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 | | |