Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Current Fiscal Year End Date | -19 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FCH | |
Entity Registrant Name | FelCor Lodging Trust Incorporated | |
Entity Central Index Key | 923603 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 143,276,171 | |
FelCor Lodging LP [Member] | ||
Document and Entity Information [Line Items] | ||
Entity Registrant Name | FelCor Lodging LP | |
Entity Central Index Key | 1048789 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $861,796 and $850,687 at March 31, 2015 and December 31, 2014, respectively | $1,714,000 | $1,599,791 |
Hotel development | 143,779 | 297,466 |
Investment in unconsolidated entities | 14,633 | 15,095 |
Hotels held for sale | 16,618 | 47,145 |
Cash and cash equivalents | 58,930 | 47,147 |
Restricted cash | 22,172 | 20,496 |
Accounts receivable, net of allowance for doubtful accounts of $185 and $241 at March 31, 2015 and December 31, 2014, respectively | 33,794 | 27,805 |
Deferred expenses, net of accumulated amortization of $18,802 and $17,111 at March 31, 2015 and December 31, 2014, respectively | 24,119 | 25,827 |
Other assets | 21,505 | 23,886 |
Total assets | 2,049,550 | 2,104,658 |
Liabilities and Equity | ||
Debt | 1,543,439 | 1,585,867 |
Distributions payable | 13,867 | 13,827 |
Accrued expenses and other liabilities | 138,095 | 135,481 |
Total liabilities | 1,695,401 | 1,735,175 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at March 31, 2015 and December 31, 2014 | 7,026 | 6,616 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 124,872 and 124,605 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 1,249 | 1,246 |
Additional paid-in capital | 2,354,800 | 2,353,666 |
Accumulated deficit | -2,538,643 | -2,530,671 |
Total FelCor stockholders’ equity | 296,155 | 302,990 |
Noncontrolling interests in other partnerships | 8,278 | 18,435 |
Preferred equity in consolidated joint venture, liquidation value of $43,371 and $42,094 at March 31, 2015 and December 31, 2014, respectively | 42,690 | 41,442 |
Total equity | 347,123 | 362,867 |
Total liabilities and equity | 2,049,550 | 2,104,658 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $861,796 and $850,687 at March 31, 2015 and December 31, 2014, respectively | 1,714,000 | 1,599,791 |
Hotel development | 143,779 | 297,466 |
Investment in unconsolidated entities | 14,633 | 15,095 |
Hotels held for sale | 16,618 | 47,145 |
Cash and cash equivalents | 58,930 | 47,147 |
Restricted cash | 22,172 | 20,496 |
Accounts receivable, net of allowance for doubtful accounts of $185 and $241 at March 31, 2015 and December 31, 2014, respectively | 33,794 | 27,805 |
Deferred expenses, net of accumulated amortization of $18,802 and $17,111 at March 31, 2015 and December 31, 2014, respectively | 24,119 | 25,827 |
Other assets | 21,505 | 23,886 |
Total assets | 2,049,550 | 2,104,658 |
Liabilities and Equity | ||
Debt | 1,543,439 | 1,585,867 |
Distributions payable | 13,867 | 13,827 |
Accrued expenses and other liabilities | 138,095 | 135,481 |
Total liabilities | 1,695,401 | 1,735,175 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at March 31, 2015 and December 31, 2014 | 7,026 | 6,616 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Preferred equity in consolidated joint venture, liquidation value of $43,371 and $42,094 at March 31, 2015 and December 31, 2014, respectively | 42,690 | 41,442 |
Total liabilities and equity | 2,049,550 | 2,104,658 |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 478,749 | 478,749 |
Common units, 124,872 and 124,605 units issued and outstanding at March 31, 2015 and December 31, 2014, respectively | -182,594 | -175,759 |
Total FelCor LP partners’ capital | 296,155 | 302,990 |
Noncontrolling interests | 8,278 | 18,435 |
Preferred capital in consolidated joint venture | 42,690 | 41,442 |
Total partners’ capital | 347,123 | 362,867 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at March 31, 2015 and December 31, 2014 | ||
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 309,337 |
FelCor Lodging LP [Member] | Series C Cumulative Redeemable Preferred Units, 68 units issued and outstanding at March 31, 2015 and December 31, 2014 | ||
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 169,412 | 169,412 |
Series A Cumulative Convertible Preferred Stock, 12,879 shares, liquidation value of $321,987, issued and outstanding at March 31, 2015 and December 31, 2014 | ||
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Cumulative Preferred Stock | 309,337 | 309,337 |
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at March 31, 2015 and December 31, 2014 | ||
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Cumulative Preferred Stock | $169,412 | $169,412 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated depreciation | $861,796 | $850,687 |
Allowance for doubtful accounts | 185 | 241 |
Accumulated amortization of deferred expenses | 18,802 | 17,111 |
Units of noncontrolling interests in FelCor LP issued (in shares) | 611,000 | 611,000 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued and outstanding | 124,871,811 | 124,605,074 |
Joint Venture Liquidation Value | 43,371 | 42,094 |
Series A Preferred Stock [Member] | ||
Preferred Stock, shares issued | 12,879,000 | 12,879,000 |
Preferred Stock, shares outstanding | 12,879,000 | 12,879,000 |
Preferred Stock, liquidation value | 321,987 | 321,987 |
Series C Preferred Stock [Member] | ||
Preferred Stock, shares issued | 68,000 | 68,000 |
Preferred Stock, shares outstanding | 68,000 | 68,000 |
Preferred Stock, liquidation value | 169,950 | 169,950 |
FelCor Lodging LP [Member] | ||
Accumulated depreciation | 861,796 | 850,687 |
Allowance for doubtful accounts | 185 | 241 |
Accumulated amortization of deferred expenses | $18,802 | $17,111 |
Units of redeemable units issued | 611,000 | 611,000 |
Units of redeemable units outstanding | 611,000 | 611,000 |
Common units issued and outstanding | 124,871,811 | 124,605,074 |
FelCor Lodging LP [Member] | Series A Preferred Units [Member] | ||
Series A Cumulative Convertible Preferred Units issued | 12,879,000 | 12,879,000 |
Series A Cumulative Convertible Preferred Units outstanding | 12,879,000 | 12,879,000 |
FelCor Lodging LP [Member] | Series C Preferred Units [Member] | ||
Series C Cumulative Redeemable Preferred Units issued | 68,000 | 68,000 |
Series C Cumulative Redeemable Preferred Units outstanding | 68,000 | 68,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Hotel operating revenue | $213,285 | $221,022 |
Other revenue | 410 | 327 |
Total revenues | 213,695 | 221,349 |
Expenses: | ||
Hotel departmental expenses | 77,656 | 83,523 |
Other property-related costs | 56,895 | 61,578 |
Management and franchise fees | 9,085 | 9,013 |
Taxes, insurance and lease expense | 14,976 | 23,633 |
Corporate expenses | 8,573 | 7,825 |
Depreciation and amortization | 27,772 | 29,601 |
Other expenses | 4,228 | 2,014 |
Total operating expenses | 199,185 | 217,187 |
Operating income | 14,510 | 4,162 |
Interest expense, net | -19,481 | -25,227 |
Debt extinguishment | -73 | -6 |
Loss before equity in income from unconsolidated entities | -5,044 | -21,071 |
Equity in income from unconsolidated entities | 149 | 643 |
Loss from continuing operations | -4,895 | -20,428 |
Income from discontinued operations | 4 | 135 |
Loss before gain on sale of hotels | -4,891 | -20,293 |
Gain on sale of hotels, net | 16,887 | 5,457 |
Net income (loss) | 11,996 | -14,836 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -4,879 | 78 |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | 14 | 121 |
Preferred distributions - consolidated joint venture | -348 | -181 |
Net income (loss) attributable to reporting entity | 6,783 | -14,818 |
Preferred dividends | -9,678 | -9,678 |
Net loss attributable to FelCor common stockholders | -2,895 | -24,496 |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | ($0.02) | ($0.20) |
Earnings Per Share, Basic and Diluted | ($0.02) | ($0.20) |
Basic and diluted per common share/unit data: | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 124,519 | 124,146 |
FelCor Lodging LP [Member] | ||
Revenues: | ||
Hotel operating revenue | 213,285 | 221,022 |
Other revenue | 410 | 327 |
Total revenues | 213,695 | 221,349 |
Expenses: | ||
Hotel departmental expenses | 77,656 | 83,523 |
Other property-related costs | 56,895 | 61,578 |
Management and franchise fees | 9,085 | 9,013 |
Taxes, insurance and lease expense | 14,976 | 23,633 |
Corporate expenses | 8,573 | 7,825 |
Depreciation and amortization | 27,772 | 29,601 |
Other expenses | 4,228 | 2,014 |
Total operating expenses | 199,185 | 217,187 |
Operating income | 14,510 | 4,162 |
Interest expense, net | -19,481 | -25,227 |
Debt extinguishment | -73 | -6 |
Loss before equity in income from unconsolidated entities | -5,044 | -21,071 |
Equity in income from unconsolidated entities | 149 | 643 |
Loss from continuing operations | -4,895 | -20,428 |
Income from discontinued operations | 4 | 135 |
Loss before gain on sale of hotels | -4,891 | -20,293 |
Gain on sale of hotels, net | 16,887 | 5,457 |
Net income (loss) | 11,996 | -14,836 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -4,879 | 78 |
Preferred distributions - consolidated joint venture | -348 | -181 |
Net income (loss) attributable to reporting entity | 6,769 | -14,939 |
Preferred dividends | -9,678 | -9,678 |
Net loss attributable to FelCor LP common unitholders | ($2,909) | ($24,617) |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | ($0.02) | ($0.20) |
Earnings Per Share, Basic and Diluted | ($0.02) | ($0.20) |
Basic and diluted per common share/unit data: | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 125,130 | 124,764 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income (loss) | $11,996 | ($14,836) |
Foreign currency translation adjustment | 0 | -620 |
Comprehensive income (loss) | 11,996 | -15,456 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | -4,879 | 78 |
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | -14 | -124 |
Preferred distributions - consolidated joint venture | -348 | -181 |
Preferred Equity Distributions | 0 | |
Comprehensive income (loss) attributable to FelCor | 6,783 | -15,254 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 4,879 | -78 |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | -14 | -121 |
FelCor Lodging LP [Member] | ||
Net income (loss) | 11,996 | -14,836 |
Foreign currency translation adjustment | 0 | -620 |
Comprehensive income (loss) | 11,996 | -15,456 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | -4,879 | 78 |
Preferred distributions - consolidated joint venture | -348 | -181 |
Preferred Equity Distributions | 0 | |
Comprehensive income (loss) attributable to FelCor | 6,769 | -15,378 |
Net loss (income) attributable to noncontrolling interests in other partnerships | $4,879 | ($78) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | $0.4875 per Series A preferred share | $0.50 per Series C depositary preferred share | Dividend per common stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Comprehensive Income (Loss) |
In Thousands, unless otherwise specified | Consolidated Joint Venture | $0.4875 per Series A preferred share | $0.50 per Series C depositary preferred share | Dividend per common stock | ||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2013 | $314,230 | $478,774 | $1,240 | $2,354,328 | $24,937 | ($2,568,350) | $23,301 | $0 | ||||||||
Shares, Issued - beginning balance at Dec. 31, 2013 | 12,948 | 124,051 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Conversion of preferred stock into common stock | 0 | -8 | 8 | |||||||||||||
Issuance of stock awards - shares | 250 | |||||||||||||||
Issuance of stock awards - value | 0 | 3 | -3 | |||||||||||||
Stock awards - amortization | 959 | 959 | ||||||||||||||
Forfeiture of stock awards - shares | -115 | |||||||||||||||
Forfeiture of stock awards - value | -932 | -1 | 0 | -931 | ||||||||||||
Allocation to redeemable noncontrolling interests | -679 | -679 | ||||||||||||||
Contribution from noncontrolling interests | 1,568 | 1,568 | ||||||||||||||
Distribution to noncontrolling interests | -587 | -587 | ||||||||||||||
Dividends declared: | ||||||||||||||||
Dividends, Common Stock | -2,517 | -2,517 | ||||||||||||||
Preferred dividends | -181 | -6,279 | -3,399 | -6,279 | -3,399 | -181 | ||||||||||
Issuance of preferred equity - consolidated joint venture | 40,909 | 40,909 | ||||||||||||||
Comprehensive Income (loss) (attributable to FelCor and noncontrolling interests in other partnerhips) | ||||||||||||||||
Foreign exchange translation | -617 | -617 | ||||||||||||||
Net income (loss) | -14,818 | -78 | 181 | -14,715 | ||||||||||||
Comprehensive Income (Loss) | -15,332 | -15,332 | ||||||||||||||
Stockholders' Equity, ending balance at Mar. 31, 2014 | 327,760 | 478,766 | 1,242 | 2,354,613 | 24,320 | -2,596,294 | 24,204 | 40,909 | ||||||||
Shares, Issued - ending balance at Mar. 31, 2014 | 12,948 | 124,186 | ||||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2014 | 362,867 | 478,749 | 1,246 | 2,353,666 | 0 | -2,530,671 | 18,435 | 41,442 | ||||||||
Shares, Issued - beginning balance at Dec. 31, 2014 | 12,947 | 124,605 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Issuance of stock awards - shares | 267 | |||||||||||||||
Issuance of stock awards - value | 0 | 3 | -3 | |||||||||||||
Stock awards - amortization | 1,584 | 1,584 | ||||||||||||||
Forfeiture of stock awards - shares | 0 | |||||||||||||||
Forfeiture of stock awards - value | -8 | 0 | 0 | -8 | ||||||||||||
Allocation to redeemable noncontrolling interests | -447 | -447 | ||||||||||||||
Contribution from noncontrolling interests | 790 | 790 | ||||||||||||||
Distribution to noncontrolling interests | -15,826 | -15,826 | ||||||||||||||
Dividends declared: | ||||||||||||||||
Dividends, Common Stock | -5,069 | -5,069 | ||||||||||||||
Preferred dividends | -348 | -6,279 | -3,399 | 0 | -6,279 | -3,399 | -348 | |||||||||
Issuance of preferred equity - consolidated joint venture | 1,248 | 1,248 | ||||||||||||||
Comprehensive Income (loss) (attributable to FelCor and noncontrolling interests in other partnerhips) | ||||||||||||||||
Net income (loss) | 6,783 | 4,879 | 348 | 12,010 | ||||||||||||
Comprehensive Income (Loss) | 12,010 | 12,010 | ||||||||||||||
Stockholders' Equity, ending balance at Mar. 31, 2015 | $347,123 | $478,749 | $1,249 | $2,354,800 | $0 | ($2,538,643) | $8,278 | $42,690 | ||||||||
Shares, Issued - ending balance at Mar. 31, 2015 | 12,947 | 124,872 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parentheticals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Common Stock, Dividends, Per Share, Declared | $0.04 | $0.02 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $0.49 | $0.49 |
Series C Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $0.50 | $0.50 |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Capital (USD $) | Total | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | Preferred Equity in Consolidated Joint Venture |
In Thousands, unless otherwise specified | Preferred Units | Common Units | Accumulated Other Comprehensive Income | Noncontrolling Interests | Preferred Capital in Consolidated Joint Venture | Comprehensive Income (Loss) | |||
Partners' Capital, Beginning Balance at Dec. 31, 2013 | $314,230 | $478,774 | ($212,888) | $25,043 | $23,301 | $0 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Conversion of preferred stock into common stock | 0 | 0 | -8 | 8 | |||||
FelCor restricted stock compensation | 27 | 27 | |||||||
Contributions | 1,568 | 1,568 | |||||||
Distributions | -12,963 | -12,195 | -587 | -181 | |||||
Allocation to redeemable units | -555 | -555 | |||||||
Issuance of preferred equity - consolidated joint venture | 40,909 | 40,909 | 40,909 | 40,909 | |||||
Comprehensive income (loss): | |||||||||
Foreign exchange translation | -620 | -620 | -620 | -620 | |||||
Net income (loss) | -14,836 | -14,836 | -14,939 | -78 | 181 | -14,836 | |||
Comprehensive Income (Loss) | -15,456 | -15,456 | -15,456 | ||||||
Partners' Capital, Ending Balance at Mar. 31, 2014 | 327,760 | 478,766 | -240,542 | 24,423 | 24,204 | 40,909 | |||
Partners' Capital, Beginning Balance at Dec. 31, 2014 | 362,867 | 478,749 | -175,759 | 0 | 18,435 | 41,442 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
FelCor restricted stock compensation | 1,576 | 1,576 | |||||||
Contributions | 790 | 790 | |||||||
Distributions | -30,944 | -14,770 | -15,826 | -348 | |||||
Allocation to redeemable units | -410 | -410 | |||||||
Issuance of preferred equity - consolidated joint venture | 1,248 | 1,248 | 1,248 | 1,248 | |||||
Comprehensive income (loss): | |||||||||
Foreign exchange translation | 0 | 0 | |||||||
Net income (loss) | 11,996 | 11,996 | 6,769 | 4,879 | 348 | 11,996 | |||
Comprehensive Income (Loss) | 11,996 | 11,996 | 11,996 | ||||||
Partners' Capital, Ending Balance at Mar. 31, 2015 | $347,123 | $478,749 | ($182,594) | $0 | $8,278 | $42,690 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income (loss) | $11,996 | ($14,836) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 27,772 | 29,601 |
Gain on sale of hotels, net | -16,887 | -5,848 |
Amortization of deferred financing fees and debt discount | 1,477 | 2,929 |
Amortization of fixed stock and directors’ compensation | 1,862 | 1,446 |
Equity in income from unconsolidated entities | -149 | -643 |
Distributions of income from unconsolidated entities | 580 | 824 |
Debt extinguishment | 73 | 251 |
Changes in assets and liabilities: | ||
Accounts receivable | -6,216 | 152 |
Other assets | -225 | -2,572 |
Accrued expenses and other liabilities | -3,438 | 11,098 |
Net cash flow provided by operating activities | 16,845 | 22,402 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | -13,483 | -28,617 |
Hotel development | -10,108 | -23,622 |
Net proceeds from asset sales | 91,328 | 39,896 |
Change in restricted cash – investing | -1,676 | 10,180 |
Insurance proceeds | 274 | 255 |
Distributions from unconsolidated entities | 31 | 2,128 |
Net cash flow provided by investing activities | 66,366 | 220 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 36,000 | 81,000 |
Repayment of borrowings | -78,428 | -105,353 |
Payment of deferred financing fees | -81 | -5 |
Distributions paid to noncontrolling interests | -15,826 | -587 |
Contributions from noncontrolling interests | 790 | 1,568 |
Distributions paid to FelCor LP limited partners | -23 | -7 |
Distributions paid to preferred stockholders | -9,678 | -9,678 |
Preferred distributions - consolidated joint venture | -345 | -65 |
Distributions paid to common stockholders | -5,034 | -2,484 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,248 | 40,909 |
Net cash flow provided by (used in) financing activities | -71,377 | 5,298 |
Effect of exchange rate changes on cash | -51 | -39 |
Net change in cash and cash equivalents | 11,783 | 27,881 |
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 |
Cash and cash equivalents at end of periods | 58,930 | 73,526 |
Supplemental cash flow information – interest paid, net of capitalized interest | 16,244 | 14,511 |
FelCor Lodging LP [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 11,996 | -14,836 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 27,772 | 29,601 |
Gain on sale of hotels, net | -16,887 | -5,848 |
Amortization of deferred financing fees and debt discount | 1,477 | 2,929 |
Amortization of fixed stock and directors’ compensation | 1,862 | 1,446 |
Equity in income from unconsolidated entities | -149 | -643 |
Distributions of income from unconsolidated entities | 580 | 824 |
Debt extinguishment | 73 | 251 |
Changes in assets and liabilities: | ||
Accounts receivable | -6,216 | 152 |
Other assets | -225 | -2,572 |
Accrued expenses and other liabilities | -3,438 | 11,098 |
Net cash flow provided by operating activities | 16,845 | 22,402 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | -13,483 | -28,617 |
Hotel development | -10,108 | -23,622 |
Net proceeds from asset sales | 91,328 | 39,896 |
Change in restricted cash – investing | -1,676 | 10,180 |
Insurance proceeds | 274 | 255 |
Distributions from unconsolidated entities | 31 | 2,128 |
Net cash flow provided by investing activities | 66,366 | 220 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 36,000 | 81,000 |
Repayment of borrowings | -78,428 | -105,353 |
Payment of deferred financing fees | -81 | -5 |
Distributions paid to noncontrolling interests | -15,826 | -587 |
Contributions from noncontrolling interests | 790 | 1,568 |
Distributions paid to FelCor LP limited partners | -23 | -7 |
Distributions paid to preferred stockholders | -9,678 | -9,678 |
Preferred distributions - consolidated joint venture | -345 | -65 |
Distributions paid to common stockholders | -5,034 | -2,484 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,248 | 40,909 |
Net cash flow provided by (used in) financing activities | -71,377 | 5,298 |
Effect of exchange rate changes on cash | -51 | -39 |
Net change in cash and cash equivalents | 11,783 | 27,881 |
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 |
Cash and cash equivalents at end of periods | 58,930 | 73,526 |
Supplemental cash flow information – interest paid, net of capitalized interest | $16,244 | $14,511 |
Organization
Organization | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Organization [Abstract] | ||||||||
Organization | Organization | |||||||
FelCor Lodging Trust Incorporated (NYSE:FCH), or FelCor, is a Maryland corporation, operating as a real estate investment trust, or REIT. FelCor is the sole general partner of, and the owner of a greater than 99.5% partnership interest in, FelCor Lodging Limited Partnership, or FelCor LP, through which we held ownership interests in 46 hotels as of March 31, 2015, one of which was held for sale. At March 31, 2015, we had an aggregate of 125,483,273 shares and units outstanding, consisting of 124,871,811 shares of FelCor common stock and 611,462 FelCor LP units not owned by FelCor. | ||||||||
Of the 45 hotels not held for sale as of March 31, 2015, we owned a 100% interest in 41 hotels, a 95% interest in one hotel (The Knickerbocker) and 50% interests in entities owning three hotels. The Knickerbocker opened in February 2015 and, based on its partial completion as of March 31, 2015, $172 million of this development was reclassified to investment in hotels. We consolidate our real estate interests in the 42 hotels in which we held majority interests, and we record the real estate interests of the three hotels in which we held 50% interests using the equity method. We lease 44 of the 45 hotels to our taxable REIT subsidiaries, of which we own a controlling interest. We operate one 50% owned hotel without a lease. Because we own controlling interests in these lessees, we consolidate our interests in these 44 hotels (which we refer to as our Consolidated Hotels) and reflect those hotels’ operating revenues and expenses in our statements of operations. Of our Consolidated Hotels, we own 50% of the real estate interests in each of two hotels (we account for the ownership in our real estate interests of these hotels by the equity method) and majority real estate interests in the remaining 42 hotels (we consolidate our real estate interest in these hotels). | ||||||||
The following table illustrates the distribution of our 44 Consolidated Hotels at March 31, 2015: | ||||||||
Brand | Hotels | Rooms | ||||||
Embassy Suites Hotels® | 21 | 5,778 | ||||||
Wyndham® and Wyndham Grand® | 8 | 2,528 | ||||||
Marriott® and Renaissance® | 3 | 1,321 | ||||||
Holiday Inn® | 3 | 1,256 | ||||||
DoubleTree by Hilton® and Hilton® | 3 | 802 | ||||||
Sheraton® | 2 | 673 | ||||||
Fairmont® | 1 | 383 | ||||||
The Knickerbocker | 1 | 330 | ||||||
Morgans and Royalton | 2 | 285 | ||||||
Total | 44 | 13,356 | ||||||
At March 31, 2015, our Consolidated Hotels were located in 17 states, with concentrations in California (11 hotels), Florida (seven hotels) and Texas (four hotels). Approximately 65% of our revenue was generated from hotels in these three states during the first three months of 2015. | ||||||||
At March 31, 2015, of our 44 Consolidated Hotels: (i) subsidiaries of Hilton Hotels Corporation, or Hilton, managed 23 hotels, (ii) subsidiaries of Wyndham Hotel Group, or Wyndham, managed eight hotels, (iii) subsidiaries of Marriott International Inc., or Marriott, managed three hotels, (iv) subsidiaries of InterContinental Hotels Group, or IHG, managed three hotels, (v) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed two hotels, (vi) a subsidiary of Fairmont Hotels and Resorts, or Fairmont, managed one hotel, (vii) a subsidiary of Highgate Hotels, or Highgate, managed one hotel, (viii) a subsidiary of Morgans Hotel Group Corporation managed two hotels, and (ix) an independent management company managed one hotel. | ||||||||
1. Organization — (continued) | ||||||||
The information in our consolidated financial statements for the three months ended March 31, 2015 and 2014 is unaudited. Preparing financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying financial statements for the three months ended March 31, 2015 and 2014, include adjustments based on management’s estimates (consisting of normal and recurring accruals), which we consider necessary for a fair statement of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2014, included in our Annual Report on Form 10-K. Operating results for the three months ended March 31, 2015 are not necessarily indicative of actual operating results for the entire year. |
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Investment in Unconsolidated Entities [Abstract] | ||||||||||
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities | |||||||||
At March 31, 2015 and December 31, 2014, we owned 50% interests in joint ventures that owned three hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. We account for our investments in these unconsolidated entities under the equity method. We do not have any majority-owned subsidiaries that are not consolidated in our financial statements. We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures. | ||||||||||
The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): | ||||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
Investment in hotels and other properties, net of accumulated depreciation | $ | 29,489 | $ | 30,288 | ||||||
Total assets | $ | 43,440 | $ | 45,374 | ||||||
Debt | $ | 33,902 | $ | 34,192 | ||||||
Total liabilities | $ | 35,710 | $ | 36,974 | ||||||
Equity | $ | 7,730 | $ | 8,400 | ||||||
Our unconsolidated entities’ debt at March 31, 2015 and December 31, 2014 consisted entirely of non-recourse mortgage debt. | ||||||||||
2. Investment in Unconsolidated Entities -- (continued) | ||||||||||
The following table (which reflects decreases attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014) sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Total revenues | $ | 6,569 | $ | 14,617 | ||||||
Net income | $ | 551 | $ | 2,216 | ||||||
Net income attributable to FelCor | $ | 276 | $ | 1,108 | ||||||
Depreciation of cost in excess of book value | (127 | ) | (465 | ) | ||||||
Equity in income from unconsolidated entities | $ | 149 | $ | 643 | ||||||
The following table summarizes the components of our investment in unconsolidated entities (in thousands): | ||||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
Hotel-related investments | $ | (3,000 | ) | $ | (3,265 | ) | ||||
Cost in excess of book value of hotel investments | 10,768 | 10,895 | ||||||||
Land and condominium investments | 6,865 | 7,465 | ||||||||
Investment in unconsolidated entities | $ | 14,633 | $ | 15,095 | ||||||
The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Hotel investments | $ | 748 | $ | 1,272 | ||||||
Other investments | (599 | ) | (629 | ) | ||||||
Equity in income from unconsolidated entities | $ | 149 | $ | 643 | ||||||
Debt
Debt | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Debt | Debt | |||||||||||||||||
Consolidated debt consisted of the following (dollars in thousands): | ||||||||||||||||||
Encumbered | Interest | Maturity | March 31, | December 31, | ||||||||||||||
Hotels | Rate (%) | Date | 2015 | 2014 | ||||||||||||||
Line of credit | 8 | LIBOR + 3.375 | June 2016(a) | $ | 84,500 | $ | 111,500 | |||||||||||
Term loan | 3 | LIBOR + 2.50 | July 2017(b) | 140,000 | 140,000 | |||||||||||||
Mortgage debt | 3 | LIBOR + 3.00 | Mar-17 | 49,067 | 51,008 | |||||||||||||
Mortgage debt(c) | 4 | 4.95 | Oct-22 | 123,914 | 124,278 | |||||||||||||
Mortgage debt | 1 | 4.94 | Oct-22 | 31,097 | 31,228 | |||||||||||||
Senior secured notes | 6 | 6.75 | Jun-19 | 525,000 | 525,000 | |||||||||||||
Senior secured notes | 9 | 5.625 | Mar-23 | 525,000 | 525,000 | |||||||||||||
The Knickerbocker loan(d) | ||||||||||||||||||
Construction tranche | 1 | LIBOR + 4.00 | May-16 | 58,562 | 58,562 | |||||||||||||
Cash collateralized tranche | — | LIBOR + 1.25 | May-16 | 6,299 | 6,299 | |||||||||||||
Retired debt | — | — | — | — | 12,992 | |||||||||||||
Total | 35 | $ | 1,543,439 | $ | 1,585,867 | |||||||||||||
(a) | Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions. | |||||||||||||||||
(b) | This debt can be extended up to two years, subject to satisfying certain conditions. | |||||||||||||||||
(c) | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. | |||||||||||||||||
(d) | This construction loan (total capacity of $85.0 million) was obtained to finance the redevelopment of The Knickerbocker and can be extended for one year, subject to satisfying certain conditions. | |||||||||||||||||
In February 2015, we repaid $13.0 million of secured loan debt, scheduled to mature in March 2017, when we sold a hotel. | ||||||||||||||||||
We reported $19.5 million and $25.2 million of interest expense for the three months ended March 31, 2015 and 2014, respectively, which is net of: (i) interest income of $5,000 and $15,000 and (ii) capitalized interest of $3.5 million and $4.0 million, respectively. |
Hotel_Operating_Revenue_Depart
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs | |||||||||||||||
Hotel operating revenue from continuing operations was comprised of the following (in thousands): | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Room revenue | $ | 162,306 | $ | 169,829 | ||||||||||||
Food and beverage revenue | 39,844 | 39,785 | ||||||||||||||
Other operating departments | 11,135 | 11,408 | ||||||||||||||
Total hotel operating revenue | $ | 213,285 | $ | 221,022 | ||||||||||||
Nearly all of our revenue is comprised of hotel operating revenue. These revenues are recorded net of any sales or occupancy taxes collected from our guests. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts, which are recorded as a bad debt expense. Hotel departmental expenses from continuing operations were comprised of the following (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Room | $ | 42,511 | 19.9 | % | $ | 46,733 | 21.1 | % | ||||||||
Food and beverage | 30,696 | 14.4 | 31,187 | 14.1 | ||||||||||||
Other operating departments | 4,449 | 2.1 | 5,603 | 2.6 | ||||||||||||
Total hotel departmental expenses | $ | 77,656 | 36.4 | % | $ | 83,523 | 37.8 | % | ||||||||
Other property-related costs from continuing operations were comprised of the following amounts (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Hotel general and administrative expense | $ | 19,363 | 9.1 | % | $ | 19,834 | 9 | % | ||||||||
Marketing | 19,303 | 9.1 | 20,071 | 9.1 | ||||||||||||
Repair and maintenance | 10,350 | 4.9 | 11,687 | 5.3 | ||||||||||||
Utilities | 7,879 | 3.6 | 9,986 | 4.5 | ||||||||||||
Total other property-related costs | $ | 56,895 | 26.7 | % | $ | 61,578 | 27.9 | % | ||||||||
In connection with Wyndham’s guaranty of achieving a minimum level of annual net operating income, we have recorded $411,000 and $136,000 for the pro rata portion of the projected full-year guaranty for the three months ended March 31, 2015 and 2014, respectively. These amounts are recorded, to the extent available, as a reduction of Wyndham's contractual management and other fees. Any amounts in excess of those fees will be recorded as revenue when earned. |
Taxes_Insurance_and_Lease_Expe
Taxes, Insurance and Lease Expense | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Taxes, Insurance and Lease Expenses [Abstract] | ||||||||
Taxes, Insurance and Lease Expense | Taxes, Insurance and Lease Expense | |||||||
Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Hotel lease expense(a) | $ | 2,104 | $ | 10,391 | ||||
Land lease expense(b) | 3,059 | 2,462 | ||||||
Real estate and other taxes | 7,860 | 8,109 | ||||||
Property insurance, general liability insurance and other | 1,953 | 2,671 | ||||||
Total taxes, insurance and lease expense | $ | 14,976 | $ | 23,633 | ||||
(a) | Hotel lease expense is recorded by the consolidated operating lessees of hotels owned by unconsolidated entities and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $936,000 and $4.9 million for the three months ended March 31, 2015 and 2014, respectively, and reflects a decrease attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014. | |||||||
(b) | Land lease expense includes percentage rent of $1.5 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively. |
Hotel_Dispositions
Hotel Dispositions | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Hotel Dispositions | Hotel Dispositions | ||||||||
Effective January 1, 2014, we adopted the provisions of Accounting Standards Update No. 2014-08 (the Update), under which the disposal of components of an entity are reported as discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. These new provisions are applied prospectively only, and, as such, hotels that were considered discontinued operations for the year ended December 31, 2013 and prior continue to be reported as discontinued operations in all periods presented. | |||||||||
During the first quarter 2015, we sold three hotels and had one hotel held for sale at March 31, 2015. In 2014, we sold one hotel not previously held for sale during the three months ended March 31, 2014 and had one hotel held for sale at March 31, 2014. We designate a hotel as held for sale when the sale is probable within the next twelve months. We consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We included operations for the sold hotels, and those hotels designated as held for sale, in income (loss) from continuing operations as shown in the statements of operations for the three months ended March 31, 2015 and 2014, as disposition of these hotels does not represent a strategic shift in our business. | |||||||||
The following table includes condensed financial information primarily related to 12 of 13 hotels sold in 2014, three hotels sold during the three months ended March 31, 2015, and one hotel held for sale at March 31, 2015 (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Hotel operating revenue | $ | 7,205 | $ | 40,277 | |||||
Operating expenses | (5,594 | ) | (39,817 | ) | |||||
Operating income | 1,611 | 460 | |||||||
Interest expense, net | (160 | ) | (665 | ) | |||||
Debt extinguishment | (73 | ) | — | ||||||
Equity in income (loss) from unconsolidated entities | (15 | ) | 490 | ||||||
Income from continuing operations | 1,363 | 285 | |||||||
Gain on sale of hotels, net | 16,887 | 5,457 | |||||||
Net income | 18,250 | 5,742 | |||||||
Net income attributable to noncontrolling interests in other partnerships | (5,253 | ) | (129 | ) | |||||
Net income attributable to redeemable noncontrolling interests in FelCor LP | (62 | ) | (28 | ) | |||||
Net income attributable to FelCor | $ | 12,935 | $ | 5,585 | |||||
Income_Loss_Per_ShareUnit
Income (Loss) Per Share/Unit | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Income (loss) Per Share/Unit | Loss Per Share/Unit | |||||||
The following tables set forth the computation of basic and diluted loss per share/unit (in thousands, except per share/unit data): | ||||||||
FelCor Loss Per Share | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income (loss) attributable to FelCor | $ | 6,783 | $ | (14,818 | ) | |||
Discontinued operations attributable to FelCor | (4 | ) | (134 | ) | ||||
Income (loss) from continuing operations attributable to FelCor | 6,779 | (14,952 | ) | |||||
Less: Preferred dividends | (9,678 | ) | (9,678 | ) | ||||
Less: Dividends declared on unvested restricted stock | (13 | ) | — | |||||
Numerator for continuing operations attributable to FelCor common stockholders | (2,912 | ) | (24,630 | ) | ||||
Discontinued operations attributable to FelCor | 4 | 134 | ||||||
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ | (2,908 | ) | $ | (24,496 | ) | ||
Denominator: | ||||||||
Denominator for basic and diluted loss per share | 124,519 | 124,146 | ||||||
Basic and diluted loss per share data: | ||||||||
Loss from continuing operations | $ | (0.02 | ) | $ | (0.20 | ) | ||
Discontinued operations | $ | — | $ | — | ||||
Net loss | $ | (0.02 | ) | $ | (0.20 | ) | ||
7 | Loss Per Share/Unit — (continued) | |||||||
FelCor LP Loss Per Unit | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income (loss) attributable to FelCor LP | $ | 6,769 | $ | (14,939 | ) | |||
Discontinued operations attributable to FelCor LP | (4 | ) | (135 | ) | ||||
Income (loss) from continuing operations attributable to FelCor LP | 6,765 | (15,074 | ) | |||||
Less: Preferred distributions | (9,678 | ) | (9,678 | ) | ||||
Less: Distributions declared on FelCor unvested restricted stock | (13 | ) | — | |||||
Numerator for continuing operations attributable to FelCor LP common unitholders | (2,926 | ) | (24,752 | ) | ||||
Discontinued operations attributable to FelCor LP | 4 | 135 | ||||||
Numerator for basic and diluted loss attributable to FelCor common unitholders | $ | (2,922 | ) | $ | (24,617 | ) | ||
Denominator: | ||||||||
Denominator for basic and diluted loss per unit | 125,130 | 124,764 | ||||||
Basic and diluted loss per unit data: | ||||||||
Loss from continuing operations | $ | (0.02 | ) | $ | (0.20 | ) | ||
Discontinued operations | $ | — | $ | — | ||||
Net loss | $ | (0.02 | ) | $ | (0.20 | ) | ||
The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the gain on sale of hotels attributable to FelCor/FelCor LP. | ||||||||
Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted loss per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Series A convertible preferred shares/units | 9,984 | 9,985 | ||||||
FelCor restricted stock units | 1,194 | 850 | ||||||
7 | Loss Per Share/Unit — (continued) | |||||||
Series A preferred dividends (distributions) that would be excluded from net loss attributable to FelCor common stockholders (or FelCor LP common unitholders), if these preferred shares/units were dilutive, were $6.3 million for the three months ended March 31, 2015 and 2014. | ||||||||
We grant our executive officers restricted stock units each year, which provides them with the potential to earn shares of our common stock in three increments over four years. The actual number of shares that vest is determined based on total stockholder return relative to a group of 10 lodging REIT peers. We amortize the fixed cost of these grants over the vesting period. We calculate the potential dilutive impact of these awards on our earnings per share using the treasury stock method. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Disclosures about fair value of our financial instruments are based on pertinent information available to management as of March 31, 2015 and December 31, 2014. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments. Different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. | |
Our estimates of the fair value of (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate carrying value due to the relatively short maturity of these instruments; (ii) our publicly-traded debt is based on observable market data (a Level 2 input) and has an estimated fair value of $1.1 billion at March 31, 2015 and December 31, 2014; and (iii) our debt that is not publicly-traded is based on a discounted cash flow model using effective borrowing rates for debt with similar terms, loan to estimated fair value of collateral and remaining maturities (a Level 3 input) and has an estimated fair value of $505.0 million and $548.2 million at March 31, 2015 and December 31, 2014, respectively. The estimated fair value of all our debt was $1.6 billion at March 31, 2015 and December 31, 2014. The carrying value of our debt was $1.5 billion and $1.6 billion at March 31, 2015 and December 31, 2014, respectively. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Noncontrolling Interest [Abstract] | ||||||||||
Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units | Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units | |||||||||
We record redeemable noncontrolling interests in FelCor LP, in the case of FelCor, and redeemable units, in the case of FelCor LP, in the mezzanine section (between liabilities and equity or partners’ capital) of our consolidated balance sheets because of the redemption feature of these units. Additionally, FelCor’s consolidated statements of operations separately present earnings attributable to redeemable noncontrolling interests. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. The historical cost is based on the proportionate relationship between the carrying value of equity associated with FelCor’s common stockholders relative to that of FelCor LP’s unitholders. Redemption value is based on the closing price of FelCor’s common stock at period end. FelCor allocates net income (loss) to FelCor LP’s noncontrolling partners based on their weighted average ownership percentage during the period. | ||||||||||
9 | Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units — (continued) | |||||||||
At March 31, 2015, we had 611,462 limited partnership units outstanding carried at $7.0 million. The value of these outstanding units is based on the closing price of FelCor’s common stock at March 31, 2015 ($11.49 per share). | ||||||||||
Changes in redeemable noncontrolling interests (or redeemable units) for the three months ended March 31, 2015 and 2014 are shown below (in thousands): | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Balance at beginning of period | $ | 6,616 | $ | 5,039 | ||||||
Redemption value allocation | 447 | 679 | ||||||||
Distributions paid to unitholders | (23 | ) | (11 | ) | ||||||
Comprehensive loss: | ||||||||||
Foreign exchange translation | — | (3 | ) | |||||||
Net loss | (14 | ) | (121 | ) | ||||||
Balance at end of period | $ | 7,026 | $ | 5,583 | ||||||
Consolidated_Joint_Venture_Pre
Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Consolidated Joint Venture Preferred Equity/Capital | Consolidated Joint Venture Preferred Equity/Capital |
Our joint venture that is redeveloping The Knickerbocker raised $45 million through the sale of 3.5% preferred equity/capital under the EB-5 immigrant investor program. The purchasers receive a 3.25% current annual return, plus a 0.25% non-compounding annual return paid at redemption. Our joint venture may, at its option, redeem this equity interest. If it is not redeemed within five years, the current annual return increases to 8%. The venture received $42.0 million in gross proceeds ($41.4 million net of issuance costs) during the year ended 2014 and $1.3 million during the three months ended March 31, 2015. The remaining $1.7 million will be received as investors’ visas are approved. We used our 95% share of the proceeds to repay borrowings under our line of credit. |
Contingency_Notes
Contingency (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingency | Contingency |
One of our consolidated subsidiaries is currently engaged in a commercial dispute with a third party. Under generally accepted accounting principles, we recorded $5.9 million in other expenses during the third quarter of 2014 to establish a provision for our current estimate of our maximum exposure for this contingency. While we paid the contingent fees to the third party in January 2015, we will continue asserting our rights under the contract. We believe these negotiations, when complete, will result in a substantial recovery of this amount, which will be recorded when realized. Because negotiations are ongoing, the outcome of those negotiations and the net amount for which our subsidiary will ultimately be liable are uncertain. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
In April 2015, FelCor sold 18.4 million shares of its common stock at $11.25 per share in a public | |
offering. The net proceeds from the offering were $199 million and were contributed to FelCor LP in exchange for a like number of common units. Net proceeds from this offering are being used to redeem $170 million of our 8% Series C Cumulative Redeemable preferred stock (units) in May 2015. |
Recently_Issue_Accounting_Stan
Recently Issue Accounting Standards Recently Issue Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is not permitted. We are in the process of evaluating the impact the adoption of ASU 2014-09 will have on the our financial position or results of operations. | |
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Under ASU 2015-03, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. ASU 2015-03 is effective for the first interim period within annual reporting periods beginning after December 15, 2015, and early adoption is permitted. We are in the process of evaluating what impact the adoption of ASU 2015-03 will have on our financial position or results of operations. |
FelCor_LPs_Consolidating_Finan
FelCor LP's Consolidating Financial Information (FelCor Lodging LP [Member]) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
FelCor Lodging LP [Member] | ||||||||||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||||||||||
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 Baton Rouge Owner, L.L.C.; 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 Lodging Holding Company, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor Hotel Asset Company, L.L.C.; FelCor Copley Plaza, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Los Angeles International Airport Hotel Associates, a Texas L.P.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior 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 FelCor LP, (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. | ||||||||||||||||||||
14 | FelCor LP’s Consolidating Financial Information – (continued) | |||||||||||||||||||
The following tables present consolidating information for the Subsidiary Guarantors. | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net investment in hotels | $ | — | $ | 900,920 | $ | 813,080 | $ | — | $ | 1,714,000 | ||||||||||
Hotel development | — | — | 143,779 | — | 143,779 | |||||||||||||||
Equity investment in consolidated entities | 1,345,992 | — | — | (1,345,992 | ) | — | ||||||||||||||
Investment in unconsolidated entities | 7,007 | 6,327 | 1,299 | — | 14,633 | |||||||||||||||
Hotel held for sale | — | — | 16,618 | — | 16,618 | |||||||||||||||
Cash and cash equivalents | 19,810 | 37,608 | 1,512 | — | 58,930 | |||||||||||||||
Restricted cash | — | 12,678 | 9,494 | — | 22,172 | |||||||||||||||
Accounts receivable, net | 446 | 32,969 | 379 | — | 33,794 | |||||||||||||||
Deferred expenses, net | 16,575 | — | 7,544 | — | 24,119 | |||||||||||||||
Other assets | 3,510 | 12,041 | 5,954 | — | 21,505 | |||||||||||||||
Total assets | $ | 1,393,340 | $ | 1,002,543 | $ | 999,659 | $ | (1,345,992 | ) | $ | 2,049,550 | |||||||||
Debt | $ | 1,050,000 | $ | — | $ | 534,226 | $ | (40,787 | ) | $ | 1,543,439 | |||||||||
Distributions payable | 13,746 | — | 121 | — | 13,867 | |||||||||||||||
Accrued expenses and other liabilities | 26,413 | 93,329 | 18,353 | — | 138,095 | |||||||||||||||
Total liabilities | 1,090,159 | 93,329 | 552,700 | (40,787 | ) | 1,695,401 | ||||||||||||||
Redeemable units, at redemption value | 7,026 | — | — | — | 7,026 | |||||||||||||||
Preferred units | 478,749 | — | — | — | 478,749 | |||||||||||||||
Common units | (182,594 | ) | 909,696 | 395,509 | (1,305,205 | ) | (182,594 | ) | ||||||||||||
Total FelCor LP partners’ capital | 296,155 | 909,696 | 395,509 | (1,305,205 | ) | 296,155 | ||||||||||||||
Noncontrolling interests | — | (482 | ) | 8,760 | — | 8,278 | ||||||||||||||
Preferred capital in consolidated joint venture | — | — | 42,690 | — | 42,690 | |||||||||||||||
Total partners’ capital | 296,155 | 909,214 | 446,959 | (1,305,205 | ) | 347,123 | ||||||||||||||
Total liabilities and partners’ capital | $ | 1,393,340 | $ | 1,002,543 | $ | 999,659 | $ | (1,345,992 | ) | $ | 2,049,550 | |||||||||
14. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net investment in hotels | $ | — | $ | 908,796 | $ | 690,995 | $ | — | $ | 1,599,791 | ||||||||||
Hotel development | — | — | 297,466 | — | 297,466 | |||||||||||||||
Equity investment in consolidated entities | 1,364,470 | — | — | (1,364,470 | ) | — | ||||||||||||||
Investment in unconsolidated entities | 7,270 | 6,514 | 1,311 | — | 15,095 | |||||||||||||||
Hotels held for sale | — | — | 47,145 | — | 47,145 | |||||||||||||||
Cash and cash equivalents | 5,717 | 32,923 | 8,507 | — | 47,147 | |||||||||||||||
Restricted cash | — | 12,199 | 8,297 | — | 20,496 | |||||||||||||||
Accounts receivable, net | 963 | 26,343 | 499 | — | 27,805 | |||||||||||||||
Deferred expenses, net | 17,203 | — | 8,624 | — | 25,827 | |||||||||||||||
Other assets | 4,866 | 11,558 | 7,462 | — | 23,886 | |||||||||||||||
Total assets | $ | 1,400,489 | $ | 998,333 | $ | 1,070,306 | $ | (1,364,470 | ) | $ | 2,104,658 | |||||||||
Debt | $ | 1,050,000 | $ | — | $ | 576,654 | $ | (40,787 | ) | $ | 1,585,867 | |||||||||
Distributions payable | 13,709 | — | 118 | — | 13,827 | |||||||||||||||
Accrued expenses and other liabilities | 27,174 | 94,190 | 14,117 | — | 135,481 | |||||||||||||||
Total liabilities | 1,090,883 | 94,190 | 590,889 | (40,787 | ) | 1,735,175 | ||||||||||||||
Redeemable units, at redemption value | 6,616 | — | — | — | 6,616 | |||||||||||||||
Preferred units | 478,749 | — | — | — | 478,749 | |||||||||||||||
Common units | (175,759 | ) | 904,296 | 419,387 | (1,323,683 | ) | (175,759 | ) | ||||||||||||
Total FelCor LP partners’ capital | 302,990 | 904,296 | 419,387 | (1,323,683 | ) | 302,990 | ||||||||||||||
Noncontrolling interests | — | (153 | ) | 18,588 | — | 18,435 | ||||||||||||||
Preferred capital in consolidated joint venture | — | — | 41,442 | — | 41,442 | |||||||||||||||
Total partners’ capital | 302,990 | 904,143 | 479,417 | (1,323,683 | ) | 362,867 | ||||||||||||||
Total liabilities and partners’ capital | $ | 1,400,489 | $ | 998,333 | $ | 1,070,306 | $ | (1,364,470 | ) | $ | 2,104,658 | |||||||||
. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 213,285 | $ | — | $ | — | $ | 213,285 | ||||||||||
Percentage lease revenue | — | — | 35,615 | (35,615 | ) | — | ||||||||||||||
Other revenue | 1 | 348 | 61 | — | 410 | |||||||||||||||
Total revenues | 1 | 213,633 | 35,676 | (35,615 | ) | 213,695 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 143,636 | — | — | 143,636 | |||||||||||||||
Taxes, insurance and lease expense | (153 | ) | 46,421 | 4,323 | (35,615 | ) | 14,976 | |||||||||||||
Corporate expenses | 138 | 4,901 | 3,534 | — | 8,573 | |||||||||||||||
Depreciation and amortization | 41 | 15,985 | 11,746 | — | 27,772 | |||||||||||||||
Other expenses | — | 4,045 | 183 | — | 4,228 | |||||||||||||||
Total operating expenses | 26 | 214,988 | 19,786 | (35,615 | ) | 199,185 | ||||||||||||||
Operating income | (25 | ) | (1,355 | ) | 15,890 | — | 14,510 | |||||||||||||
Interest expense, net | (13,740 | ) | 3 | (5,744 | ) | — | (19,481 | ) | ||||||||||||
Debt extinguishment | — | — | (73 | ) | — | (73 | ) | |||||||||||||
Loss before equity in income from unconsolidated entities | (13,765 | ) | (1,352 | ) | 10,073 | — | (5,044 | ) | ||||||||||||
Equity in income from consolidated entities | 20,359 | — | — | (20,359 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 346 | (186 | ) | (11 | ) | — | 149 | |||||||||||||
Loss from continuing operations | 6,940 | (1,538 | ) | 10,062 | (20,359 | ) | (4,895 | ) | ||||||||||||
Income from discontinued operations | — | 4 | — | — | 4 | |||||||||||||||
Loss before gain on sale of hotels | 6,940 | (1,534 | ) | 10,062 | (20,359 | ) | (4,891 | ) | ||||||||||||
Gain on sale of hotels, net | (171 | ) | (10 | ) | 17,068 | — | 16,887 | |||||||||||||
Net income | 6,769 | (1,544 | ) | 27,130 | (20,359 | ) | 11,996 | |||||||||||||
Income attributable to noncontrolling interests | — | 258 | (5,137 | ) | — | (4,879 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (348 | ) | — | (348 | ) | |||||||||||||
Net income attributable to FelCor LP | 6,769 | (1,286 | ) | 21,645 | (20,359 | ) | 6,769 | |||||||||||||
Preferred distributions | (9,678 | ) | — | — | — | (9,678 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (2,909 | ) | $ | (1,286 | ) | $ | 21,645 | $ | (20,359 | ) | $ | (2,909 | ) | ||||||
14. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 221,022 | $ | — | $ | — | $ | 221,022 | ||||||||||
Percentage lease revenue | 1,399 | — | 25,609 | (27,008 | ) | — | ||||||||||||||
Other revenue | 1 | 266 | 60 | — | 327 | |||||||||||||||
Total revenues | 1,400 | 221,288 | 25,669 | (27,008 | ) | 221,349 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 154,114 | — | — | 154,114 | |||||||||||||||
Taxes, insurance and lease expense | 419 | 46,829 | 3,393 | (27,008 | ) | 23,633 | ||||||||||||||
Corporate expenses | 123 | 5,069 | 2,633 | — | 7,825 | |||||||||||||||
Depreciation and amortization | 991 | 17,767 | 10,843 | — | 29,601 | |||||||||||||||
Other expenses | 35 | 840 | 1,139 | — | 2,014 | |||||||||||||||
Total operating expenses | 1,568 | 224,619 | 18,008 | (27,008 | ) | 217,187 | ||||||||||||||
Operating income | (168 | ) | (3,331 | ) | 7,661 | — | 4,162 | |||||||||||||
Interest expense, net | (20,484 | ) | (328 | ) | (4,415 | ) | — | (25,227 | ) | |||||||||||
Debt extinguishment | — | — | (6 | ) | — | (6 | ) | |||||||||||||
Loss before equity in income from unconsolidated entities | (20,652 | ) | (3,659 | ) | 3,240 | — | (21,071 | ) | ||||||||||||
Equity in income from consolidated entities | 5,323 | — | — | (5,323 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 799 | (145 | ) | (11 | ) | — | 643 | |||||||||||||
Loss from continuing operations | (14,530 | ) | (3,804 | ) | 3,229 | (5,323 | ) | (20,428 | ) | |||||||||||
Income from discontinued operations | — | 29 | 106 | — | 135 | |||||||||||||||
Loss before gain on sale of hotels | (14,530 | ) | (3,775 | ) | 3,335 | (5,323 | ) | (20,293 | ) | |||||||||||
Gain on sale of hotels, net | (228 | ) | (14 | ) | 5,699 | — | 5,457 | |||||||||||||
Net loss | (14,758 | ) | (3,789 | ) | 9,034 | (5,323 | ) | (14,836 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | 134 | (56 | ) | — | 78 | ||||||||||||||
Preferred distributions - consolidated joint venture | — | — | (181 | ) | — | (181 | ) | |||||||||||||
Net loss attributable to FelCor LP | (14,758 | ) | (3,655 | ) | 8,797 | (5,323 | ) | (14,939 | ) | |||||||||||
Preferred distributions | (9,678 | ) | — | — | — | (9,678 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (24,436 | ) | $ | (3,655 | ) | $ | 8,797 | $ | (5,323 | ) | $ | (24,617 | ) | ||||||
14. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net income | $ | 6,769 | $ | (1,544 | ) | $ | 27,130 | $ | (20,359 | ) | $ | 11,996 | ||||||||
Foreign currency translation adjustment | — | — | — | — | — | |||||||||||||||
Comprehensive income | 6,769 | (1,544 | ) | 27,130 | (20,359 | ) | 11,996 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | 258 | (5,137 | ) | — | (4,879 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (348 | ) | — | (348 | ) | |||||||||||||
Comprehensive income attributable to FelCor LP | $ | 6,769 | $ | (1,286 | ) | $ | 21,645 | $ | (20,359 | ) | $ | 6,769 | ||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (14,758 | ) | $ | (3,789 | ) | $ | 9,034 | $ | (5,323 | ) | $ | (14,836 | ) | ||||||
Foreign currency translation adjustment | (620 | ) | (83 | ) | (537 | ) | 620 | (620 | ) | |||||||||||
Comprehensive loss | (15,378 | ) | (3,872 | ) | 8,497 | (4,703 | ) | (15,456 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 134 | (56 | ) | — | 78 | ||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (15,378 | ) | $ | (3,738 | ) | $ | 8,441 | $ | (4,703 | ) | $ | (15,378 | ) | ||||||
14. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (13,298 | ) | $ | 8,211 | $ | 21,932 | $ | — | $ | 16,845 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | (473 | ) | (8,314 | ) | (4,696 | ) | — | (13,483 | ) | |||||||||||
Hotel development | — | — | (10,108 | ) | — | (10,108 | ) | |||||||||||||
Net proceeds from asset sales | (98 | ) | 10 | 91,416 | — | 91,328 | ||||||||||||||
Insurance proceeds | 274 | — | — | — | 274 | |||||||||||||||
Change in restricted cash - investing | — | (479 | ) | (1,197 | ) | — | (1,676 | ) | ||||||||||||
Distributions from unconsolidated entities | 31 | — | — | — | 31 | |||||||||||||||
Intercompany financing | 42,392 | — | — | (42,392 | ) | — | ||||||||||||||
Cash flows from investing activities | 42,126 | (8,783 | ) | 75,415 | (42,392 | ) | 66,366 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 36,000 | — | 36,000 | |||||||||||||||
Repayment of borrowings | — | — | (78,428 | ) | — | (78,428 | ) | |||||||||||||
Payment of deferred financing fees | — | — | (81 | ) | — | (81 | ) | |||||||||||||
Distributions paid to noncontrolling interests | — | (81 | ) | (15,745 | ) | — | (15,826 | ) | ||||||||||||
Contributions from noncontrolling interests | — | 10 | 780 | — | 790 | |||||||||||||||
Distributions paid to preferred unitholders | (9,678 | ) | — | — | — | (9,678 | ) | |||||||||||||
Distributions paid to common unitholders | (5,034 | ) | — | — | — | (5,034 | ) | |||||||||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | — | — | 1,248 | — | 1,248 | |||||||||||||||
Intercompany financing | — | 5,379 | (47,771 | ) | 42,392 | — | ||||||||||||||
Other | (23 | ) | — | (345 | ) | — | (368 | ) | ||||||||||||
Cash flows from financing activities | (14,735 | ) | 5,308 | (104,342 | ) | 42,392 | (71,377 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (51 | ) | — | — | (51 | ) | |||||||||||||
Change in cash and cash equivalents | 14,093 | 4,685 | (6,995 | ) | — | 11,783 | ||||||||||||||
Cash and cash equivalents at beginning of period | 5,717 | 32,923 | 8,507 | — | 47,147 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 19,810 | $ | 37,608 | $ | 1,512 | $ | — | $ | 58,930 | ||||||||||
14. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (14,116 | ) | $ | 21,575 | $ | 14,943 | $ | — | $ | 22,402 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | (730 | ) | (20,888 | ) | (6,999 | ) | — | (28,617 | ) | |||||||||||
Hotel development | — | — | (23,622 | ) | — | (23,622 | ) | |||||||||||||
Net proceeds from asset sales | (167 | ) | (42 | ) | 40,105 | — | 39,896 | |||||||||||||
Insurance proceeds | — | 255 | — | — | 255 | |||||||||||||||
Change in restricted cash - investing | — | (501 | ) | 10,681 | — | 10,180 | ||||||||||||||
Distributions from unconsolidated entities | 1,753 | 375 | — | — | 2,128 | |||||||||||||||
Intercompany financing | 37,827 | — | — | (37,827 | ) | — | ||||||||||||||
Cash flows from investing activities | 38,683 | (20,801 | ) | 20,165 | (37,827 | ) | 220 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 81,000 | — | 81,000 | |||||||||||||||
Repayment of borrowings | — | — | (105,353 | ) | — | (105,353 | ) | |||||||||||||
Distributions paid to preferred unitholders | (9,678 | ) | — | — | — | (9,678 | ) | |||||||||||||
Net proceeds from issuance of preferred capital- consolidated joint venture | — | — | 40,909 | — | 40,909 | |||||||||||||||
Intercompany financing | — | 10,832 | (48,659 | ) | 37,827 | — | ||||||||||||||
Other | (2,491 | ) | (139 | ) | 1,050 | — | (1,580 | ) | ||||||||||||
Cash flows from financing activities | (12,169 | ) | 10,693 | (31,053 | ) | 37,827 | 5,298 | |||||||||||||
Effect of exchange rate changes on cash | — | (39 | ) | — | — | (39 | ) | |||||||||||||
Change in cash and cash equivalents | 12,398 | 11,428 | 4,055 | — | 27,881 | |||||||||||||||
Cash and cash equivalents at beginning of period | 5,227 | 33,283 | 7,135 | — | 45,645 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 17,625 | $ | 44,711 | $ | 11,190 | $ | — | $ | 73,526 | ||||||||||
Recently_Issue_Accounting_Stan1
Recently Issue Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is not permitted. We are in the process of evaluating the impact the adoption of ASU 2014-09 will have on the our financial position or results of operations. |
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Under ASU 2015-03, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. ASU 2015-03 is effective for the first interim period within annual reporting periods beginning after December 15, 2015, and early adoption is permitted. We are in the process of evaluating what impact the adoption of ASU 2015-03 will have on our financial position or results of operations. |
Organization_Tables
Organization (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Organization [Abstract] | ||||||||
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution of our 44 Consolidated Hotels at March 31, 2015: | |||||||
Brand | Hotels | Rooms | ||||||
Embassy Suites Hotels® | 21 | 5,778 | ||||||
Wyndham® and Wyndham Grand® | 8 | 2,528 | ||||||
Marriott® and Renaissance® | 3 | 1,321 | ||||||
Holiday Inn® | 3 | 1,256 | ||||||
DoubleTree by Hilton® and Hilton® | 3 | 802 | ||||||
Sheraton® | 2 | 673 | ||||||
Fairmont® | 1 | 383 | ||||||
The Knickerbocker | 1 | 330 | ||||||
Morgans and Royalton | 2 | 285 | ||||||
Total | 44 | 13,356 | ||||||
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Investment in Unconsolidated Entities [Abstract] | ||||||||||
Schedule of Combined Balance Sheet Information of Unconsolidated Entities | The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): | |||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
Investment in hotels and other properties, net of accumulated depreciation | $ | 29,489 | $ | 30,288 | ||||||
Total assets | $ | 43,440 | $ | 45,374 | ||||||
Debt | $ | 33,902 | $ | 34,192 | ||||||
Total liabilities | $ | 35,710 | $ | 36,974 | ||||||
Equity | $ | 7,730 | $ | 8,400 | ||||||
Schedule of Combined Statement of Operations Information of Unconsolidated Entities | The following table (which reflects decreases attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014) sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): | |||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Total revenues | $ | 6,569 | $ | 14,617 | ||||||
Net income | $ | 551 | $ | 2,216 | ||||||
Net income attributable to FelCor | $ | 276 | $ | 1,108 | ||||||
Depreciation of cost in excess of book value | (127 | ) | (465 | ) | ||||||
Equity in income from unconsolidated entities | $ | 149 | $ | 643 | ||||||
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investment in unconsolidated entities (in thousands): | |||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
Hotel-related investments | $ | (3,000 | ) | $ | (3,265 | ) | ||||
Cost in excess of book value of hotel investments | 10,768 | 10,895 | ||||||||
Land and condominium investments | 6,865 | 7,465 | ||||||||
Investment in unconsolidated entities | $ | 14,633 | $ | 15,095 | ||||||
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Hotel investments | $ | 748 | $ | 1,272 | ||||||
Other investments | (599 | ) | (629 | ) | ||||||
Equity in income from unconsolidated entities | $ | 149 | $ | 643 | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Schedule of Debt | Consolidated debt consisted of the following (dollars in thousands): | |||||||||||||||||
Encumbered | Interest | Maturity | March 31, | December 31, | ||||||||||||||
Hotels | Rate (%) | Date | 2015 | 2014 | ||||||||||||||
Line of credit | 8 | LIBOR + 3.375 | June 2016(a) | $ | 84,500 | $ | 111,500 | |||||||||||
Term loan | 3 | LIBOR + 2.50 | July 2017(b) | 140,000 | 140,000 | |||||||||||||
Mortgage debt | 3 | LIBOR + 3.00 | Mar-17 | 49,067 | 51,008 | |||||||||||||
Mortgage debt(c) | 4 | 4.95 | Oct-22 | 123,914 | 124,278 | |||||||||||||
Mortgage debt | 1 | 4.94 | Oct-22 | 31,097 | 31,228 | |||||||||||||
Senior secured notes | 6 | 6.75 | Jun-19 | 525,000 | 525,000 | |||||||||||||
Senior secured notes | 9 | 5.625 | Mar-23 | 525,000 | 525,000 | |||||||||||||
The Knickerbocker loan(d) | ||||||||||||||||||
Construction tranche | 1 | LIBOR + 4.00 | May-16 | 58,562 | 58,562 | |||||||||||||
Cash collateralized tranche | — | LIBOR + 1.25 | May-16 | 6,299 | 6,299 | |||||||||||||
Retired debt | — | — | — | — | 12,992 | |||||||||||||
Total | 35 | $ | 1,543,439 | $ | 1,585,867 | |||||||||||||
(a) | Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions. | |||||||||||||||||
(b) | This debt can be extended up to two years, subject to satisfying certain conditions. | |||||||||||||||||
(c) | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. | |||||||||||||||||
(d) | This construction loan (total capacity of $85.0 million) was obtained to finance the redevelopment of The Knickerbocker and can be extended for one year, subject to satisfying certain conditions. |
Hotel_Operating_Revenue_Depart1
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||||||||||||||
Schedule of Hotel Operating Revenue | Hotel operating revenue from continuing operations was comprised of the following (in thousands): | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Room revenue | $ | 162,306 | $ | 169,829 | ||||||||||||
Food and beverage revenue | 39,844 | 39,785 | ||||||||||||||
Other operating departments | 11,135 | 11,408 | ||||||||||||||
Total hotel operating revenue | $ | 213,285 | $ | 221,022 | ||||||||||||
Schedule of Hotel Departmental Expenses | Hotel departmental expenses from continuing operations were comprised of the following (in thousands): | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Room | $ | 42,511 | 19.9 | % | $ | 46,733 | 21.1 | % | ||||||||
Food and beverage | 30,696 | 14.4 | 31,187 | 14.1 | ||||||||||||
Other operating departments | 4,449 | 2.1 | 5,603 | 2.6 | ||||||||||||
Total hotel departmental expenses | $ | 77,656 | 36.4 | % | $ | 83,523 | 37.8 | % | ||||||||
Schedule of Other Property-Related Costs | Other property-related costs from continuing operations were comprised of the following amounts (in thousands): | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Hotel general and administrative expense | $ | 19,363 | 9.1 | % | $ | 19,834 | 9 | % | ||||||||
Marketing | 19,303 | 9.1 | 20,071 | 9.1 | ||||||||||||
Repair and maintenance | 10,350 | 4.9 | 11,687 | 5.3 | ||||||||||||
Utilities | 7,879 | 3.6 | 9,986 | 4.5 | ||||||||||||
Total other property-related costs | $ | 56,895 | 26.7 | % | $ | 61,578 | 27.9 | % | ||||||||
Taxes_Insurance_and_Lease_Expe1
Taxes, Insurance and Lease Expense (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Taxes, Insurance and Lease Expenses [Abstract] | ||||||||
Schedule of Taxes, Insurance and Lease Expense | Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Hotel lease expense(a) | $ | 2,104 | $ | 10,391 | ||||
Land lease expense(b) | 3,059 | 2,462 | ||||||
Real estate and other taxes | 7,860 | 8,109 | ||||||
Property insurance, general liability insurance and other | 1,953 | 2,671 | ||||||
Total taxes, insurance and lease expense | $ | 14,976 | $ | 23,633 | ||||
(a) | Hotel lease expense is recorded by the consolidated operating lessees of hotels owned by unconsolidated entities and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $936,000 and $4.9 million for the three months ended March 31, 2015 and 2014, respectively, and reflects a decrease attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014. | |||||||
(b) | Land lease expense includes percentage rent of $1.5 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively. |
Hotel_Dispositions_Tables
Hotel Dispositions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups | The following table includes condensed financial information primarily related to 12 of 13 hotels sold in 2014, three hotels sold during the three months ended March 31, 2015, and one hotel held for sale at March 31, 2015 (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Hotel operating revenue | $ | 7,205 | $ | 40,277 | |||||
Operating expenses | (5,594 | ) | (39,817 | ) | |||||
Operating income | 1,611 | 460 | |||||||
Interest expense, net | (160 | ) | (665 | ) | |||||
Debt extinguishment | (73 | ) | — | ||||||
Equity in income (loss) from unconsolidated entities | (15 | ) | 490 | ||||||
Income from continuing operations | 1,363 | 285 | |||||||
Gain on sale of hotels, net | 16,887 | 5,457 | |||||||
Net income | 18,250 | 5,742 | |||||||
Net income attributable to noncontrolling interests in other partnerships | (5,253 | ) | (129 | ) | |||||
Net income attributable to redeemable noncontrolling interests in FelCor LP | (62 | ) | (28 | ) | |||||
Net income attributable to FelCor | $ | 12,935 | $ | 5,585 | |||||
Schedule of Condensed Financial Information for Discontinued Operations | |||||||||
Income_Loss_Per_ShareUnit_Tabl
Income (Loss) Per Share/Unit (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share/Unit [Line Items] | ||||||||
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | The following tables set forth the computation of basic and diluted loss per share/unit (in thousands, except per share/unit data): | |||||||
FelCor Loss Per Share | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income (loss) attributable to FelCor | $ | 6,783 | $ | (14,818 | ) | |||
Discontinued operations attributable to FelCor | (4 | ) | (134 | ) | ||||
Income (loss) from continuing operations attributable to FelCor | 6,779 | (14,952 | ) | |||||
Less: Preferred dividends | (9,678 | ) | (9,678 | ) | ||||
Less: Dividends declared on unvested restricted stock | (13 | ) | — | |||||
Numerator for continuing operations attributable to FelCor common stockholders | (2,912 | ) | (24,630 | ) | ||||
Discontinued operations attributable to FelCor | 4 | 134 | ||||||
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ | (2,908 | ) | $ | (24,496 | ) | ||
Denominator: | ||||||||
Denominator for basic and diluted loss per share | 124,519 | 124,146 | ||||||
Basic and diluted loss per share data: | ||||||||
Loss from continuing operations | $ | (0.02 | ) | $ | (0.20 | ) | ||
Discontinued operations | $ | — | $ | — | ||||
Net loss | $ | (0.02 | ) | $ | (0.20 | ) | ||
Schedule Securities Excluded from Computation of Earnings Per Share | Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted loss per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Series A convertible preferred shares/units | 9,984 | 9,985 | ||||||
FelCor restricted stock units | 1,194 | 850 | ||||||
FelCor Lodging LP [Member] | ||||||||
Earnings Per Share/Unit [Line Items] | ||||||||
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Loss Per Unit | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income (loss) attributable to FelCor LP | $ | 6,769 | $ | (14,939 | ) | |||
Discontinued operations attributable to FelCor LP | (4 | ) | (135 | ) | ||||
Income (loss) from continuing operations attributable to FelCor LP | 6,765 | (15,074 | ) | |||||
Less: Preferred distributions | (9,678 | ) | (9,678 | ) | ||||
Less: Distributions declared on FelCor unvested restricted stock | (13 | ) | — | |||||
Numerator for continuing operations attributable to FelCor LP common unitholders | (2,926 | ) | (24,752 | ) | ||||
Discontinued operations attributable to FelCor LP | 4 | 135 | ||||||
Numerator for basic and diluted loss attributable to FelCor common unitholders | $ | (2,922 | ) | $ | (24,617 | ) | ||
Denominator: | ||||||||
Denominator for basic and diluted loss per unit | 125,130 | 124,764 | ||||||
Basic and diluted loss per unit data: | ||||||||
Loss from continuing operations | $ | (0.02 | ) | $ | (0.20 | ) | ||
Discontinued operations | $ | — | $ | — | ||||
Net loss | $ | (0.02 | ) | $ | (0.20 | ) |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Noncontrolling Interest [Abstract] | ||||||||||
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) for the three months ended March 31, 2015 and 2014 are shown below (in thousands): | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Balance at beginning of period | $ | 6,616 | $ | 5,039 | ||||||
Redemption value allocation | 447 | 679 | ||||||||
Distributions paid to unitholders | (23 | ) | (11 | ) | ||||||
Comprehensive loss: | ||||||||||
Foreign exchange translation | — | (3 | ) | |||||||
Net loss | (14 | ) | (121 | ) | ||||||
Balance at end of period | $ | 7,026 | $ | 5,583 | ||||||
Organization_Narrative_Details
Organization (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Hotels | ||
Real Estate Properties [Line Items] | ||
Ownership percentage by parent | 99.50% | |
Number of hotels | 13 | |
Net investment in hotels | $1,714,000 | $1,599,791 |
Aggregate shares and units outstanding (in shares) | 125,483,273 | |
Common stock, shares outstanding (in shares) | 124,871,811 | |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 |
Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 44 | |
UNITED STATES | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of states (in states) | 17 | |
CALIFORNIA | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 11 | |
FLORIDA | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 7 | |
TEXAS | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 4 | |
California, Florida, Texas [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of states (in states) | 3 | |
Percent of revenues generated from three states | 65.00% | |
Forty-Two Hotels [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 42 | |
One Hundred Percent Owned [Member] | Forty-One Hotels [Member] | Wholly Owned Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Ownership percentage by parent | 100.00% | |
One Hundred Percent Owned [Member] | Forty-One Hotels [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 41 | |
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 2 | |
Equity Method Investment, Ownership Percentage | 50.00% | |
Fifty Percent Owned [Member] | Three Hotels [Member] | Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 3 | 3 |
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Operated With A Lease [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 44 | |
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Hilton Hotels Corporation [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 23 | |
Wyndham Hotel Group [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 8 | |
InterContinental Hotels Group [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 3 | |
Starwood Hotels & Resorts Worldwide Inc. [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 2 | |
Marriott International Inc. [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 3 | |
Fairmont Hotels and Resorts [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Morgans Hotel Group Corp. [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 2 | |
Highgate Hotels [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Independent Management Company [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
FelCor Lodging LP [Member] | ||
Real Estate Properties [Line Items] | ||
Net investment in hotels | 1,714,000 | 1,599,791 |
The Knickerbocker | Ninety-five Percent Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Net investment in hotels | $172,000 | |
Controlling Interest, Ownership Percentage by Parent | 95.00% | |
Ownership in all properties, including held for sale [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 46 | |
Ownership in all properties, excluding held for sale | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 45 | |
Assets Held-for-sale [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||
Real Estate Properties [Line Items] | ||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 |
Organization_Schedule_of_Distr
Organization (Schedule of Distribution of Consolidated Hotels) (Details) | Mar. 31, 2015 |
Hotels | |
Real Estate Properties [Line Items] | |
Number of hotels | 13 |
Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 44 |
Number of rooms (in rooms) | 13,356 |
Embassy Suites Hotels® | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 21 |
Number of rooms (in rooms) | 5,778 |
Wyndham® and Wyndham Grand® | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 8 |
Number of rooms (in rooms) | 2,528 |
Marriott® and Renaissance® | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 3 |
Number of rooms (in rooms) | 1,321 |
Holiday Inn® | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 3 |
Number of rooms (in rooms) | 1,256 |
DoubleTree by Hilton® and Hilton® | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 3 |
Number of rooms (in rooms) | 802 |
Sheraton® | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 2 |
Number of rooms (in rooms) | 673 |
Fairmont® | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 1 |
Number of rooms (in rooms) | 383 |
The Knickerbocker | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 1 |
Number of rooms (in rooms) | 330 |
Morgans and Royalton | Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | 2 |
Number of rooms (in rooms) | 285 |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Hotels | |
Schedule of Equity Method Investments [Line Items] | ||
Number of hotels | 13 | |
Long-term Debt | $1,543,439 | $1,585,867 |
Three Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Number of hotels | 3 | 3 |
Entities That Own Real Estate In Myrtle Beach South Carolina and Provide Condominium Management Services [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of hotels | 1 |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $29,489 | $30,288 |
Total assets | 43,440 | 45,374 |
Debt | 33,902 | 34,192 |
Total liabilities | 35,710 | 36,974 |
Equity | 7,730 | 8,400 |
Long-term Debt | $1,543,439 | $1,585,867 |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Real Estate Properties [Line Items] | ||
Total revenues | $6,569 | $14,617 |
Net income (loss) | 551 | 2,216 |
Net income (loss) attributable to FelCor | 276 | 1,108 |
Depreciation of cost in excess of book value | -127 | -465 |
Equity in income from unconsolidated entities | $149 | $643 |
Investment_in_Unconsolidated_E5
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $14,633 | $15,095 |
Hotel-related investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | -3,000 | -3,265 |
Cost in excess of book value of hotel investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 10,768 | 10,895 |
Land and condominium investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $6,865 | $7,465 |
Investment_in_Unconsolidated_E6
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated entities | $149 | $643 |
Hotel investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated entities | 748 | 1,272 |
Other investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated entities | ($599) | ($629) |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Hotels | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 35 | ||
Long-term Debt | $1,543,439,000 | $1,585,867,000 | |
Interest expense | 19,481,000 | 25,227,000 | |
Interest income | 5,000 | 15,000 | |
Capitalized interest | 3,500,000 | 4,000,000 | |
Number of hotels | 13 | ||
Debt extinguishment | -73,000 | -6,000 | |
The Knickerbocker | |||
Debt Instrument [Line Items] | |||
Term of debt extension | 1 year | ||
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, capacity | 225,000,000 | ||
Term of debt extension | 1 year | ||
Line of Credit [Member] | Libor Plus Three Point Three Seven Five Percent Due June 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 8 | ||
Variable rate basis | LIBOR | ||
Variable rate basis spread | 3.38% | ||
Long-term Debt | 84,500,000 | 111,500,000 | |
Construction Loans [Member] | The Knickerbocker | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity of construction loan | 85,000,000 | ||
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Term of debt extension | 2 years | ||
Mortgages [Member] | Libor Plus Two Point Five Percent Due July Two Thousand Seventeen [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 3 | ||
Variable rate basis | LIBOR | ||
Variable rate basis spread | 2.50% | ||
Long-term Debt | 140,000,000 | 140,000,000 | |
Mortgages [Member] | Libor Plus Three Point Zero Percent Due March 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 3 | ||
Variable rate basis | LIBOR | ||
Variable rate basis spread | 3.00% | ||
Long-term Debt | 49,067,000 | 51,008,000 | |
Mortgages [Member] | Four Point Nine Five Percent Due October 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 4 | ||
Interest rate | 4.95% | ||
Long-term Debt | 123,914,000 | 124,278,000 | |
Mortgages [Member] | Four Point Nine Four Percent Due October 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 1 | ||
Interest rate | 4.94% | ||
Long-term Debt | 31,097,000 | 31,228,000 | |
Senior Notes [Member] | Six Point Seven Five Percent Due June 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 6 | ||
Interest rate | 6.75% | ||
Long-term Debt | 525,000,000 | 525,000,000 | |
Senior Notes [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 9 | ||
Interest rate | 5.63% | ||
Long-term Debt | 525,000,000 | 525,000,000 | |
Construction tranche [Member] | Libor Plus Four Point Zero Percent Due May 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | 1 | ||
Variable rate basis | LIBOR | ||
Variable rate basis spread | 4.00% | ||
Long-term Debt | 58,562,000 | 58,562,000 | |
Cash collateralized tranche [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Variable rate basis | LIBOR | ||
Variable rate basis spread | 1.25% | ||
Long-term Debt | 6,299,000 | 6,299,000 | |
Retired Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 0 | 12,992,000 | |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of secured debt | $13,000,000 |
Hotel_Operating_Revenue_Depart2
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||
Room revenue | $162,306 | $169,829 |
Food and beverage revenue | 39,844 | 39,785 |
Other operating departments | 11,135 | 11,408 |
Total hotel operating revenue | $213,285 | $221,022 |
Hotel_Operating_Revenue_Depart3
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||
Room | $42,511 | $46,733 |
Room as a percent of total hotel operating revenue | 19.90% | 21.10% |
Food and beverage | 30,696 | 31,187 |
Food and beverage as a percent of total hotel operating revenue | 14.40% | 14.10% |
Other operating departments | 4,449 | 5,603 |
Other operating departments as a percent of total hotel operating revenue | 2.10% | 2.60% |
Hotel departmental expenses | $77,656 | $83,523 |
Hotel departmental expenses as a percent of total hotel operating revenue | 36.40% | 37.80% |
Hotel_Operating_Revenue_Depart4
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Other Property-Related Costs) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | $56,895 | $61,578 |
Other property-related costs as a percent of total hotel operating revenue | 26.70% | 27.90% |
Hotel general and administrative expense | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | 19,363 | 19,834 |
Other property-related costs as a percent of total hotel operating revenue | 9.10% | 9.00% |
Marketing | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | 19,303 | 20,071 |
Other property-related costs as a percent of total hotel operating revenue | 9.10% | 9.10% |
Repair and maintenance | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | 10,350 | 11,687 |
Other property-related costs as a percent of total hotel operating revenue | 4.90% | 5.30% |
Utilities | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | $7,879 | $9,986 |
Other property-related costs as a percent of total hotel operating revenue | 3.60% | 4.50% |
Hotel_Operating_Revenue_Depart5
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Hotels | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Number of hotels | 13 | |
Management Company NOI Guaranty, Amount Recorded | $411,000 | $136,000 |
Taxes_Insurance_and_Lease_Expe2
Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Hotels | ||
Taxes, Insurance and Lease Expense [Line Items] | ||
Real estate and other taxes | $7,860,000 | $8,109,000 |
Property insurance, general liability insurance and other | 1,953,000 | 2,671,000 |
Total taxes, insurance and lease expense | 14,976,000 | 23,633,000 |
Number of hotels | 13 | |
Hotel Lease [Member] | ||
Taxes, Insurance and Lease Expense [Line Items] | ||
Lease expense | 2,104,000 | 10,391,000 |
Percentage rent | 936,000 | 4,900,000 |
Land Lease [Member] | ||
Taxes, Insurance and Lease Expense [Line Items] | ||
Lease expense | 3,059,000 | 2,462,000 |
Percentage rent | $1,500,000 | $1,000,000 |
Two Hotels [Member] | Forty-Nine Percent Owned by Non-Controlling Interest [Member] | Unconsolidated Properties (Lessor) and Consolidated Operations (Lessee) [Member] | ||
Taxes, Insurance and Lease Expense [Line Items] | ||
Ownership percentage of lessee | 49.00% | |
Equity method ownership percentage of lessor | 50.00% |
Hotel_Dispositions_Details
Hotel Dispositions (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Hotels | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Hotel operating revenue | $213,285 | $221,022 |
Operating Expenses | -199,185 | -217,187 |
Operating Income (Loss) | 14,510 | 4,162 |
Interest expense, net | -19,481 | -25,227 |
Debt extinguishment | -73 | -6 |
Equity in income from unconsolidated entities | 149 | 643 |
Loss from continuing operations | -4,895 | -20,428 |
Gain on sale of hotels, net | 16,887 | 5,457 |
Net income (loss) | 11,996 | -14,836 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -4,879 | 78 |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | 14 | 121 |
Net income (loss) attributable to reporting entity | 6,783 | -14,818 |
Number of hotels | 13 | |
Hotels Sold or Otherwise Disposed of [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Number of hotels | 3 | |
Assets Held-for-sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Number of hotels | 1 | |
Hotel Sold & Not in Held-for-sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Number of hotels | 1 | |
Hotels Sold or Otherwise Disposed of [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Hotel operating revenue | 7,205 | 40,277 |
Operating Expenses | -5,594 | -39,817 |
Operating Income (Loss) | 1,611 | 460 |
Interest expense, net | -160 | -665 |
Debt extinguishment | -73 | 0 |
Equity in income from unconsolidated entities | -15 | 490 |
Loss from continuing operations | 1,363 | 285 |
Gain on sale of hotels, net | 16,887 | 5,457 |
Net income (loss) | 18,250 | 5,742 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -5,253 | -129 |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | -62 | -28 |
Net income (loss) attributable to reporting entity | $12,935 | $5,585 |
Number of hotels | 12 | |
Assets Held-for-sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Number of hotels | 1 | 1 |
Income_Loss_Per_ShareUnit_Deta
Income (Loss) Per Share/Unit (Details) (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net income (loss) attributable to FelCor | $6,783,000 | ($14,818,000) |
Discontinued operations attributable to FelCor | -4,000 | -134,000 |
Income (loss) from continuing operations attributable to FelCor | 6,779,000 | -14,952,000 |
Less: Preferred dividends | -9,678,000 | -9,678,000 |
Less: Dividends declared on unvested restricted stock | -13,000 | 0 |
Numerator for continuing operations attributable to FelCor common stockholders | -2,912,000 | -24,630,000 |
Numerator for basic and diluted loss attributable to FelCor common stockholders | -2,908,000 | -24,496,000 |
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 124,519 | 124,146 |
Basic and diluted loss per share data: | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | ($0.02) | ($0.20) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0 | $0 |
Earnings Per Share, Basic and Diluted | ($0.02) | ($0.20) |
FelCor Lodging LP [Member] | ||
Numerator: | ||
Net income (loss) attributable to FelCor | 6,769,000 | -14,939,000 |
Discontinued operations attributable to FelCor | -4,000 | -135,000 |
Income (loss) from continuing operations attributable to FelCor | 6,765,000 | -15,074,000 |
Less: Preferred dividends | -9,678,000 | -9,678,000 |
Less: Dividends declared on unvested restricted stock | -13,000 | 0 |
Numerator for continuing operations attributable to FelCor common stockholders | -2,926,000 | -24,752,000 |
Numerator for basic and diluted loss attributable to FelCor common stockholders | -2,922,000 | -24,617,000 |
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 125,130 | 124,764 |
Basic and diluted loss per share data: | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | ($0.02) | ($0.20) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0 | $0 |
Earnings Per Share, Basic and Diluted | ($0.02) | ($0.20) |
SeriesA Preferred Shares / Units [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Dividends excluded from computation of earnings per share/unit | $6,300,000 | $6,300,000 |
Antidilutive Securities [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Series A Convertible Preferred Shares/Units | 9,984 | 9,985 |
Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Number of Vesting Increments | 3 | |
Vesting Period | 4 years | |
Number of Lodging REIT Peers | 10 | |
Restricted Stock Units (RSUs) [Member] | Antidilutive Securities [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Restricted Stock Units/Treasury Stock Method | 1,194 | 850 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $1,543,439,000 | $1,585,867,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 1,600,000,000 | 1,600,000,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 1,100,000,000 | 1,100,000,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $505,000,000 | $548,200,000 |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||||
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 | ||
Redeemable units | $7,026 | $6,616 | $5,583 | $5,039 |
FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units | 7,026 | 6,616 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |||
Redeemable units | $7,000 | |||
Closing price of common stock | $11.49 |
Redeemable_Noncontrolling_Inte3
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at beginning of period | $6,616 | $5,039 | |
Redemption value allocation | 447 | 679 | |
Distribution Made to Limited Partner, Cash Distribution Declared | -23 | -11 | |
Comprehensive income (loss): | |||
Foreign exchange translation | 0 | -3 | |
Net loss | -14 | -121 | |
Balance at end of period | 7,026 | 5,583 | |
FelCor Lodging LP [Member] | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at beginning of period | 6,616 | ||
Comprehensive income (loss): | |||
Balance at end of period | 7,026 | 6,616 | |
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | |||
Comprehensive income (loss): | |||
Balance at end of period | $7,000 |
Consolidated_Joint_Venture_Pre1
Consolidated Joint Venture Preferred Equity/Capital (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Preferred capital in consolidated joint venture | $42,690,000 | $41,442,000 |
The Knickerbocker | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Proceeds from Sale of Preferred Equity Under the EB5 Immigrant Investor Program | 45,000,000 | |
Sale of Preferred Equity Under the EB5 Immigrant Investor Program, Percent | 3.50% | |
Current Annual Return | 3.25% | |
Non-compounding Annual Return | 0.25% | |
Redemption Term | 5 years | |
Current Return Increase | 8.00% | |
Gross Proceeds received to date from sale of preferred equity under the Immigrant Investor Program | 1,300,000 | 42,000,000 |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | 41,400,000 | |
Proceeds not yet received from Immigrant Investor Program | $1,700,000 | |
Ninety-five Percent Owned [Member] | The Knickerbocker | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage by parent | 95.00% |
Contingency_Details
Contingency (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency Accrual | $5.90 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | ||
Apr. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | |
Common Stock, Shares, Issued | 124,871,811 | 124,605,074 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $11.25 | ||
Common Stock, Shares, Issued | 18,400,000 | ||
Common Stock, Value, Issued | $199,000,000 | ||
Series C Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Preferred Stock liquidation value | 169,950,000 | 169,950,000 | |
Series C Preferred Stock [Member] | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Preferred Stock liquidation value | $170,000,000 | ||
Preferred Stock, Dividend Rate, Percentage | 8.00% |
FelCor_LPs_Consolidating_Finan1
FelCor LP's Consolidating Financial Information (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Net investment in hotels | $1,714,000 | $1,599,791 | ||
Hotel development | 143,779 | 297,466 | ||
Investment in unconsolidated entities | 14,633 | 15,095 | ||
Hotels held for sale | 16,618 | 47,145 | ||
Cash and cash equivalents | 58,930 | 73,526 | ||
Restricted cash | 22,172 | 20,496 | ||
Accounts receivable, net | 33,794 | 27,805 | ||
Deferred expenses, net | 24,119 | 25,827 | ||
Other assets | 21,505 | 23,886 | ||
Total assets | 2,049,550 | 2,104,658 | ||
Debt, net | 1,543,439 | 1,585,867 | ||
Distributions payable | 13,867 | 13,827 | ||
Accrued expenses and other liabilities | 138,095 | 135,481 | ||
Total liabilities | 1,695,401 | 1,735,175 | ||
Redeemable units | 7,026 | 5,583 | 6,616 | 5,039 |
Preferred capital in consolidated joint venture | 42,690 | 41,442 | ||
Total liabilities and equity | 2,049,550 | 2,104,658 | ||
Revenues: | ||||
Hotel operating revenue | 213,285 | 221,022 | ||
Other revenue | 410 | 327 | ||
Total revenues | 213,695 | 221,349 | ||
Expenses: | ||||
Taxes, insurance and lease expense | 14,976 | 23,633 | ||
Corporate expenses | 8,573 | 7,825 | ||
Depreciation and amortization | 27,772 | 29,601 | ||
Other expenses | 4,228 | 2,014 | ||
Total operating expenses | 199,185 | 217,187 | ||
Operating income | 14,510 | 4,162 | ||
Interest expense, net | -19,481 | -25,227 | ||
Debt extinguishment | -73 | -6 | ||
Loss before equity in income from unconsolidated entities | -5,044 | -21,071 | ||
Equity in income from unconsolidated entities | 149 | 643 | ||
Loss from continuing operations | -4,895 | -20,428 | ||
Income from discontinued operations | 4 | 135 | ||
Gain on sale of hotels, net | 16,887 | 5,457 | ||
Net income (loss) | 11,996 | -14,836 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | -4,879 | 78 | ||
Preferred distributions - consolidated joint venture | -348 | -181 | ||
Net income (loss) attributable to reporting entity | 6,783 | -14,818 | ||
Preferred dividends | -9,678 | -9,678 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | 11,996 | -14,836 | ||
Foreign currency translation adjustment | 0 | -620 | ||
Comprehensive income (loss) | 11,996 | -15,456 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | -4,879 | 78 | ||
Comprehensive income (loss) attributable to FelCor | 6,783 | -15,254 | ||
Operating activities: | ||||
Cash flows from operating activities | 16,845 | 22,402 | ||
Investing activities: | ||||
Improvements and additions to hotels | -13,483 | -28,617 | ||
Hotel development | -10,108 | -23,622 | ||
Net proceeds from asset sales | 91,328 | 39,896 | ||
Insurance proceeds | 274 | 255 | ||
Change in restricted cash - investing | -1,676 | 10,180 | ||
Net cash flow provided by investing activities | 66,366 | 220 | ||
Financing activities: | ||||
Proceeds from borrowings | 36,000 | 81,000 | ||
Repayment of borrowings | -78,428 | -105,353 | ||
Payment of deferred financing fees | -81 | -5 | ||
Distributions paid to noncontrolling interests | -15,826 | -587 | ||
Contributions from noncontrolling interests | 790 | 1,568 | ||
Distributions paid to common stockholders | -5,034 | -2,484 | ||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,248 | 40,909 | ||
Net cash flow provided by (used in) financing activities | -71,377 | 5,298 | ||
Effect of exchange rate changes on cash | -51 | -39 | ||
Change in cash and cash equivalents | 11,783 | 27,881 | ||
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | ||
Cash and cash equivalents at end of periods | 58,930 | 73,526 | ||
FelCor Lodging LP [Member] | ||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Net investment in hotels | 0 | 0 | ||
Hotel development | 0 | 0 | ||
Equity investment in consolidated entities | 1,345,992 | 1,364,470 | ||
Investment in unconsolidated entities | 7,007 | 7,270 | ||
Hotels held for sale | 0 | 0 | ||
Cash and cash equivalents | 19,810 | 17,625 | ||
Restricted cash | 0 | 0 | ||
Accounts receivable, net | 446 | 963 | ||
Deferred expenses, net | 16,575 | 17,203 | ||
Other assets | 3,510 | 4,866 | ||
Total assets | 1,393,340 | 1,400,489 | ||
Debt, net | 1,050,000 | 1,050,000 | ||
Distributions payable | 13,746 | 13,709 | ||
Accrued expenses and other liabilities | 26,413 | 27,174 | ||
Total liabilities | 1,090,159 | 1,090,883 | ||
Redeemable units | 7,026 | 6,616 | ||
Preferred units | 478,749 | 478,749 | ||
Common units | -182,594 | -175,759 | ||
Total FelCor LP partners' capital | 296,155 | 302,990 | ||
Noncontrolling interests | 0 | 0 | ||
Preferred capital in consolidated joint venture | 0 | 0 | ||
Total partners’ capital | 296,155 | 302,990 | ||
Total liabilities and equity | 1,393,340 | 1,400,489 | ||
Revenues: | ||||
Hotel operating revenue | 0 | 0 | ||
Percentage lease revenue | 0 | 1,399 | ||
Other revenue | 1 | 1 | ||
Total revenues | 1 | 1,400 | ||
Expenses: | ||||
Hotel operating expenses | 0 | 0 | ||
Taxes, insurance and lease expense | -153 | 419 | ||
Corporate expenses | 138 | 123 | ||
Depreciation and amortization | 41 | 991 | ||
Other expenses | 0 | 35 | ||
Total operating expenses | 26 | 1,568 | ||
Operating income | -25 | -168 | ||
Interest expense, net | -13,740 | -20,484 | ||
Debt extinguishment | 0 | 0 | ||
Loss before equity in income from unconsolidated entities | -13,765 | -20,652 | ||
Equity in income from consolidated entities | 20,359 | 5,323 | ||
Equity in income from unconsolidated entities | 346 | 799 | ||
Loss from continuing operations | 6,940 | -14,530 | ||
Income from discontinued operations | 0 | 0 | ||
Income before gain on sale of hotels | 6,940 | -14,530 | ||
Gain on sale of hotels, net | -171 | -228 | ||
Net income (loss) | 6,769 | -14,758 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | ||
Net income (loss) attributable to reporting entity | 6,769 | -14,758 | ||
Preferred dividends | -9,678 | -9,678 | ||
Net loss attributable to FelCor LP common unitholders | -2,909 | -24,436 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | 6,769 | -14,758 | ||
Foreign currency translation adjustment | 0 | -620 | ||
Comprehensive income (loss) | 6,769 | -15,378 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to FelCor | 6,769 | -15,378 | ||
Operating activities: | ||||
Cash flows from operating activities | -13,298 | -14,116 | ||
Investing activities: | ||||
Improvements and additions to hotels | -473 | -730 | ||
Hotel development | 0 | 0 | ||
Net proceeds from asset sales | -98 | -167 | ||
Insurance proceeds | 274 | 0 | ||
Change in restricted cash - investing | 0 | 0 | ||
Distributions from unconsolidated entities | 31 | 1,753 | ||
Intercompany financing | 42,392 | 37,827 | ||
Net cash flow provided by investing activities | 42,126 | 38,683 | ||
Financing activities: | ||||
Proceeds from borrowings | 0 | 0 | ||
Repayment of borrowings | 0 | 0 | ||
Payment of deferred financing fees | 0 | |||
Distributions paid to noncontrolling interests | 0 | |||
Contributions from noncontrolling interests | 0 | |||
Distributions paid to preferred unitholders | -9,678 | -9,678 | ||
Distributions paid to common stockholders | -5,034 | |||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Other | -23 | -2,491 | ||
Net cash flow provided by (used in) financing activities | -14,735 | -12,169 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Change in cash and cash equivalents | 14,093 | 12,398 | ||
Cash and cash equivalents at beginning of periods | 5,717 | 5,227 | ||
Cash and cash equivalents at end of periods | 19,810 | 17,625 | ||
Guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Net investment in hotels | 900,920 | 908,796 | ||
Hotel development | 0 | 0 | ||
Equity investment in consolidated entities | 0 | 0 | ||
Investment in unconsolidated entities | 6,327 | 6,514 | ||
Hotels held for sale | 0 | 0 | ||
Cash and cash equivalents | 37,608 | 44,711 | ||
Restricted cash | 12,678 | 12,199 | ||
Accounts receivable, net | 32,969 | 26,343 | ||
Deferred expenses, net | 0 | 0 | ||
Other assets | 12,041 | 11,558 | ||
Total assets | 1,002,543 | 998,333 | ||
Debt, net | 0 | 0 | ||
Distributions payable | 0 | 0 | ||
Accrued expenses and other liabilities | 93,329 | 94,190 | ||
Total liabilities | 93,329 | 94,190 | ||
Redeemable units | 0 | 0 | ||
Preferred units | 0 | 0 | ||
Common units | 909,696 | 904,296 | ||
Total FelCor LP partners' capital | 909,696 | 904,296 | ||
Noncontrolling interests | -482 | -153 | ||
Preferred capital in consolidated joint venture | 0 | 0 | ||
Total partners’ capital | 909,214 | 904,143 | ||
Total liabilities and equity | 1,002,543 | 998,333 | ||
Revenues: | ||||
Hotel operating revenue | 213,285 | 221,022 | ||
Percentage lease revenue | 0 | 0 | ||
Other revenue | 348 | 266 | ||
Total revenues | 213,633 | 221,288 | ||
Expenses: | ||||
Hotel operating expenses | 143,636 | 154,114 | ||
Taxes, insurance and lease expense | 46,421 | 46,829 | ||
Corporate expenses | 4,901 | 5,069 | ||
Depreciation and amortization | 15,985 | 17,767 | ||
Other expenses | 4,045 | 840 | ||
Total operating expenses | 214,988 | 224,619 | ||
Operating income | -1,355 | -3,331 | ||
Interest expense, net | 3 | -328 | ||
Debt extinguishment | 0 | 0 | ||
Loss before equity in income from unconsolidated entities | -1,352 | -3,659 | ||
Equity in income from consolidated entities | 0 | 0 | ||
Equity in income from unconsolidated entities | -186 | -145 | ||
Loss from continuing operations | -1,538 | -3,804 | ||
Income from discontinued operations | 4 | 29 | ||
Income before gain on sale of hotels | -1,534 | -3,775 | ||
Gain on sale of hotels, net | -10 | -14 | ||
Net income (loss) | -1,544 | -3,789 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 258 | 134 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | ||
Net income (loss) attributable to reporting entity | -1,286 | -3,655 | ||
Preferred dividends | 0 | 0 | ||
Net loss attributable to FelCor LP common unitholders | -1,286 | -3,655 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | -1,544 | -3,789 | ||
Foreign currency translation adjustment | 0 | -83 | ||
Comprehensive income (loss) | -1,544 | -3,872 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 258 | 134 | ||
Comprehensive income (loss) attributable to FelCor | -1,286 | -3,738 | ||
Operating activities: | ||||
Cash flows from operating activities | 8,211 | 21,575 | ||
Investing activities: | ||||
Improvements and additions to hotels | -8,314 | -20,888 | ||
Hotel development | 0 | 0 | ||
Net proceeds from asset sales | 10 | -42 | ||
Insurance proceeds | 0 | 255 | ||
Change in restricted cash - investing | -479 | -501 | ||
Distributions from unconsolidated entities | 0 | 375 | ||
Intercompany financing | 0 | 0 | ||
Net cash flow provided by investing activities | -8,783 | -20,801 | ||
Financing activities: | ||||
Proceeds from borrowings | 0 | 0 | ||
Repayment of borrowings | 0 | 0 | ||
Payment of deferred financing fees | 0 | |||
Distributions paid to noncontrolling interests | -81 | |||
Contributions from noncontrolling interests | 10 | |||
Distributions paid to preferred unitholders | 0 | 0 | ||
Distributions paid to common stockholders | 0 | |||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||
Intercompany financing | 5,379 | 10,832 | ||
Other | 0 | -139 | ||
Net cash flow provided by (used in) financing activities | 5,308 | 10,693 | ||
Effect of exchange rate changes on cash | -51 | -39 | ||
Change in cash and cash equivalents | 4,685 | 11,428 | ||
Cash and cash equivalents at beginning of periods | 32,923 | 33,283 | ||
Cash and cash equivalents at end of periods | 37,608 | 44,711 | ||
Non-Guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Net investment in hotels | 813,080 | 690,995 | ||
Hotel development | 143,779 | 297,466 | ||
Equity investment in consolidated entities | 0 | 0 | ||
Investment in unconsolidated entities | 1,299 | 1,311 | ||
Hotels held for sale | 16,618 | 47,145 | ||
Cash and cash equivalents | 1,512 | 11,190 | ||
Restricted cash | 9,494 | 8,297 | ||
Accounts receivable, net | 379 | 499 | ||
Deferred expenses, net | 7,544 | 8,624 | ||
Other assets | 5,954 | 7,462 | ||
Total assets | 999,659 | 1,070,306 | ||
Debt, net | 534,226 | 576,654 | ||
Distributions payable | 121 | 118 | ||
Accrued expenses and other liabilities | 18,353 | 14,117 | ||
Total liabilities | 552,700 | 590,889 | ||
Redeemable units | 0 | 0 | ||
Preferred units | 0 | 0 | ||
Common units | 395,509 | 419,387 | ||
Total FelCor LP partners' capital | 395,509 | 419,387 | ||
Noncontrolling interests | 8,760 | 18,588 | ||
Preferred capital in consolidated joint venture | 42,690 | 41,442 | ||
Total partners’ capital | 446,959 | 479,417 | ||
Total liabilities and equity | 999,659 | 1,070,306 | ||
Revenues: | ||||
Hotel operating revenue | 0 | 0 | ||
Percentage lease revenue | 35,615 | 25,609 | ||
Other revenue | 61 | 60 | ||
Total revenues | 35,676 | 25,669 | ||
Expenses: | ||||
Hotel operating expenses | 0 | 0 | ||
Taxes, insurance and lease expense | 4,323 | 3,393 | ||
Corporate expenses | 3,534 | 2,633 | ||
Depreciation and amortization | 11,746 | 10,843 | ||
Other expenses | 183 | 1,139 | ||
Total operating expenses | 19,786 | 18,008 | ||
Operating income | 15,890 | 7,661 | ||
Interest expense, net | -5,744 | -4,415 | ||
Debt extinguishment | -73 | -6 | ||
Loss before equity in income from unconsolidated entities | 10,073 | 3,240 | ||
Equity in income from consolidated entities | 0 | 0 | ||
Equity in income from unconsolidated entities | -11 | -11 | ||
Loss from continuing operations | 10,062 | 3,229 | ||
Income from discontinued operations | 0 | 106 | ||
Income before gain on sale of hotels | 10,062 | 3,335 | ||
Gain on sale of hotels, net | 17,068 | 5,699 | ||
Net income (loss) | 27,130 | 9,034 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | -5,137 | -56 | ||
Preferred distributions - consolidated joint venture | -348 | -181 | ||
Net income (loss) attributable to reporting entity | 21,645 | 8,797 | ||
Preferred dividends | 0 | 0 | ||
Net loss attributable to FelCor LP common unitholders | 21,645 | 8,797 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | 27,130 | 9,034 | ||
Foreign currency translation adjustment | 0 | -537 | ||
Comprehensive income (loss) | 27,130 | 8,497 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | -5,137 | -56 | ||
Comprehensive income (loss) attributable to FelCor | 21,645 | 8,441 | ||
Operating activities: | ||||
Cash flows from operating activities | 21,932 | 14,943 | ||
Investing activities: | ||||
Improvements and additions to hotels | -4,696 | -6,999 | ||
Hotel development | -10,108 | -23,622 | ||
Net proceeds from asset sales | 91,416 | 40,105 | ||
Insurance proceeds | 0 | 0 | ||
Change in restricted cash - investing | -1,197 | 10,681 | ||
Distributions from unconsolidated entities | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Net cash flow provided by investing activities | 75,415 | 20,165 | ||
Financing activities: | ||||
Proceeds from borrowings | 36,000 | 81,000 | ||
Repayment of borrowings | -78,428 | -105,353 | ||
Payment of deferred financing fees | -81 | |||
Distributions paid to noncontrolling interests | -15,745 | |||
Contributions from noncontrolling interests | 780 | |||
Distributions paid to preferred unitholders | 0 | 0 | ||
Distributions paid to common stockholders | 0 | |||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,248 | 40,909 | ||
Intercompany financing | -47,771 | -48,659 | ||
Other | -345 | 1,050 | ||
Net cash flow provided by (used in) financing activities | -104,342 | -31,053 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Change in cash and cash equivalents | -6,995 | 4,055 | ||
Cash and cash equivalents at beginning of periods | 8,507 | 7,135 | ||
Cash and cash equivalents at end of periods | 1,512 | 11,190 | ||
Consolidation, Eliminations [Member] | ||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Net investment in hotels | 0 | 0 | ||
Hotel development | 0 | 0 | ||
Equity investment in consolidated entities | -1,345,992 | -1,364,470 | ||
Investment in unconsolidated entities | 0 | 0 | ||
Hotels held for sale | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Deferred expenses, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | -1,345,992 | -1,364,470 | ||
Debt, net | -40,787 | -40,787 | ||
Distributions payable | 0 | 0 | ||
Accrued expenses and other liabilities | 0 | 0 | ||
Total liabilities | -40,787 | -40,787 | ||
Redeemable units | 0 | 0 | ||
Preferred units | 0 | 0 | ||
Common units | -1,305,205 | -1,323,683 | ||
Total FelCor LP partners' capital | -1,305,205 | -1,323,683 | ||
Noncontrolling interests | 0 | 0 | ||
Preferred capital in consolidated joint venture | 0 | 0 | ||
Total partners’ capital | -1,305,205 | -1,323,683 | ||
Total liabilities and equity | -1,345,992 | -1,364,470 | ||
Revenues: | ||||
Hotel operating revenue | 0 | 0 | ||
Percentage lease revenue | -35,615 | -27,008 | ||
Other revenue | 0 | 0 | ||
Total revenues | -35,615 | -27,008 | ||
Expenses: | ||||
Hotel operating expenses | 0 | 0 | ||
Taxes, insurance and lease expense | -35,615 | -27,008 | ||
Corporate expenses | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other expenses | 0 | 0 | ||
Total operating expenses | -35,615 | -27,008 | ||
Operating income | 0 | 0 | ||
Interest expense, net | 0 | 0 | ||
Debt extinguishment | 0 | 0 | ||
Loss before equity in income from unconsolidated entities | 0 | 0 | ||
Equity in income from consolidated entities | -20,359 | -5,323 | ||
Equity in income from unconsolidated entities | 0 | 0 | ||
Loss from continuing operations | -20,359 | -5,323 | ||
Income from discontinued operations | 0 | 0 | ||
Income before gain on sale of hotels | -20,359 | -5,323 | ||
Gain on sale of hotels, net | 0 | 0 | ||
Net income (loss) | -20,359 | -5,323 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | ||
Net income (loss) attributable to reporting entity | -20,359 | -5,323 | ||
Preferred dividends | 0 | 0 | ||
Net loss attributable to FelCor LP common unitholders | -20,359 | -5,323 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | -20,359 | -5,323 | ||
Foreign currency translation adjustment | 0 | 620 | ||
Comprehensive income (loss) | -20,359 | -4,703 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to FelCor | -20,359 | -4,703 | ||
Operating activities: | ||||
Cash flows from operating activities | 0 | 0 | ||
Investing activities: | ||||
Improvements and additions to hotels | 0 | |||
Hotel development | 0 | 0 | ||
Net proceeds from asset sales | 0 | 0 | ||
Insurance proceeds | 0 | 0 | ||
Change in restricted cash - investing | 0 | 0 | ||
Distributions from unconsolidated entities | 0 | 0 | ||
Intercompany financing | -42,392 | -37,827 | ||
Net cash flow provided by investing activities | -42,392 | -37,827 | ||
Financing activities: | ||||
Proceeds from borrowings | 0 | 0 | ||
Repayment of borrowings | 0 | 0 | ||
Payment of deferred financing fees | 0 | |||
Distributions paid to noncontrolling interests | 0 | |||
Contributions from noncontrolling interests | 0 | |||
Distributions paid to preferred unitholders | 0 | 0 | ||
Distributions paid to common stockholders | 0 | |||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||
Intercompany financing | 42,392 | 37,827 | ||
Other | 0 | 0 | ||
Net cash flow provided by (used in) financing activities | 42,392 | 37,827 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Change in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of periods | 0 | 0 | ||
Cash and cash equivalents at end of periods | 0 | 0 | ||
Total Consolidated [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Percentage of subsidiary guarantor owned by company | 100.00% | |||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Net investment in hotels | 1,714,000 | 1,599,791 | ||
Hotel development | 143,779 | 297,466 | ||
Equity investment in consolidated entities | 0 | 0 | ||
Investment in unconsolidated entities | 14,633 | 15,095 | ||
Hotels held for sale | 16,618 | 47,145 | ||
Cash and cash equivalents | 58,930 | 73,526 | ||
Restricted cash | 22,172 | 20,496 | ||
Accounts receivable, net | 33,794 | 27,805 | ||
Deferred expenses, net | 24,119 | 25,827 | ||
Other assets | 21,505 | 23,886 | ||
Total assets | 2,049,550 | 2,104,658 | ||
Debt, net | 1,543,439 | 1,585,867 | ||
Distributions payable | 13,867 | 13,827 | ||
Accrued expenses and other liabilities | 138,095 | 135,481 | ||
Total liabilities | 1,695,401 | 1,735,175 | ||
Redeemable units | 7,026 | 6,616 | ||
Preferred units | 478,749 | 478,749 | ||
Common units | -182,594 | -175,759 | ||
Total FelCor LP partners' capital | 296,155 | 302,990 | ||
Noncontrolling interests | 8,278 | 18,435 | ||
Preferred capital in consolidated joint venture | 42,690 | 41,442 | ||
Total partners’ capital | 347,123 | 327,760 | 362,867 | 314,230 |
Total liabilities and equity | 2,049,550 | 2,104,658 | ||
Revenues: | ||||
Hotel operating revenue | 213,285 | 221,022 | ||
Percentage lease revenue | 0 | 0 | ||
Other revenue | 410 | 327 | ||
Total revenues | 213,695 | 221,349 | ||
Expenses: | ||||
Hotel operating expenses | 143,636 | 154,114 | ||
Taxes, insurance and lease expense | 14,976 | 23,633 | ||
Corporate expenses | 8,573 | 7,825 | ||
Depreciation and amortization | 27,772 | 29,601 | ||
Other expenses | 4,228 | 2,014 | ||
Total operating expenses | 199,185 | 217,187 | ||
Operating income | 14,510 | 4,162 | ||
Interest expense, net | -19,481 | -25,227 | ||
Debt extinguishment | -73 | -6 | ||
Loss before equity in income from unconsolidated entities | -5,044 | -21,071 | ||
Equity in income from consolidated entities | 0 | 0 | ||
Equity in income from unconsolidated entities | 149 | 643 | ||
Loss from continuing operations | -4,895 | -20,428 | ||
Income from discontinued operations | 4 | 135 | ||
Income before gain on sale of hotels | -4,891 | -20,293 | ||
Gain on sale of hotels, net | 16,887 | 5,457 | ||
Net income (loss) | 11,996 | -14,836 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | -4,879 | 78 | ||
Preferred distributions - consolidated joint venture | -348 | -181 | ||
Net income (loss) attributable to reporting entity | 6,769 | -14,939 | ||
Preferred dividends | -9,678 | -9,678 | ||
Net loss attributable to FelCor LP common unitholders | -2,909 | -24,617 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | 11,996 | -14,836 | ||
Foreign currency translation adjustment | 0 | -620 | ||
Comprehensive income (loss) | 11,996 | -15,456 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | -4,879 | 78 | ||
Comprehensive income (loss) attributable to FelCor | 6,769 | -15,378 | ||
Operating activities: | ||||
Cash flows from operating activities | 16,845 | 22,402 | ||
Investing activities: | ||||
Improvements and additions to hotels | -13,483 | -28,617 | ||
Hotel development | -10,108 | -23,622 | ||
Net proceeds from asset sales | 91,328 | 39,896 | ||
Insurance proceeds | 274 | 255 | ||
Change in restricted cash - investing | -1,676 | 10,180 | ||
Distributions from unconsolidated entities | 31 | 2,128 | ||
Intercompany financing | 0 | 0 | ||
Net cash flow provided by investing activities | 66,366 | 220 | ||
Financing activities: | ||||
Proceeds from borrowings | 36,000 | 81,000 | ||
Repayment of borrowings | -78,428 | -105,353 | ||
Payment of deferred financing fees | -81 | -5 | ||
Distributions paid to noncontrolling interests | -15,826 | -587 | ||
Contributions from noncontrolling interests | 790 | 1,568 | ||
Distributions paid to preferred unitholders | -9,678 | -9,678 | ||
Distributions paid to common stockholders | -5,034 | -2,484 | ||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,248 | 40,909 | ||
Intercompany financing | 0 | 0 | ||
Other | -368 | -1,580 | ||
Net cash flow provided by (used in) financing activities | -71,377 | 5,298 | ||
Effect of exchange rate changes on cash | -51 | -39 | ||
Change in cash and cash equivalents | 11,783 | 27,881 | ||
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | ||
Cash and cash equivalents at end of periods | $58,930 | $73,526 |