867 ) — — (51,867 ) Preferred distributions - consolidated joint venture — — (126 ) — (126 ) Intercompany financing — 5,056 1,823 (6,879 ) — Cash flows from financing activities 16,422 (46,811 ) 1,226 (6,879 ) (36,042 ) Net change in cash, cash equivalents, and restricted cash reserves 1,465 (48,493 ) (231 ) — (47,259 ) 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 $ 9,430 $ 14 $ 7,731 $ — $ 17,175 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,773 ) $ 85,899 $ 54,214 $ — $ 99,340 Investing activities: Proceeds from the sale of hotel properties, net (696 ) 74,281 (169 ) — 73,416 Improvements and additions to hotel properties 1 (16,727 ) (47,076 ) — (63,802 ) Distributions from unconsolidated joint ventures in excess of earnings 840 — — — 840 Intercompany financing 91,391 — — (91,391 ) — Cash flows from investing activities 91,536 57,554 (47,245 ) (91,391 ) 10,454 Financing activities: Proceeds from borrowings — — 66,000 — 66,000 Repayments of borrowings — — (121,691 ) — (121,691 ) Distributions to preferred unitholders (18,836 ) — — — (18,836 ) Distributions to common unitholders (30,926 ) — — — (30,926 ) Distributions to noncontrolling interests — — (150 ) — (150 ) Contributions from noncontrolling interests — 333 — — 333 Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 647 — 647 Intercompany financing — (140,853 ) 49,462 91,391 — Other (6,568 ) — (977 ) — (7,545 ) Cash flows from financing activities (56,330 ) (140,520 ) (6,709 ) 91,391 (112,168 ) Net change in cash, cash equivalents, and restricted cash reserves (5,567 ) 2,933 260 — (2,374 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 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 |
Organization Real Estate Proper
Organization Real Estate Properties (Details) | 9 Months Ended | |
Sep. 30, 2018propertystateroom | Dec. 31, 2017hotel | |
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 31 | |
Number of states in which hotels owned by the entity are located | state | 13 | |
Number of hotel rooms owned | room | 9,365 | |
Wholly Owned Properties | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 28 | |
Hotel property ownership interest (as a percent) | 100.00% | |
Consolidated Properties | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 29 | |
Number of leased real estate properties | 30 | |
Unconsolidated Properties | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 2 | 2 |
Hotel property ownership interest (as a percent) | 50.00% | |
95% owned | Partially Owned Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Hotel property ownership interest (as a percent) | 95.00% | |
50% owned | Partially Owned Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 2 | |
Hotel property ownership interest (as a percent) | 50.00% |
Organization Limited Liability
Organization Limited Liability Companies (LLCs) and Limited Partnerships (LPs) (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Rangers Sub I, LLC | |
Real Estate Properties [Line Items] | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.00% |
Rangers General Partner, LLC [Member] | |
Real Estate Properties [Line Items] | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 1.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Sep. 30, 2018joint_venture |
Accounting Policies [Abstract] | |
Real estate interests, number of joint ventures | 2 |
Equity method investment, ownership percentage | 50.00% |
Merger with RLJ Lodging Trust -
Merger with RLJ Lodging Trust - Narrative (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | |||||
Off-market Lease, Unfavorable | $ 15,500,000 | $ 15,500,000 | |||
Transaction costs | $ 1,000,000 | $ 200,000 | $ 1,900,000 | ||
Secured Debt | Senior notes | |||||
Business Acquisition [Line Items] | |||||
Debt Instrument, Fair Value Adjustment, Net | 71,700,000 | 71,700,000 | |||
Predecessor | |||||
Business Acquisition [Line Items] | |||||
Transaction costs | $ 61,900,000 | $ 68,200,000 |
Merger with RLJ Lodging Trust_2
Merger with RLJ Lodging Trust - Schedule of Allocation of Purchase Price (Details) $ in Thousands | Aug. 31, 2017USD ($) |
Business Acquisition [Line Items] | |
Intangible assets | $ 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 |
Deferred income tax assets | 58,170 |
FelCor TRS Distribution, deferred income tax asset | (58,170) |
New Basis After FelCor TRS Distribution, deferred income tax asset | 0 |
Intangible assets | 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) $ in Thousands | Aug. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Below market ground leases | $ 118,050 |
Advanced bookings | 13,862 |
Other intangible assets | 7,761 |
Intangible assets | $ 139,673 |
Weighted Average Amortization Period (in Years) | 46 years |
Below market ground leases | |
Finite-Lived Intangible Assets [Line Items] | |
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 |
Investment in Hotel Propertie_2
Investment in Hotel Properties (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($)property | Sep. 30, 2018USD ($) | Jun. 30, 2017USD ($)property | Mar. 31, 2017USD ($)property | Aug. 31, 2017USD ($)property | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | ||||||||
Impairment loss | $ 0 | $ 0 | ||||||
Real Estate Depreciation and Amortization Excluding Discontinued Operations Expense | $ 5,900,000 | $ 19,200,000 | 60,000,000 | |||||
Land and improvements | 531,850,000 | 531,850,000 | $ 597,451,000 | |||||
Buildings and improvements | 1,545,752,000 | 1,545,752,000 | 1,801,302,000 | |||||
Furniture, fixtures and equipment | 116,378,000 | 116,378,000 | 126,590,000 | |||||
Total | 2,193,980,000 | 2,193,980,000 | 2,525,343,000 | |||||
Accumulated depreciation | (71,526,000) | (71,526,000) | (27,463,000) | |||||
Investment in hotel and other properties, net | 2,122,454,000 | 2,122,454,000 | $ 2,497,880,000 | |||||
Predecessor | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment loss | $ 24,800,000 | $ 35,100,000 | ||||||
Number of Properties Impaired | property | 2 | 2 | 1 | 2 | ||||
Real Estate Depreciation and Amortization Excluding Discontinued Operations Expense | $ 17,600,000 | $ 72,700,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | Predecessor | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment loss | $ 10,300,000 | |||||||
Number of Properties Impaired | property | 2 | |||||||
Discontinued Operations, Held-for-sale | Holiday Inn San Francisco Fisherman's Wharf [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Land and improvements | 12,203,000 | 12,203,000 | ||||||
Buildings and improvements | 10,900,000 | 10,900,000 | ||||||
Furniture, fixtures and equipment | 2,074,000 | 2,074,000 | ||||||
Total | $ 25,177,000 | $ 25,177,000 |
Investment in Hotel Propertie_3
Investment in Hotel Properties - Narrative (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($)property | Sep. 30, 2018USD ($) | Jun. 30, 2017USD ($)property | Mar. 31, 2017USD ($)property | Aug. 31, 2017USD ($)property | Sep. 30, 2018USD ($) | |
Real Estate Properties [Line Items] | |||||||
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations | $ 5,900,000 | $ 19,200,000 | $ 60,000,000 | ||||
Impairment loss | $ 0 | $ 0 | |||||
Predecessor | |||||||
Real Estate Properties [Line Items] | |||||||
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations | $ 17,600,000 | $ 72,700,000 | |||||
Impairment loss | $ 24,800,000 | $ 35,100,000 | |||||
Number of Properties Impaired | property | 2 | 2 | 1 | 2 | |||
Fair Value, Inputs, Level 2 [Member] | Predecessor | |||||||
Real Estate Properties [Line Items] | |||||||
Impairment loss | $ 10,300,000 | ||||||
Number of Properties Impaired | property | 2 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Narrative (Details) | Sep. 30, 2018property | Dec. 31, 2017hotel |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Number of Real Estate Properties | 31 | |
Unconsolidated Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | 50.00% |
Number of Real Estate Properties | 2 | 2 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Schedule of Combined Statement of Operations Information of Unconsolidated Entities (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Sep. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 115 | $ 218 | $ 945 | ||
Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 556 | $ 1,074 | |||
FelCor Lodging LP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 115 | $ 218 | $ 945 | ||
FelCor Lodging LP | Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 556 | $ 1,074 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated joint ventures | $ 15,807 | $ 16,912 |
Equity basis of the joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (4,998) | (4,733) |
Cost of the joint venture investments in excess of the joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 20,805 | $ 21,645 |
Investment in Unconsolidated _6
Investment in Unconsolidated Entities - Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Sep. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 115 | $ 218 | $ 945 | ||
Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 556 | $ 1,074 | |||
Unconsolidated joint ventures net income attributable to the Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | 208 | 498 | 1,784 | ||
Unconsolidated joint ventures net income attributable to the Company | Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | 621 | 1,332 | |||
Depreciation of cost in excess of book value | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ (93) | $ (280) | $ (839) | ||
Depreciation of cost in excess of book value | Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ (65) | $ (258) |
Sale of Hotel Properties - Nar
Sale of Hotel Properties - Narrative (Details) - Holiday Inn San Francisco Fisherman's Wharf [Member] - Subsequent Event [Member] $ in Millions | Oct. 15, 2018USD ($) |
Subsequent Event [Line Items] | |
Proceeds from Sale of Real Estate | $ 75.3 |
Gain (Loss) on Sale of Properties | $ 30.4 |
Sale of Hotel Properties - Sch
Sale of Hotel Properties - Schedule of Properties Disposed (Details) $ in Millions | 8 Months Ended | 9 Months Ended | ||||||||
Aug. 31, 2017USD ($)property | Sep. 30, 2018USD ($)propertyroom | Sep. 27, 2018room | Aug. 28, 2018room | Jul. 13, 2018room | Mar. 27, 2018room | Feb. 21, 2018room | Sep. 30, 2017room | Aug. 01, 2017room | Jul. 17, 2017room | |
Disposal Groups | ||||||||||
Disposal Group, Number of Properties Disposed During Period | property | 5 | |||||||||
Morgans New York [Member] | ||||||||||
Disposal Groups | ||||||||||
Property disposed, number of rooms | 117 | |||||||||
Royalton New York [Member] | ||||||||||
Disposal Groups | ||||||||||
Property disposed, number of rooms | 168 | |||||||||
Embassy Suites Boston Marlborough | ||||||||||
Disposal Groups | ||||||||||
Property disposed, number of rooms | 229 | |||||||||
Sheraton Philadelphia Society Hill Hotel | ||||||||||
Disposal Groups | ||||||||||
Property disposed, number of rooms | 364 | |||||||||
Embassy Suites Napa Valley [Member] | ||||||||||
Disposal Groups | ||||||||||
Property disposed, number of rooms | 205 | |||||||||
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | ||||||||||
Disposal Groups | ||||||||||
Property disposed, number of rooms | 362 | |||||||||
Sheraton Burlington Hotel & Conference Center [Member] | ||||||||||
Disposal Groups | ||||||||||
Property disposed, number of rooms | 309 | |||||||||
Disposals 2018 [Member] | ||||||||||
Disposal Groups | ||||||||||
Proceeds from Sale of Real Estate | $ | $ 441.2 | |||||||||
Gain (Loss) on Sale of Properties | $ | $ 14.8 | |||||||||
Property disposed, number of rooms | 1,469 | |||||||||
Gain (Loss) on Termination of Lease | $ | $ (9.8) | |||||||||
Disposals 2017 [Member] | ||||||||||
Disposal Groups | ||||||||||
Property disposed, number of rooms | 285 | |||||||||
Predecessor | Disposals 2017 [Member] | ||||||||||
Disposal Groups | ||||||||||
Proceeds from Sale of Real Estate | $ | $ 92 | |||||||||
Gain (Loss) on Sale of Properties | $ | $ 1.6 | |||||||||
Disposal Group, Number of Properties Disposed During Period | property | 2 |
Debt (Details)
Debt (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($) | Sep. 30, 2018USD ($)asset | Aug. 31, 2017USD ($) | Sep. 30, 2018USD ($)asset | Mar. 09, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt | ||||||||
Number of Assets Encumbered | asset | 14 | 14 | ||||||
Long-term debt, gross | $ 713,656,000 | $ 713,656,000 | $ 1,299,336,000 | |||||
Deferred financing costs | (24,000) | (24,000) | (231,000) | |||||
Debt, net | 713,632,000 | 713,632,000 | 1,299,105,000 | |||||
Interest Expense | $ 4,800,000 | $ 8,500,000 | $ 30,200,000 | |||||
Predecessor | ||||||||
Debt | ||||||||
Interest Expense | $ 12,900,000 | $ 51,700,000 | ||||||
Interest Costs Capitalized | $ 300,000 | $ 1,100,000 | ||||||
Senior Secured Notes [Member] | ||||||||
Debt | ||||||||
Debt Instrument, Redemption Price, Percentage | 102.813% | |||||||
Early Repayment of Senior Secured Notes | $ 12,900,000 | |||||||
Debt Instrument, Repurchase Amount | $ 539,000,000 | |||||||
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 | $ 506,503,000 | $ 506,503,000 | 510,047,000 | |||||
Secured Debt | Five Point Six Three Percent [Member] | ||||||||
Debt | ||||||||
Number of Assets Encumbered | asset | 9 | 9 | ||||||
Interest rate | 5.63% | 5.63% | ||||||
Long-term debt, gross | $ 0 | $ 0 | 552,669,000 | |||||
Mortgage loans | LIBOR Plus Three Point Zero Zero Percent Due November 2018 [Member] | ||||||||
Debt | ||||||||
Number of Assets Encumbered | asset | 1 | 1 | ||||||
Long-term debt, gross | $ 85,073,000 | $ 85,073,000 | 85,404,000 | |||||
Mortgage loans | LIBOR Plus Three Point Zero Zero Percent Due November 2018 [Member] | LIBOR | ||||||||
Debt | ||||||||
Basis spread | 3.00% | |||||||
Mortgage loans | 4.95 Percent, Due October 2022 | ||||||||
Debt | ||||||||
Number of Assets Encumbered | asset | 3 | 3 | ||||||
Interest rate | 4.95% | 4.95% | ||||||
Long-term debt, gross | $ 92,322,000 | $ 92,322,000 | 120,893,000 | |||||
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 | $ 29,758,000 | $ 29,758,000 | 30,323,000 | |||||
Senior Unsecured Notes [Member] | Unsecured Debt | ||||||||
Debt | ||||||||
Debt Instrument, Fair Value Adjustment, Net | 31,503,324 | 31,503,324 | 35,100,000 | |||||
Senior Secured Notes [Member] | Secured Debt | ||||||||
Debt | ||||||||
Debt Instrument, Fair Value Adjustment, Net | 28,700,000 | |||||||
LIBOR Plus Three Point Zero Zero Percent Due November 2018 [Member] | Secured Debt | ||||||||
Debt | ||||||||
Debt Instrument, Fair Value Adjustment, Net | 100,000 | 100,000 | 400,000 | |||||
4.94 Percent, Due October 2022 | Secured Debt | ||||||||
Debt | ||||||||
Debt Instrument, Fair Value Adjustment, Net | 600,000 | 600,000 | 700,000 | |||||
4.95 Percent, Due October 2022 | Secured Debt | ||||||||
Debt | ||||||||
Debt Instrument, Fair Value Adjustment, Net | $ 2,000,000 | $ 2,000,000 | $ 3,000,000 |
Debt - Components of Interest
Debt - Components of Interest Expense (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Sep. 30, 2018 | |
Debt | |||||
Total interest expense | $ 4.8 | $ 8.5 | $ 30.2 | ||
Predecessor | |||||
Debt | |||||
Capitalized interest | $ 0.3 | $ 1.1 | |||
Total interest expense | $ 12.9 | $ 51.7 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 09, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt, carrying value | $ 713,632 | $ 1,299,105 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt fair value | 709,700 | 1,300,000 | |
Senior notes | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt fair value | 504,000 | 1,000,000 | |
Debt Instrument, Repurchase Amount | $ 539,000 | ||
Mortgage loans | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt fair value | $ 205,700 | $ 236,200 |
Commitments and Contingencies
Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue | 4.00% | ||
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue | 5.00% | ||
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 5,200 | $ 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 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments to the Company Under Noncancelable Operating Leases (Details) $ in Thousands | Sep. 30, 2018USD ($)property |
Commitments and Contingencies Disclosure [Abstract] | |
Number of TRS Leases Expiring in 2018 | 1 |
Number of TRS Leases Expiring in 2019 | property | 22 |
Number of TRS Leases Expiring in 2022 | property | 5 |
Number of TRS Leases expiring Thereafter | property | 1 |
2,018 | $ 15,712 |
2,019 | 58,880 |
2020 (1) | 0 |
2021 (1) | 0 |
2022 (1) | 0 |
Thereafter (1) | 0 |
Total | $ 74,592 |
Commitments and Contingencies_3
Commitments and Contingencies - Pension Trust Litigation (Details) $ in Millions | 1 Months Ended | ||
Mar. 31, 2016USD ($) | Sep. 30, 2018USD ($)property | Mar. 24, 2016hotel | |
Loss Contingencies [Line Items] | |||
Number of Real Estate Properties | property | 31 | ||
Loss contingency accrual | $ | $ 4.6 | ||
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 Contingencies_4
Commitments and Contingencies - Management Agreements (Details) - Predecessor - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Aug. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2017 | |
Other Commitments | ||||
Management agreement term | 10 years | |||
NOI Guarantee over life of agreement | $ 100 | |||
NOI Guarantee annual limit | $ 21.5 | |||
Management Agreement, Guarantee Earnings Recognized During Period | $ 1.4 | $ 3.8 | ||
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% | |||
Management Service [Member] | ||||
Other Commitments | ||||
Cost of Goods and Services Sold | $ 4.4 | $ 19.1 |
Commitments and Contingencies_5
Commitments and Contingencies - Franchise Agreements (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended |
Aug. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | |
Predecessor | |||
Other Commitments | |||
Costs of Franchised Outlets | $ 0.2 | $ 0.8 | |
Maximum | |||
Other Commitments | |||
Franchise agreements term | 15 years | ||
Franchise agreements, royalty fee as percentage of room revenue | 5.50% | ||
Franchise agreements, additional fees for marketing central reservation systems and other franchisor costs as percentage of room revenue | 4.00% |
Equity (Details)
Equity (Details) - USD ($) | Aug. 31, 2017 | Aug. 31, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Oct. 31, 2017 |
Series A Preferred Stock | ||||||
Equity, Class of Treasury Stock | ||||||
Preferred shares, shares authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | |||
Annual cumulative dividend (in dollars per share) | $ 1.95 | |||||
Conversion ratio | 0.7752 | 0.7752 | 0.7752 | |||
Predecessor | Preferred Class A [Member] | ||||||
Equity, Class of Treasury Stock | ||||||
Dividends | $ 0.325 | $ 0.4875 | ||||
Predecessor | Common Stock | ||||||
Equity, Class of Treasury Stock | ||||||
Dividends | $ 0.04 | $ 0.06 | ||||
Joint Venture | ||||||
Equity, Class of Treasury Stock | ||||||
Proceeds from redeemable preferred equity | $ 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 | |||||
Preferred capital in a consolidated joint venture | $ 44,430,000 | $ 44,430,000 | ||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | |||||
Preferred shares, shares authorized (in shares) | 0 | |||||
Preferred shares, par value (in dollars per share) | $ 0 | |||||
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 | |||||
Preferred capital in a consolidated joint venture | $ 44,430,000 | $ 44,430,000 | ||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | |||||
Preferred shares, shares authorized (in shares) | 0 | |||||
Preferred shares, par value (in dollars per share) | $ 0 | |||||
FelCor Lodging LP | Predecessor | Common Stock | ||||||
Equity, Class of Treasury Stock | ||||||
Share repurchase program, authorized amount | $ 100,000,000 | |||||
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 | $ 0.01 | $ 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 | $ 0.01 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests/Units in FelCor LP - Narrative (Details) $ in Thousands | Aug. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Noncontrolling Interest [Line Items] | ||
Business combination, stock conversion ratio | 0.362 | |
Predecessor | FelCor Lodging LP | ||
Noncontrolling Interest [Line Items] | ||
Redeemable units, at redemption value | $ 4,455 | $ 4,888 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests/Units in FelCor LP - Redeemable Noncontrolling Interests (Details) - Predecessor - FelCor Lodging LP $ in Thousands | 8 Months Ended |
Aug. 31, 2017USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Balance at beginning of the period | $ 4,888 |
Redemption value allocation | 196 |
Distributions paid to unitholders | (134) |
Net loss | (495) |
Balance at end of the period | $ 4,455 |
Earnings (Loss) per Common Sh_3
Earnings (Loss) per Common Share/Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Sep. 30, 2018 | |
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Rangers Sub I, LLC | |||||
Numerator: | |||||
Less: Preferred dividends | $ 0 | $ 0 | $ 0 | ||
Rangers Sub I, LLC | Predecessor | |||||
Numerator: | |||||
Net Income (Loss) Attributable to Parent | $ (59,175) | $ (96,845) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 3,400 | 3,400 | |||
Loss from continuing operations attributable to FelCor LP | (55,775) | (93,445) | |||
Less: Preferred dividends | (4,186) | (16,744) | |||
Less: Dividends paid on unvested restricted stock | 0 | (73) | |||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (59,961) | (110,262) | |||
Numerator for the loss attributable to Parent common stockholders excluding amounts attributable to unvested restricted stock | $ (63,361) | $ (113,662) | |||
Denominator: | |||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 137,904,668 | 137,331,743 | |||
Weighted-average number of common shares - diluted (in shares) | 137,904,668 | 137,331,743 | |||
Basic and diluted loss per share: | |||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.43) | $ (0.80) | |||
Discontinued operations (in dollars per share) | (0.02) | (0.02) | |||
Net Income/(Loss) Per Share, Basic and Diluted (in dollars per share) | $ (0.46) | $ (0.83) | |||
FelCor Lodging LP | |||||
Numerator: | |||||
Net Income (Loss) Attributable to Parent | 4,366 | 38,936 | 61,788 | ||
Less: Preferred dividends | $ 0 | $ 0 | $ 0 | ||
FelCor Lodging LP | Predecessor | |||||
Numerator: | |||||
Net Income (Loss) Attributable to Parent | $ (59,449) | $ (97,340) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 3,415 | 3,415 | |||
Loss from continuing operations attributable to FelCor LP | (56,034) | (93,925) | |||
Less: Preferred dividends | (4,186) | (16,744) | |||
Less: Dividends paid on unvested restricted stock | 0 | (73) | |||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (60,220) | (110,742) | |||
Numerator for the loss attributable to Parent common stockholders excluding amounts attributable to unvested restricted stock | $ (63,635) | $ (114,157) | |||
Denominator: | |||||
Weighted-average number of common shares - basic (in shares) | 138,514,851 | 137,941,926 | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 138,514,851 | 137,941,926 | |||
Weighted-average number of common shares - diluted (in shares) | 138,514,851 | 137,941,926 | |||
Basic and diluted loss per share: | |||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.4300) | $ (0.8000) | |||
Discontinued operations (in dollars per share) | (0.02) | (0.02) | |||
Net Income/(Loss) Per Share, Basic and Diluted (in dollars per share) | $ (0.46) | $ (0.83) | |||
Subsidiaries | |||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||
Equity method investment, ownership percentage | 100.00% | 100.00% |
Supplemental Information to S_3
Supplemental Information to Statements of Cash Flows - Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2018 | Aug. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flows [Line Items] | |||||
Restricted cash reserves | $ 5,200 | $ 5,200 | $ 3,300 | ||
Cash, Cash Equivalents, and Restricted Cash Reserves | $ 17,175 | 20,960 | 20,960 | ||
Interest paid, net of capitalized interest | 16,301 | 38,069 | |||
Income taxes (refund) paid | 19 | (1,742) | |||
Sale of hotel properties | 0 | 441,200 | |||
Transaction costs | 0 | (7,034) | |||
Noncash Divestiture of Other Assets | 0 | $ 0 | 195 | ||
Proceeds from the sale of hotel properties, net | 0 | 434,361 | |||
Accrued capital expenditures | 6,956 | 2,566 | |||
Distribution of FelCor TRS, non-cash transaction | 51,267 | 0 | |||
Predecessor | |||||
Supplemental Cash Flows [Line Items] | |||||
Cash and cash equivalents | 47,396 | ||||
Restricted cash reserves | 17,038 | ||||
Cash, Cash Equivalents, and Restricted Cash Reserves | 64,434 | ||||
Interest paid, net of capitalized interest | 38,677 | ||||
Income taxes (refund) paid | 1,346 | ||||
Sale of hotel properties | 92,000 | ||||
Transaction costs | (18,584) | ||||
Proceeds from the sale of hotel properties, net | 73,416 | ||||
Accrued capital expenditures | 3,640 | ||||
Distribution of FelCor TRS, non-cash transaction | $ 0 | ||||
Rangers Sub I, LLC | |||||
Supplemental Cash Flows [Line Items] | |||||
Cash and cash equivalents | 10,503 | 15,735 | 15,735 | 14,728 | |
Restricted cash reserves | $ 6,672 | $ 5,225 | $ 5,225 | $ 3,303 |
FelCor LP's Consolidating Fin_3
FelCor LP's Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Investment in hotel properties, net | $ 2,122,454 | $ 2,497,880 | |||
Investment in unconsolidated joint ventures | 15,807 | 16,912 | |||
Restricted cash reserves | 5,200 | 3,300 | |||
Debt, net | $ 713,632 | 1,299,105 | |||
Predecessor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 47,396 | ||||
Restricted cash reserves | 17,038 | ||||
FelCor Lodging LP | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Percentage of subsidiary guarantor owned by company | 100.00% | ||||
Equity investment in consolidated entities | $ 0 | 0 | |||
Investment in hotel properties, net | 2,122,454 | 2,497,880 | |||
Investment in unconsolidated joint ventures | 15,807 | 16,912 | |||
Cash and cash equivalents | 15,735 | 14,728 | $ 17,175 | 64,434 | |
Restricted cash reserves | 5,225 | 3,303 | |||
Related party rent receivable | 45,612 | 80,090 | |||
Intangible assets, net | 46,907 | 118,170 | |||
Prepaid expense and other assets | 5,101 | 12,691 | |||
Assets of hotel properties held for sale, net | 25,177 | ||||
Total assets | 2,282,018 | 2,743,774 | |||
Debt, net | 713,632 | 1,299,105 | |||
Accounts payable and other liabilities | 47,042 | 54,191 | |||
Related party lease termination fee payable | 17,548 | 7,707 | |||
Accrued interest | 9,588 | 12,286 | |||
Distributions payable | 122 | 126 | |||
Total liabilities | 787,932 | 1,373,415 | |||
Partnership interests | 1,443,738 | 1,320,029 | |||
Total partners' capital, excluding noncontrolling interest | 1,443,738 | 1,320,029 | |||
Noncontrolling interest in consolidated joint ventures | 5,918 | 5,900 | |||
Preferred capital in a consolidated joint venture | 44,430 | 44,430 | |||
Total equity | 1,494,086 | 1,370,359 | $ 1,467,647 | 1,526,409 | |
Total liabilities and equity | 2,282,018 | 2,743,774 | |||
FelCor Lodging LP | Predecessor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Redeemable units, at redemption value | 4,455 | $ 4,888 | |||
Total equity | $ 102,986 | $ 232,583 | |||
FelCor Lodging LP | Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | (1,941,135) | (2,384,094) | |||
Investment in hotel properties, net | 0 | 0 | |||
Investment in unconsolidated joint ventures | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash reserves | 0 | 0 | |||
Related party rent receivable | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Prepaid expense and other assets | 0 | 0 | |||
Assets of hotel properties held for sale, net | 0 | ||||
Total assets | (1,941,135) | (2,384,094) | |||
Debt, net | (32,709) | (32,709) | |||
Accounts payable and other liabilities | 0 | 0 | |||
Related party lease termination fee payable | 0 | 0 | |||
Accrued interest | 0 | 0 | |||
Distributions payable | 0 | 0 | |||
Total liabilities | (32,709) | (32,709) | |||
Partnership interests | (1,908,426) | (2,351,385) | |||
Total partners' capital, excluding noncontrolling interest | (1,908,426) | (2,351,385) | |||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||
Preferred capital in a consolidated joint venture | 0 | 0 | |||
Total equity | (1,908,426) | (2,351,385) | |||
Total liabilities and equity | (1,941,135) | (2,384,094) | |||
FelCor Lodging LP | Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 1,941,135 | 2,384,094 | |||
Investment in hotel properties, net | 0 | 0 | |||
Investment in unconsolidated joint ventures | 15,807 | 16,912 | |||
Cash and cash equivalents | 10,346 | 9,202 | |||
Restricted cash reserves | 439 | 436 | |||
Related party rent receivable | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Prepaid expense and other assets | 2,004 | 4,405 | |||
Assets of hotel properties held for sale, net | 0 | ||||
Total assets | 1,969,731 | 2,415,049 | |||
Debt, net | 506,503 | 1,062,716 | |||
Accounts payable and other liabilities | 9,902 | 20,018 | |||
Related party lease termination fee payable | 0 | 0 | |||
Accrued interest | 9,588 | 12,286 | |||
Distributions payable | 0 | 0 | |||
Total liabilities | 525,993 | 1,095,020 | |||
Partnership interests | 1,443,738 | 1,320,029 | |||
Total partners' capital, excluding noncontrolling interest | 1,443,738 | 1,320,029 | |||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||
Preferred capital in a consolidated joint venture | 0 | 0 | |||
Total equity | 1,443,738 | 1,320,029 | |||
Total liabilities and equity | 1,969,731 | 2,415,049 | |||
FelCor Lodging LP | Subsidiary Guarantors | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | 0 | |||
Investment in hotel properties, net | 657,176 | 856,541 | |||
Investment in unconsolidated joint ventures | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash reserves | 0 | 0 | |||
Related party rent receivable | 19,816 | 32,200 | |||
Intangible assets, net | 46,907 | 48,846 | |||
Prepaid expense and other assets | 657 | 3,292 | |||
Assets of hotel properties held for sale, net | 25,177 | ||||
Total assets | 749,733 | 940,879 | |||
Debt, net | 0 | 0 | |||
Accounts payable and other liabilities | 16,091 | 13,605 | |||
Related party lease termination fee payable | 1,985 | 0 | |||
Accrued interest | 0 | 0 | |||
Distributions payable | 0 | 0 | |||
Total liabilities | 18,076 | 13,605 | |||
Partnership interests | 731,657 | 927,274 | |||
Total partners' capital, excluding noncontrolling interest | 731,657 | 927,274 | |||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||
Preferred capital in a consolidated joint venture | 0 | 0 | |||
Total equity | 731,657 | 927,274 | |||
Total liabilities and equity | 749,733 | 940,879 | |||
FelCor Lodging LP | Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | 0 | |||
Investment in hotel properties, net | 1,465,278 | 1,641,339 | |||
Investment in unconsolidated joint ventures | 0 | 0 | |||
Cash and cash equivalents | 5,389 | 5,526 | |||
Restricted cash reserves | 4,786 | 2,867 | |||
Related party rent receivable | 25,796 | 47,890 | |||
Intangible assets, net | 0 | 69,324 | |||
Prepaid expense and other assets | 2,440 | 4,994 | |||
Assets of hotel properties held for sale, net | 0 | ||||
Total assets | 1,503,689 | 1,771,940 | |||
Debt, net | 239,838 | 269,098 | |||
Accounts payable and other liabilities | 21,049 | 20,568 | |||
Related party lease termination fee payable | 15,563 | 7,707 | |||
Accrued interest | 0 | 0 | |||
Distributions payable | 122 | 126 | |||
Total liabilities | 276,572 | 297,499 | |||
Partnership interests | 1,176,769 | 1,424,111 | |||
Total partners' capital, excluding noncontrolling interest | 1,176,769 | 1,424,111 | |||
Noncontrolling interest in consolidated joint ventures | 5,918 | 5,900 | |||
Preferred capital in a consolidated joint venture | 44,430 | 44,430 | |||
Total equity | 1,227,117 | 1,474,441 | |||
Total liabilities and equity | $ 1,503,689 | $ 1,771,940 |
FelCor LP's Consolidating Fin_4
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Operations and Comprehensive Loss (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Mar. 31, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | |
Expense | ||||||
Impairment loss | $ 0 | $ 0 | ||||
Transaction costs | 1,000,000 | $ 200,000 | 1,900,000 | |||
Interest expense | (4,800,000) | (8,500,000) | (30,200,000) | |||
Equity in income from unconsolidated joint ventures | 115,000 | 218,000 | 945,000 | |||
Predecessor | ||||||
Expense | ||||||
Impairment loss | $ 24,800,000 | $ 35,100,000 | ||||
Transaction costs | $ 61,900,000 | 68,200,000 | ||||
Interest expense | (12,900,000) | (51,700,000) | ||||
Equity in income from unconsolidated joint ventures | 556,000 | 1,074,000 | ||||
FelCor Lodging LP | ||||||
Revenue | ||||||
Related party lease revenue | 20,854,000 | 57,811,000 | 172,011,000 | |||
Total revenues | 20,854,000 | 57,811,000 | 172,011,000 | |||
Expense | ||||||
Management and franchise fee expense | 0 | 0 | 0 | |||
Depreciation and amortization | 5,974,000 | 19,292,000 | 60,496,000 | |||
Impairment loss | 0 | 0 | 0 | |||
Property tax, insurance and other | 4,449,000 | 13,947,000 | 42,834,000 | |||
General and administrative | 192,000 | (564,000) | 595,000 | |||
Transaction costs | 1,039,000 | 194,000 | 2,369,000 | |||
Total operating expenses | 11,654,000 | 32,869,000 | 106,294,000 | |||
Operating income (loss) | 9,200,000 | 24,942,000 | 65,717,000 | |||
Other income | 0 | 1,000 | 111,000 | |||
Interest income | 3,000 | 70,000 | 153,000 | |||
Interest expense | (4,779,000) | (8,467,000) | (30,221,000) | |||
(Loss) gain on extinguishment of indebtedness, net | 0 | (1,656,000) | 11,280,000 | |||
Income (loss) before equity in income from unconsolidated joint ventures | 4,424,000 | 39,144,000 | 61,970,000 | |||
Equity in Income (Loss) from consolidated entities | 0 | 0 | 0 | |||
Equity in income from unconsolidated joint ventures | 115,000 | 218,000 | 945,000 | |||
Income (loss) before income tax benefit (expense) | 4,539,000 | 39,362,000 | 62,915,000 | |||
Income tax expense | 0 | 0 | 0 | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,539,000 | 39,362,000 | 62,915,000 | |||
Gain (loss) on sale of hotel properties, net | 0 | 24,254,000 | 14,930,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,539,000 | 39,362,000 | 62,915,000 | |||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 51,000 | 52,000 | 18,000 | |||
Preferred distributions - consolidated joint venture | (122,000) | (374,000) | (1,109,000) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,366,000 | 38,936,000 | 61,788,000 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,366,000 | 38,936,000 | 61,788,000 | |||
Net Income (Loss) Attributable to Parent | 4,366,000 | 38,936,000 | 61,788,000 | |||
FelCor Lodging LP | Predecessor | ||||||
Revenue | ||||||
Related party lease revenue | 0 | 0 | ||||
Total revenues | 142,971,000 | 551,515,000 | ||||
Expense | ||||||
Management and franchise fee expense | 4,625,000 | 19,901,000 | ||||
Depreciation and amortization | 17,699,000 | 73,065,000 | ||||
Impairment loss | 0 | 35,109,000 | ||||
Property tax, insurance and other | 12,647,000 | 44,278,000 | ||||
General and administrative | 2,785,000 | 16,006,000 | ||||
Transaction costs | 61,932,000 | 68,248,000 | ||||
Total operating expenses | 182,937,000 | 589,075,000 | ||||
Operating income (loss) | (39,966,000) | (37,560,000) | ||||
Other income | 0 | 100,000 | ||||
Intercompany interest income (expense) | 0 | 0 | ||||
Interest income | 46,000 | 126,000 | ||||
Interest expense | (12,908,000) | (51,690,000) | ||||
(Loss) gain on extinguishment of indebtedness, net | (3,278,000) | (3,278,000) | ||||
Income (loss) before equity in income from unconsolidated joint ventures | (56,997,000) | (94,066,000) | ||||
Equity in Income (Loss) from consolidated entities | 0 | 0 | ||||
Equity in income from unconsolidated joint ventures | 556,000 | 1,074,000 | ||||
Income (loss) before income tax benefit (expense) | (56,441,000) | (92,992,000) | ||||
Income tax expense | 551,000 | (499,000) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (55,890,000) | (93,491,000) | ||||
Loss from discontinued operations | (3,415,000) | (3,415,000) | ||||
Gain (loss) on sale of hotel properties, net | (891,000) | (1,764,000) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (59,305,000) | (96,906,000) | ||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | (108,000) | (545,000) | ||||
Preferred distributions - consolidated joint venture | (252,000) | (979,000) | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (59,449,000) | (97,340,000) | ||||
Preferred distributions | (4,186,000) | (16,744,000) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (63,635,000) | (114,084,000) | ||||
Net Income (Loss) Attributable to Parent | (59,449,000) | (97,340,000) | ||||
FelCor Lodging LP | Eliminations | ||||||
Revenue | ||||||
Related party lease revenue | 0 | 0 | 0 | |||
Total revenues | 0 | 0 | 0 | |||
Expense | ||||||
Depreciation and amortization | 0 | 0 | 0 | |||
Property tax, insurance and other | 0 | 0 | 0 | |||
General and administrative | 0 | 0 | 0 | |||
Transaction costs | 0 | 0 | 0 | |||
Total operating expenses | 0 | 0 | 0 | |||
Operating income (loss) | 0 | 0 | 0 | |||
Other income | 0 | 0 | ||||
Interest income | (24,000) | (230,000) | (386,000) | |||
Interest expense | 26,000 | 230,000 | 386,000 | |||
(Loss) gain on extinguishment of indebtedness, net | 0 | 0 | ||||
Income (loss) before equity in income from unconsolidated joint ventures | 2,000 | 0 | 0 | |||
Equity in Income (Loss) from consolidated entities | (9,641,000) | (44,007,000) | (72,765,000) | |||
Equity in income from unconsolidated joint ventures | 0 | 0 | 0 | |||
Gain (loss) on sale of hotel properties, net | 0 | 0 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,639,000) | (44,007,000) | (72,765,000) | |||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 | 0 | |||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | |||
Net Income (Loss) Attributable to Parent | (9,639,000) | (44,007,000) | (72,765,000) | |||
FelCor Lodging LP | Eliminations | Predecessor | ||||||
Revenue | ||||||
Related party lease revenue | 20,000 | (84,509,000) | ||||
Total revenues | 20,000 | (84,509,000) | ||||
Expense | ||||||
Management and franchise fee expense | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | ||||
Impairment loss | 0 | |||||
Property tax, insurance and other | 20,000 | (84,509,000) | ||||
General and administrative | 0 | 0 | ||||
Transaction costs | 0 | 0 | ||||
Total operating expenses | 20,000 | (84,509,000) | ||||
Operating income (loss) | 0 | 0 | ||||
Other income | 0 | |||||
Intercompany interest income (expense) | 0 | 0 | ||||
Interest income | 0 | 0 | ||||
Interest expense | 0 | 0 | ||||
(Loss) gain on extinguishment of indebtedness, net | 0 | 0 | ||||
Income (loss) before equity in income from unconsolidated joint ventures | 0 | 0 | ||||
Equity in Income (Loss) from consolidated entities | (16,160,000) | (12,779,000) | ||||
Equity in income from unconsolidated joint ventures | 0 | 0 | ||||
Income (loss) before income tax benefit (expense) | (16,160,000) | (12,779,000) | ||||
Income tax expense | 0 | 0 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (16,160,000) | (12,779,000) | ||||
Loss from discontinued operations | 0 | 0 | ||||
Gain (loss) on sale of hotel properties, net | 0 | 0 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (16,160,000) | (12,779,000) | ||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (16,160,000) | (12,779,000) | ||||
Preferred distributions | 0 | 0 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (16,160,000) | (12,779,000) | ||||
FelCor Lodging LP | Parent Company | ||||||
Revenue | ||||||
Related party lease revenue | 0 | 0 | 0 | |||
Total revenues | 0 | 0 | 0 | |||
Expense | ||||||
Depreciation and amortization | 38,000 | 115,000 | 343,000 | |||
Property tax, insurance and other | 8,000 | (4,000) | 99,000 | |||
General and administrative | 191,000 | (491,000) | 482,000 | |||
Transaction costs | 1,034,000 | (4,000) | 1,979,000 | |||
Total operating expenses | 1,271,000 | (384,000) | 2,903,000 | |||
Operating income (loss) | (1,271,000) | 384,000 | (2,903,000) | |||
Other income | 1,000 | 10,000 | ||||
Interest income | 27,000 | 285,000 | 524,000 | |||
Interest expense | (3,980,000) | (5,955,000) | (22,485,000) | |||
(Loss) gain on extinguishment of indebtedness, net | (4,000) | 12,932,000 | ||||
Income (loss) before equity in income from unconsolidated joint ventures | (5,224,000) | (5,289,000) | (11,922,000) | |||
Equity in Income (Loss) from consolidated entities | 9,641,000 | 44,007,000 | 72,765,000 | |||
Equity in income from unconsolidated joint ventures | 0 | 218,000 | 945,000 | |||
Gain (loss) on sale of hotel properties, net | 0 | 0 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,417,000 | 38,936,000 | 61,788,000 | |||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 51,000 | 0 | 0 | |||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | |||
Net Income (Loss) Attributable to Parent | 4,366,000 | 38,936,000 | 61,788,000 | |||
FelCor Lodging LP | Parent Company | Predecessor | ||||||
Revenue | ||||||
Related party lease revenue | 0 | 0 | ||||
Total revenues | 2,000 | 41,000 | ||||
Expense | ||||||
Management and franchise fee expense | 0 | 0 | ||||
Depreciation and amortization | 78,000 | 309,000 | ||||
Impairment loss | 0 | |||||
Property tax, insurance and other | 815,000 | 921,000 | ||||
General and administrative | 0 | 0 | ||||
Transaction costs | 61,932,000 | 68,248,000 | ||||
Total operating expenses | 62,825,000 | 69,478,000 | ||||
Operating income (loss) | (62,823,000) | (69,437,000) | ||||
Other income | 0 | |||||
Intercompany interest income (expense) | 56,000 | 241,000 | ||||
Interest income | 23,000 | 66,000 | ||||
Interest expense | (9,637,000) | (38,722,000) | ||||
(Loss) gain on extinguishment of indebtedness, net | 0 | 0 | ||||
Income (loss) before equity in income from unconsolidated joint ventures | (72,379,000) | (107,850,000) | ||||
Equity in Income (Loss) from consolidated entities | 16,160,000 | 12,779,000 | ||||
Equity in income from unconsolidated joint ventures | 165,000 | 1,181,000 | ||||
Income (loss) before income tax benefit (expense) | (56,054,000) | (93,890,000) | ||||
Income tax expense | 20,000 | (35,000) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (56,034,000) | (93,925,000) | ||||
Loss from discontinued operations | (3,415,000) | (3,415,000) | ||||
Gain (loss) on sale of hotel properties, net | 2,000 | 2,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (59,449,000) | (97,340,000) | ||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (59,449,000) | (97,340,000) | ||||
Preferred distributions | (4,186,000) | (16,744,000) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (63,635,000) | (114,084,000) | ||||
FelCor Lodging LP | Subsidiary Guarantors | ||||||
Revenue | ||||||
Related party lease revenue | 9,511,000 | 27,360,000 | 70,046,000 | |||
Total revenues | 9,511,000 | 27,360,000 | 70,046,000 | |||
Expense | ||||||
Depreciation and amortization | 2,021,000 | 8,017,000 | 25,129,000 | |||
Property tax, insurance and other | 2,821,000 | 7,598,000 | 22,310,000 | |||
General and administrative | 0 | 29,000 | 84,000 | |||
Transaction costs | 4,000 | 261,000 | 361,000 | |||
Total operating expenses | 4,846,000 | 15,905,000 | 47,884,000 | |||
Operating income (loss) | 4,665,000 | 11,455,000 | 22,162,000 | |||
Other income | 0 | 0 | ||||
Interest income | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | |||
(Loss) gain on extinguishment of indebtedness, net | 0 | 0 | ||||
Income (loss) before equity in income from unconsolidated joint ventures | 4,665,000 | 1,484,000 | 2,776,000 | |||
Equity in Income (Loss) from consolidated entities | 0 | 0 | 0 | |||
Equity in income from unconsolidated joint ventures | 0 | 0 | 0 | |||
Gain (loss) on sale of hotel properties, net | (9,971,000) | (19,386,000) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,665,000 | 1,484,000 | 2,776,000 | |||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 | 0 | |||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | |||
Net Income (Loss) Attributable to Parent | 4,665,000 | 1,484,000 | 2,776,000 | |||
FelCor Lodging LP | Subsidiary Guarantors | Predecessor | ||||||
Revenue | ||||||
Related party lease revenue | 0 | 0 | ||||
Total revenues | 142,835,000 | 551,137,000 | ||||
Expense | ||||||
Management and franchise fee expense | 4,625,000 | 19,901,000 | ||||
Depreciation and amortization | 6,494,000 | 28,064,000 | ||||
Impairment loss | 35,109,000 | |||||
Property tax, insurance and other | 7,286,000 | 111,020,000 | ||||
General and administrative | 1,889,000 | 8,914,000 | ||||
Transaction costs | 0 | 0 | ||||
Total operating expenses | 103,543,000 | 535,476,000 | ||||
Operating income (loss) | 39,292,000 | 15,661,000 | ||||
Other income | 0 | |||||
Intercompany interest income (expense) | 0 | 0 | ||||
Interest income | 23,000 | 59,000 | ||||
Interest expense | 0 | 0 | ||||
(Loss) gain on extinguishment of indebtedness, net | 0 | 0 | ||||
Income (loss) before equity in income from unconsolidated joint ventures | 38,402,000 | 14,155,000 | ||||
Equity in Income (Loss) from consolidated entities | 0 | 0 | ||||
Equity in income from unconsolidated joint ventures | 399,000 | (77,000) | ||||
Income (loss) before income tax benefit (expense) | 38,801,000 | 14,078,000 | ||||
Income tax expense | 531,000 | (464,000) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 39,332,000 | 13,614,000 | ||||
Loss from discontinued operations | 0 | 0 | ||||
Gain (loss) on sale of hotel properties, net | (913,000) | (1,565,000) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 39,332,000 | 13,614,000 | ||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | (76,000) | (336,000) | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 39,408,000 | 13,950,000 | ||||
Preferred distributions | 0 | 0 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 39,408,000 | 13,950,000 | ||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | ||||||
Revenue | ||||||
Related party lease revenue | 11,343,000 | 30,451,000 | 101,965,000 | |||
Total revenues | 11,343,000 | 30,451,000 | 101,965,000 | |||
Expense | ||||||
Depreciation and amortization | 3,915,000 | 11,160,000 | 35,024,000 | |||
Property tax, insurance and other | 1,620,000 | 6,353,000 | 20,425,000 | |||
General and administrative | 1,000 | (102,000) | 29,000 | |||
Transaction costs | 1,000 | (63,000) | 29,000 | |||
Total operating expenses | 5,537,000 | 17,348,000 | 55,507,000 | |||
Operating income (loss) | 5,806,000 | 13,103,000 | 46,458,000 | |||
Other income | 0 | 101,000 | ||||
Interest income | 0 | 15,000 | 15,000 | |||
Interest expense | (825,000) | (2,742,000) | (8,122,000) | |||
(Loss) gain on extinguishment of indebtedness, net | (1,652,000) | (1,652,000) | ||||
Income (loss) before equity in income from unconsolidated joint ventures | 4,981,000 | 42,949,000 | 71,116,000 | |||
Equity in Income (Loss) from consolidated entities | 0 | 0 | 0 | |||
Equity in income from unconsolidated joint ventures | 115,000 | 0 | 0 | |||
Gain (loss) on sale of hotel properties, net | 34,225,000 | 34,316,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 5,096,000 | 42,949,000 | 71,116,000 | |||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 52,000 | 18,000 | |||
Preferred distributions - consolidated joint venture | (122,000) | (374,000) | (1,109,000) | |||
Net Income (Loss) Attributable to Parent | 4,974,000 | 42,523,000 | 69,989,000 | |||
FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | ||||||
Revenue | ||||||
Related party lease revenue | (20,000) | 84,509,000 | ||||
Total revenues | 114,000 | 84,846,000 | ||||
Expense | ||||||
Management and franchise fee expense | 0 | 0 | ||||
Depreciation and amortization | 11,127,000 | 44,692,000 | ||||
Impairment loss | 0 | |||||
Property tax, insurance and other | 4,526,000 | 16,846,000 | ||||
General and administrative | 896,000 | 7,092,000 | ||||
Transaction costs | 0 | 0 | ||||
Total operating expenses | 16,549,000 | 68,630,000 | ||||
Operating income (loss) | (16,435,000) | 16,216,000 | ||||
Other income | 100,000 | |||||
Intercompany interest income (expense) | (56,000) | (241,000) | ||||
Interest income | 0 | 1,000 | ||||
Interest expense | (3,271,000) | (12,968,000) | ||||
(Loss) gain on extinguishment of indebtedness, net | (3,278,000) | (3,278,000) | ||||
Income (loss) before equity in income from unconsolidated joint ventures | (23,020,000) | (371,000) | ||||
Equity in Income (Loss) from consolidated entities | 0 | 0 | ||||
Equity in income from unconsolidated joint ventures | (8,000) | (30,000) | ||||
Income (loss) before income tax benefit (expense) | (23,028,000) | (401,000) | ||||
Income tax expense | 0 | 0 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (23,028,000) | (401,000) | ||||
Loss from discontinued operations | 0 | 0 | ||||
Gain (loss) on sale of hotel properties, net | 20,000 | (201,000) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (23,028,000) | (401,000) | ||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | (32,000) | (209,000) | ||||
Preferred distributions - consolidated joint venture | (252,000) | (979,000) | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (23,248,000) | (1,171,000) | ||||
Preferred distributions | 0 | 0 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (23,248,000) | (1,171,000) | ||||
Occupancy [Member] | FelCor Lodging LP | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | 0 | |||
Occupancy [Member] | FelCor Lodging LP | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 111,977,000 | 425,682,000 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 28,652,000 | 112,813,000 | ||||
Occupancy [Member] | FelCor Lodging LP | Eliminations | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Occupancy [Member] | FelCor Lodging LP | Parent Company | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Occupancy [Member] | FelCor Lodging LP | Subsidiary Guarantors | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 111,977,000 | 425,682,000 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 28,652,000 | 112,813,000 | ||||
Occupancy [Member] | FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Food and Beverage [Member] | FelCor Lodging LP | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | 0 | |||
Food and Beverage [Member] | FelCor Lodging LP | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,577,000 | 90,572,000 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 17,325,000 | 71,828,000 | ||||
Food and Beverage [Member] | FelCor Lodging LP | Eliminations | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Food and Beverage [Member] | FelCor Lodging LP | Parent Company | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Food and Beverage [Member] | FelCor Lodging LP | Subsidiary Guarantors | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,577,000 | 90,572,000 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 17,325,000 | 71,828,000 | ||||
Food and Beverage [Member] | FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Hotel, Other [Member] | FelCor Lodging LP | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | 0 | |||
Hotel, Other [Member] | FelCor Lodging LP | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,417,000 | 35,261,000 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 37,272,000 | 147,827,000 | ||||
Hotel, Other [Member] | FelCor Lodging LP | Eliminations | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Hotel, Other [Member] | FelCor Lodging LP | Parent Company | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,000 | 41,000 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Hotel, Other [Member] | FelCor Lodging LP | Subsidiary Guarantors | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,281,000 | 34,883,000 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 37,272,000 | 147,827,000 | ||||
Hotel, Other [Member] | FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | ||||||
Revenue | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 134,000 | 337,000 | ||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Hotel [Member] | FelCor Lodging LP | ||||||
Expense | ||||||
Cost of Goods and Services Sold | $ 0 | $ 0 | $ 0 | |||
Hotel [Member] | FelCor Lodging LP | Predecessor | ||||||
Expense | ||||||
Cost of Goods and Services Sold | 87,874,000 | 352,369,000 | ||||
Hotel [Member] | FelCor Lodging LP | Eliminations | Predecessor | ||||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Hotel [Member] | FelCor Lodging LP | Parent Company | Predecessor | ||||||
Expense | ||||||
Cost of Goods and Services Sold | 0 | 0 | ||||
Hotel [Member] | FelCor Lodging LP | Subsidiary Guarantors | Predecessor | ||||||
Expense | ||||||
Cost of Goods and Services Sold | 87,874,000 | 352,369,000 | ||||
Hotel [Member] | FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | ||||||
Expense | ||||||
Cost of Goods and Services Sold | $ 0 | $ 0 |
FelCor LP's Consolidating Fin_5
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - FelCor Lodging LP - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 01, 2017 | Dec. 31, 2016 | |
Operating activities: | ||||||
Cash flows from operating activities | $ (11,162) | $ 133,216 | ||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | 0 | 434,361 | ||||
Improvements and additions to hotel properties | (55) | (58,209) | ||||
Additions to property and equipment | 0 | (4) | ||||
Distributions from unconsolidated joint ventures in excess of earnings | 0 | 0 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by (used in) investing activities | (55) | 376,148 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | 0 | ||||
Repayments of borrowings | (471) | (569,033) | ||||
Contributions from members | 35,545 | 673,853 | ||||
Distributions to noncontrolling interests | 0 | 0 | ||||
Contributions from noncontrolling interests | 0 | 0 | ||||
Distributions to partners | (19,123) | (610,132) | ||||
Distribution of cash in FelCor TRS | (51,867) | 0 | ||||
Payment of deferred financing fees | 0 | (10) | ||||
Preferred distributions - consolidated joint venture | (126) | (1,113) | ||||
Distributions to preferred unitholders | 0 | 0 | ||||
Distributions to common unitholders | 0 | 0 | ||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 0 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow used in financing activities | (36,042) | (506,435) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | (47,259) | 2,929 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 17,175 | 20,960 | $ 18,031 | $ 64,434 | ||
Predecessor | ||||||
Operating activities: | ||||||
Cash flows from operating activities | $ 99,340 | |||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | 73,416 | |||||
Improvements and additions to hotel properties | (63,802) | |||||
Additions to property and equipment | 0 | |||||
Distributions from unconsolidated joint ventures in excess of earnings | 840 | |||||
Intercompany financing | 0 | |||||
Net cash flow provided by (used in) investing activities | 10,454 | |||||
Financing activities: | ||||||
Proceeds from borrowings | 66,000 | |||||
Repayments of borrowings | (121,691) | |||||
Contributions from members | 0 | |||||
Distributions to noncontrolling interests | (150) | |||||
Contributions from noncontrolling interests | 333 | |||||
Distribution of cash in FelCor TRS | 0 | |||||
Payment of deferred financing fees | 0 | |||||
Preferred distributions - consolidated joint venture | (977) | |||||
Distributions to preferred unitholders | (18,836) | |||||
Distributions to common unitholders | (30,926) | |||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 647 | |||||
Intercompany financing | 0 | |||||
Other | (7,545) | |||||
Net cash flow used in financing activities | (112,168) | |||||
Net change in cash, cash equivalents, and restricted cash reserves | (2,374) | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 64,434 | $ 66,808 | ||||
Eliminations | ||||||
Operating activities: | ||||||
Cash flows from operating activities | 0 | 0 | ||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | 0 | |||||
Improvements and additions to hotel properties | 0 | 0 | ||||
Additions to property and equipment | 0 | |||||
Intercompany financing | 6,879 | (515,209) | ||||
Net cash flow provided by (used in) investing activities | 6,879 | (515,209) | ||||
Financing activities: | ||||||
Repayments of borrowings | 0 | 0 | ||||
Contributions from members | 0 | 0 | ||||
Distributions to partners | 0 | 0 | ||||
Distribution of cash in FelCor TRS | 0 | |||||
Payment of deferred financing fees | 0 | |||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Intercompany financing | (6,879) | 515,209 | ||||
Net cash flow used in financing activities | (6,879) | 515,209 | ||||
Net change in cash, cash equivalents, and restricted cash reserves | 0 | 0 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | ||
Eliminations | Predecessor | ||||||
Operating activities: | ||||||
Cash flows from operating activities | 0 | |||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | 0 | |||||
Improvements and additions to hotel properties | 0 | |||||
Distributions from unconsolidated joint ventures in excess of earnings | 0 | |||||
Intercompany financing | (91,391) | |||||
Net cash flow provided by (used in) investing activities | (91,391) | |||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | |||||
Repayments of borrowings | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Contributions from noncontrolling interests | 0 | |||||
Distributions to preferred unitholders | 0 | |||||
Distributions to common unitholders | 0 | |||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | |||||
Intercompany financing | 91,391 | |||||
Other | 0 | |||||
Net cash flow used in financing activities | 91,391 | |||||
Net change in cash, cash equivalents, and restricted cash reserves | 0 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | ||||
Parent Company | ||||||
Operating activities: | ||||||
Cash flows from operating activities | (8,078) | (38,965) | ||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | 0 | |||||
Improvements and additions to hotel properties | 0 | 0 | ||||
Additions to property and equipment | (4) | |||||
Intercompany financing | (6,879) | 515,209 | ||||
Net cash flow provided by (used in) investing activities | (6,879) | 515,205 | ||||
Financing activities: | ||||||
Repayments of borrowings | 0 | (538,813) | ||||
Contributions from members | 35,545 | 673,853 | ||||
Distributions to partners | (19,123) | (610,132) | ||||
Distribution of cash in FelCor TRS | 0 | |||||
Payment of deferred financing fees | 0 | |||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow used in financing activities | 16,422 | (475,092) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | 1,465 | 1,148 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 9,430 | 10,785 | 9,637 | 7,965 | ||
Parent Company | Predecessor | ||||||
Operating activities: | ||||||
Cash flows from operating activities | (40,773) | |||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | (696) | |||||
Improvements and additions to hotel properties | 1 | |||||
Distributions from unconsolidated joint ventures in excess of earnings | 840 | |||||
Intercompany financing | 91,391 | |||||
Net cash flow provided by (used in) investing activities | 91,536 | |||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | |||||
Repayments of borrowings | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Contributions from noncontrolling interests | 0 | |||||
Distributions to preferred unitholders | (18,836) | |||||
Distributions to common unitholders | (30,926) | |||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | |||||
Intercompany financing | 0 | |||||
Other | (6,568) | |||||
Net cash flow used in financing activities | (56,330) | |||||
Net change in cash, cash equivalents, and restricted cash reserves | (5,567) | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 7,965 | 13,532 | ||||
Subsidiary Guarantors | ||||||
Operating activities: | ||||||
Cash flows from operating activities | (1,666) | 66,876 | ||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | 151,466 | |||||
Improvements and additions to hotel properties | (16) | (21,751) | ||||
Additions to property and equipment | 0 | |||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by (used in) investing activities | (16) | 129,715 | ||||
Financing activities: | ||||||
Repayments of borrowings | 0 | 0 | ||||
Contributions from members | 0 | 0 | ||||
Distributions to partners | 0 | 0 | ||||
Distribution of cash in FelCor TRS | (51,867) | |||||
Payment of deferred financing fees | 0 | |||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Intercompany financing | 5,056 | (196,591) | ||||
Net cash flow used in financing activities | (46,811) | (196,591) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | (48,493) | 0 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 14 | 0 | 0 | 48,507 | ||
Subsidiary Guarantors | Predecessor | ||||||
Operating activities: | ||||||
Cash flows from operating activities | 85,899 | |||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | 74,281 | |||||
Improvements and additions to hotel properties | (16,727) | |||||
Distributions from unconsolidated joint ventures in excess of earnings | 0 | |||||
Intercompany financing | 0 | |||||
Net cash flow provided by (used in) investing activities | 57,554 | |||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | |||||
Repayments of borrowings | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Contributions from noncontrolling interests | 333 | |||||
Distributions to preferred unitholders | 0 | |||||
Distributions to common unitholders | 0 | |||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | |||||
Intercompany financing | (140,853) | |||||
Other | 0 | |||||
Net cash flow used in financing activities | (140,520) | |||||
Net change in cash, cash equivalents, and restricted cash reserves | 2,933 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 48,507 | 45,574 | ||||
Non-Guarantor Subsidiaries | ||||||
Operating activities: | ||||||
Cash flows from operating activities | (1,418) | 105,305 | ||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | 282,895 | |||||
Improvements and additions to hotel properties | (39) | (36,458) | ||||
Additions to property and equipment | 0 | |||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by (used in) investing activities | (39) | 246,437 | ||||
Financing activities: | ||||||
Repayments of borrowings | (471) | (30,220) | ||||
Contributions from members | 0 | 0 | ||||
Distributions to partners | 0 | 0 | ||||
Distribution of cash in FelCor TRS | 0 | |||||
Payment of deferred financing fees | (10) | |||||
Preferred distributions - consolidated joint venture | (126) | (1,113) | ||||
Intercompany financing | 1,823 | (318,618) | ||||
Net cash flow used in financing activities | 1,226 | (349,961) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | (231) | 1,781 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 7,731 | $ 10,175 | $ 8,394 | $ 7,962 | ||
Non-Guarantor Subsidiaries | Predecessor | ||||||
Operating activities: | ||||||
Cash flows from operating activities | 54,214 | |||||
Investing activities: | ||||||
Payments for (Proceeds from) Productive Assets | (169) | |||||
Improvements and additions to hotel properties | (47,076) | |||||
Distributions from unconsolidated joint ventures in excess of earnings | 0 | |||||
Intercompany financing | 0 | |||||
Net cash flow provided by (used in) investing activities | (47,245) | |||||
Financing activities: | ||||||
Proceeds from borrowings | 66,000 | |||||
Repayments of borrowings | (121,691) | |||||
Distributions to noncontrolling interests | (150) | |||||
Contributions from noncontrolling interests | 0 | |||||
Distributions to preferred unitholders | 0 | |||||
Distributions to common unitholders | 0 | |||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 647 | |||||
Intercompany financing | 49,462 | |||||
Other | (977) | |||||
Net cash flow used in financing activities | (6,709) | |||||
Net change in cash, cash equivalents, and restricted cash reserves | 260 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 7,962 | $ 7,702 |