Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FCH | |
Entity Registrant Name | FelCor Lodging Trust Incorporated | |
Entity Central Index Key | 923,603 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 143,332,409 | |
FelCor Lodging LP [Member] | ||
Document and Entity Information [Line Items] | ||
Entity Registrant Name | FelCor Lodging LP | |
Entity Central Index Key | 1,048,789 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Investment in hotels, net of accumulated depreciation of $865,502 and $850,687 at June 30, 2015 and December 31, 2014, respectively | $ 1,724,543 | $ 1,599,791 |
Hotel development | 297,466 | |
Investment in unconsolidated entities | 11,343 | 15,095 |
Hotels held for sale | 36,173 | 47,145 |
Cash and cash equivalents | 106,107 | 47,147 |
Restricted cash | 23,560 | 20,496 |
Accounts receivable, net of allowance for doubtful accounts of $189 and $241 at June 30, 2015 and December 31, 2014, respectively | 53,427 | 27,805 |
Deferred expenses, net of accumulated amortization of $5,692 and $17,111 at June 30, 2015 and December 31, 2014, respectively | 26,308 | 25,827 |
Other assets | 19,308 | 23,886 |
Total assets | 2,051,960 | 2,104,658 |
Liabilities and Equity | ||
Debt | 1,535,256 | 1,585,867 |
Distributions payable | 12,406 | 13,827 |
Accrued expenses and other liabilities | 135,912 | 135,481 |
Total liabilities | $ 1,683,574 | $ 1,735,175 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at June 30, 2015 and December 31, 2014 | $ 6,041 | $ 6,616 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 143,328 and 124,605 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 1,433 | 1,246 |
Additional paid-in capital | 2,561,854 | 2,353,666 |
Accumulated deficit | (2,562,464) | (2,530,671) |
Total FelCor stockholders’ equity | 310,160 | 302,990 |
Noncontrolling interests in other partnerships | 8,997 | 18,435 |
Preferred equity in consolidated joint venture, liquidation value of $43,898 and $42,094 at June 30, 2015 and December 31, 2014, respectively | 43,188 | 41,442 |
Total equity | 362,345 | 362,867 |
Total liabilities and equity | 2,051,960 | 2,104,658 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $865,502 and $850,687 at June 30, 2015 and December 31, 2014, respectively | 1,724,543 | 1,599,791 |
Hotel development | 51,191 | 297,466 |
Investment in unconsolidated entities | 11,343 | 15,095 |
Hotels held for sale | 36,173 | 47,145 |
Cash and cash equivalents | 106,107 | 47,147 |
Restricted cash | 23,560 | 20,496 |
Accounts receivable, net of allowance for doubtful accounts of $189 and $241 at June 30, 2015 and December 31, 2014, respectively | 53,427 | 27,805 |
Deferred expenses, net of accumulated amortization of $5,692 and $17,111 at June 30, 2015 and December 31, 2014, respectively | 26,308 | 25,827 |
Other assets | 19,308 | 23,886 |
Total assets | 2,051,960 | 2,104,658 |
Liabilities and Equity | ||
Debt | 1,535,256 | 1,585,867 |
Distributions payable | 12,406 | 13,827 |
Accrued expenses and other liabilities | 135,912 | 135,481 |
Total liabilities | $ 1,683,574 | $ 1,735,175 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at June 30, 2015 and December 31, 2014 | $ 6,041 | $ 6,616 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Preferred equity in consolidated joint venture, liquidation value of $43,898 and $42,094 at June 30, 2015 and December 31, 2014, respectively | 43,188 | 41,442 |
Total liabilities and equity | 2,051,960 | 2,104,658 |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 478,749 |
Common units, 143,328 and 124,605 units issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 823 | (175,759) |
Total FelCor LP partners’ capital | 310,160 | 302,990 |
Noncontrolling interests | 8,997 | 18,435 |
Preferred capital in consolidated joint venture | 43,188 | 41,442 |
Total partners’ capital | 362,345 | 362,867 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at June 30, 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 December 31, 2014 | ||
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 0 | 169,412 |
Series A Cumulative Convertible Preferred Stock, 12,879 shares, liquidation value of $321,987, issued and outstanding at June 30, 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 December 31, 2014 | ||
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Cumulative Preferred Stock | $ 0 | $ 169,412 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accumulated depreciation | $ 865,502 | $ 850,687 |
Allowance for doubtful accounts | 189 | 241 |
Accumulated amortization of deferred expenses | $ 5,692 | $ 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 | 143,328,073 | 124,605,074 |
Joint Venture Liquidation Value | $ 43,898 | $ 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 | 0 | 68,000 |
Preferred Stock, shares outstanding | 0 | 68,000 |
Preferred Stock, liquidation value | $ 0 | $ 169,950 |
FelCor Lodging LP [Member] | ||
Accumulated depreciation | 865,502 | 850,687 |
Allowance for doubtful accounts | 189 | 241 |
Accumulated amortization of deferred expenses | $ 5,692 | $ 17,111 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |
Units of redeemable units issued | 611,000 | 611,000 |
Units of redeemable units outstanding | 611,000 | 611,000 |
Common units issued and outstanding | 143,328,073 | 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 | 0 | 68,000 |
Series C Cumulative Redeemable Preferred Units outstanding | 0 | 68,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Hotel operating revenue | $ 236,049 | $ 258,279 | $ 449,334 | $ 479,301 |
Other revenue | 5,054 | 1,236 | 5,464 | 1,563 |
Total revenues | 241,103 | 259,515 | 454,798 | 480,864 |
Expenses: | ||||
Hotel departmental expenses | 80,032 | 89,628 | 157,688 | 173,151 |
Other property-related costs | 57,791 | 62,912 | 114,686 | 124,490 |
Management and franchise fees | 9,202 | 10,160 | 18,287 | 19,173 |
Taxes, insurance and lease expense | 16,579 | 26,992 | 31,555 | 50,625 |
Corporate expenses | 6,530 | 7,647 | 15,103 | 15,472 |
Depreciation and amortization | 28,750 | 29,082 | 56,522 | 58,683 |
Other expenses | 1,411 | 2,114 | 5,639 | 4,128 |
Total operating expenses | 200,295 | 228,535 | 399,480 | 445,722 |
Operating income | 40,808 | 30,980 | 55,318 | 35,142 |
Interest expense, net | (20,278) | (24,495) | (39,759) | (49,722) |
Debt extinguishment | (30,823) | (27) | (30,896) | (33) |
Other gains, net | 166 | 100 | 166 | 100 |
Income (loss) before equity in income from unconsolidated entities | (10,127) | 6,558 | (15,171) | (14,513) |
Equity in income from unconsolidated entities | 7,513 | 2,766 | 7,662 | 3,409 |
Income (loss) from continuing operations | (2,614) | 9,324 | (7,509) | (11,104) |
Income (loss) from discontinued operations | (83) | 5 | (79) | 140 |
Income (loss) before gain (loss) on sale of hotels | (2,697) | 9,329 | (7,588) | (10,964) |
Gain (loss) on sale of hotels, net | (550) | 15,626 | 16,337 | 21,083 |
Net income (loss) | (3,247) | 24,955 | 8,749 | 10,119 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 247 | (262) | (4,632) | (184) |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 75 | (71) | 89 | 50 |
Preferred distributions - consolidated joint venture | (359) | (341) | (707) | (522) |
Net income (loss) attributable to reporting entity | (3,284) | 24,281 | 3,499 | 9,463 |
Preferred dividends | (7,903) | (9,678) | (17,581) | (19,356) |
Redemption of preferred stock | (6,096) | 0 | (6,096) | 0 |
Net income (loss) attributable to FelCor common stockholders | $ (17,283) | $ 14,603 | $ (20,178) | $ (9,893) |
Basic and diluted per common share/unit data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.12) | $ 0.12 | $ (0.15) | $ (0.08) |
Earnings Per Share, Basic and Diluted | $ (0.12) | $ 0.12 | $ (0.15) | $ (0.08) |
Weighted Average Number of Shares Outstanding, Basic | 140,322 | 124,169 | 132,465 | 124,158 |
Weighted Average Number of Shares Outstanding, Diluted | 140,322 | 125,386 | 132,465 | 124,158 |
FelCor Lodging LP [Member] | ||||
Revenues: | ||||
Hotel operating revenue | $ 236,049 | $ 258,279 | $ 449,334 | $ 479,301 |
Other revenue | 5,054 | 1,236 | 5,464 | 1,563 |
Total revenues | 241,103 | 259,515 | 454,798 | 480,864 |
Expenses: | ||||
Hotel departmental expenses | 80,032 | 89,628 | 157,688 | 173,151 |
Other property-related costs | 57,791 | 62,912 | 114,686 | 124,490 |
Management and franchise fees | 9,202 | 10,160 | 18,287 | 19,173 |
Taxes, insurance and lease expense | 16,579 | 26,992 | 31,555 | 50,625 |
Corporate expenses | 6,530 | 7,647 | 15,103 | 15,472 |
Depreciation and amortization | 28,750 | 29,082 | 56,522 | 58,683 |
Other expenses | 1,411 | 2,114 | 5,639 | 4,128 |
Total operating expenses | 200,295 | 228,535 | 399,480 | 445,722 |
Operating income | 40,808 | 30,980 | 55,318 | 35,142 |
Interest expense, net | (20,278) | (24,495) | (39,759) | (49,722) |
Debt extinguishment | (30,823) | (27) | (30,896) | (33) |
Other gains, net | 166 | 100 | 166 | 100 |
Income (loss) before equity in income from unconsolidated entities | (10,127) | 6,558 | (15,171) | (14,513) |
Equity in income from unconsolidated entities | 7,513 | 2,766 | 7,662 | 3,409 |
Income (loss) from continuing operations | (2,614) | 9,324 | (7,509) | (11,104) |
Income (loss) from discontinued operations | (83) | 5 | (79) | 140 |
Income (loss) before gain (loss) on sale of hotels | (2,697) | 9,329 | (7,588) | (10,964) |
Gain (loss) on sale of hotels, net | (550) | 15,626 | 16,337 | 21,083 |
Net income (loss) | (3,247) | 24,955 | 8,749 | 10,119 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 247 | (262) | (4,632) | (184) |
Preferred distributions - consolidated joint venture | (359) | (341) | (707) | (522) |
Net income (loss) attributable to reporting entity | (3,359) | 24,352 | 3,410 | 9,413 |
Preferred dividends | (7,903) | (9,678) | (17,581) | (19,356) |
Redemption of preferred stock | (6,096) | 0 | (6,096) | 0 |
Net income (loss) attributable to FelCor LP common unitholders | $ (17,358) | $ 14,674 | $ (20,267) | $ (9,943) |
Basic and diluted per common share/unit data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.12) | $ 0.12 | $ (0.15) | $ (0.08) |
Earnings Per Share, Basic and Diluted | $ (0.12) | $ 0.12 | $ (0.15) | $ (0.08) |
Weighted Average Number of Shares Outstanding, Basic | 140,933 | 124,783 | 133,076 | 124,774 |
Weighted Average Number of Shares Outstanding, Diluted | 140,933 | 126,000 | 133,076 | 124,774 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income (loss) | $ (3,247) | $ 24,955 | $ 8,749 | $ 10,119 |
Foreign currency translation adjustment | 0 | 575 | 0 | (45) |
Comprehensive income (loss) | (3,247) | 25,530 | 8,749 | 10,074 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | 247 | (262) | (4,632) | (184) |
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 75 | (74) | 89 | 50 |
Preferred distributions - consolidated joint venture | (359) | (341) | (707) | (522) |
Comprehensive income (loss) attributable to FelCor | (3,284) | 24,853 | 3,499 | 9,418 |
FelCor Lodging LP [Member] | ||||
Net income (loss) | (3,247) | 24,955 | 8,749 | 10,119 |
Foreign currency translation adjustment | 0 | 575 | 0 | (45) |
Comprehensive income (loss) | (3,247) | 25,530 | 8,749 | 10,074 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | 247 | (262) | (4,632) | (184) |
Preferred distributions - consolidated joint venture | (359) | (341) | (707) | (522) |
Comprehensive income (loss) attributable to FelCor | $ (3,359) | $ 24,927 | $ 3,410 | $ 9,368 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | $0.975 per Series A preferred share | $1.00 per Series C depositary preferred share | Dividend per common stock | Preferred Stock | Preferred Stock$1.00 per Series C depositary preferred share | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital$1.00 per Series C depositary preferred share | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated Deficit$0.975 per Series A preferred share | Accumulated Deficit$1.00 per Series C depositary preferred share | Accumulated DeficitDividend per common stock | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Comprehensive Income (Loss) |
Shares, Issued - beginning balance at Dec. 31, 2013 | 12,948 | 124,051 | |||||||||||||||
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 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Conversion of preferred stock into common stock | 0 | $ (8) | 8 | ||||||||||||||
Issuance of stock awards - shares | 349 | ||||||||||||||||
Issuance of stock awards - value | 0 | $ 4 | (4) | ||||||||||||||
Stock awards - amortization | 1,990 | 1,990 | |||||||||||||||
Redemption of preferred stock | 0 | ||||||||||||||||
Forfeiture of stock awards - shares | (115) | ||||||||||||||||
Forfeiture of stock awards - value | (932) | $ (1) | 0 | (931) | |||||||||||||
Conversion of operating partnership units into common shares - shares | 5 | ||||||||||||||||
Conversion of operating partnership units into common shares, Value | 44 | 44 | |||||||||||||||
Allocation to redeemable noncontrolling interests | (1,519) | (1,519) | |||||||||||||||
Contribution from noncontrolling interests | 5,069 | 5,069 | |||||||||||||||
Distribution to noncontrolling interests | (7,054) | (7,054) | |||||||||||||||
Dividends, Common Stock | $ (5,037) | $ (5,037) | |||||||||||||||
Preferred dividends | (522) | $ (12,558) | $ (6,798) | $ (12,558) | $ (6,798) | (522) | |||||||||||
Issuance of preferred equity - consolidated joint venture | 40,994 | 40,994 | |||||||||||||||
Foreign exchange translation | (45) | $ (45) | |||||||||||||||
Net income (loss) | 9,463 | 184 | 522 | 10,169 | |||||||||||||
Comprehensive Income (Loss) | 10,124 | 10,124 | |||||||||||||||
Shares, Issued - ending balance at Jun. 30, 2014 | 12,948 | 124,290 | |||||||||||||||
Stockholders' Equity, ending balance at Jun. 30, 2014 | 338,031 | $ 478,766 | $ 1,243 | 2,354,847 | 24,892 | (2,584,211) | 21,500 | 40,994 | |||||||||
Shares, Issued - beginning balance at Dec. 31, 2014 | 12,947 | 124,605 | |||||||||||||||
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 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of common stock - shares | 18,400 | ||||||||||||||||
Issuance of common stock | 198,720 | $ 184 | 198,536 | ||||||||||||||
Issuance of stock awards - shares | 325 | ||||||||||||||||
Issuance of stock awards - value | 650 | $ 3 | 647 | ||||||||||||||
Stock awards - amortization | 3,044 | 3,044 | |||||||||||||||
Redemption of Preferred Stock, Shares | (68) | ||||||||||||||||
Redemption of preferred stock | (6,096) | (169,986) | $ (169,412) | $ 5,522 | (6,096) | ||||||||||||
Forfeiture of stock awards - shares | (2) | ||||||||||||||||
Forfeiture of stock awards - value | (8) | $ 0 | 0 | (8) | |||||||||||||
Conversion of operating partnership units into common shares, Value | 0 | ||||||||||||||||
Allocation to redeemable noncontrolling interests | 439 | 439 | |||||||||||||||
Contribution from noncontrolling interests | 1,908 | 1,908 | |||||||||||||||
Distribution to noncontrolling interests | (15,978) | (15,978) | |||||||||||||||
Dividends, Common Stock | $ (11,607) | $ (11,607) | |||||||||||||||
Preferred dividends | (707) | $ (12,558) | $ (5,023) | 0 | $ (12,558) | $ (5,023) | (707) | ||||||||||
Issuance of preferred equity - consolidated joint venture | 1,746 | 1,746 | |||||||||||||||
Net income (loss) | 3,499 | 4,632 | 707 | 8,838 | |||||||||||||
Comprehensive Income (Loss) | 8,838 | $ 8,838 | |||||||||||||||
Shares, Issued - ending balance at Jun. 30, 2015 | 12,879 | 143,328 | |||||||||||||||
Stockholders' Equity, ending balance at Jun. 30, 2015 | $ 362,345 | $ 309,337 | $ 1,433 | $ 2,561,854 | $ 0 | $ (2,562,464) | $ 8,997 | $ 43,188 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock, Dividends, Per Share, Declared | $ 0.08 | $ 0.04 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 0.975 | 0.975 |
Series C Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 1 | $ 1 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) shares in Thousands, $ in Thousands | Total | FelCor Lodging LP [Member] | FelCor Lodging LP [Member]Preferred Units | FelCor Lodging LP [Member]Common Units | FelCor Lodging LP [Member]Accumulated Other Comprehensive Income | FelCor Lodging LP [Member]Noncontrolling Interests | FelCor Lodging LP [Member]Preferred Capital in Consolidated Joint Venture | FelCor Lodging LP [Member]Comprehensive Income (Loss) | Preferred Equity in Consolidated Joint Venture | Series C Preferred Units [Member]FelCor Lodging LP [Member] | Series C Preferred Units [Member]FelCor Lodging LP [Member]Preferred Units | Series C Preferred Units [Member]FelCor Lodging LP [Member]Common Units |
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 | 1,058 | 1,058 | ||||||||||
Redemption of preferred stock | 0 | 0 | ||||||||||
Contributions | 5,069 | 5,069 | ||||||||||
Distributions | (31,969) | (24,393) | (7,054) | (522) | ||||||||
Allocation to redeemable units | (1,425) | (1,425) | ||||||||||
Issuance of preferred equity - consolidated joint venture | 40,994 | 40,994 | 40,994 | $ 40,994 | ||||||||
Comprehensive income (loss): | ||||||||||||
Foreign exchange translation | (45) | (45) | (45) | $ (45) | ||||||||
Net income (loss) | 10,119 | 10,119 | 9,413 | 184 | 522 | 10,119 | ||||||
Comprehensive Income | 10,074 | 10,074 | 10,074 | |||||||||
Partners' Capital, Ending Balance at Jun. 30, 2014 | 338,031 | 478,766 | (228,227) | 24,998 | 21,500 | 40,994 | ||||||
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] | ||||||||||||
Issuance of common units | 198,720 | 198,720 | ||||||||||
FelCor restricted stock compensation | $ 3,686 | $ 3,686 | ||||||||||
Redemption of preferred stock | (6,096) | (6,096) | $ (169,986) | $ (169,412) | $ (574) | |||||||
Contributions | 1,908 | 1,908 | ||||||||||
Distributions | (45,920) | (29,235) | (15,978) | (707) | ||||||||
Allocation to redeemable units | 575 | 575 | ||||||||||
Issuance of preferred equity - consolidated joint venture | 1,746 | 1,746 | 1,746 | $ 1,746 | ||||||||
Comprehensive income (loss): | ||||||||||||
Foreign exchange translation | 0 | 0 | ||||||||||
Net income (loss) | 8,749 | 8,749 | 3,410 | 4,632 | 707 | 8,749 | ||||||
Comprehensive Income | $ 8,749 | 8,749 | $ 8,749 | |||||||||
Partners' Capital, Ending Balance at Jun. 30, 2015 | $ 362,345 | $ 309,337 | $ 823 | $ 0 | $ 8,997 | $ 43,188 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 8,749 | $ 10,119 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 56,522 | 58,683 |
Gain on sale of hotels and other assets, net | (16,420) | (21,574) |
Amortization of deferred financing fees and debt discount | 2,956 | 5,907 |
Amortization of fixed stock and directors’ compensation | 3,563 | 2,953 |
Equity in income from unconsolidated entities | (7,662) | (3,409) |
Distributions of income from unconsolidated entities | 5,111 | 2,320 |
Debt extinguishment | 30,896 | 278 |
Changes in assets and liabilities: | ||
Accounts receivable | (8,955) | (1,155) |
Other assets | (1,436) | (5,825) |
Accrued expenses and other liabilities | (4,384) | 5,824 |
Net cash flow provided by operating activities | 68,940 | 54,121 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (25,757) | (48,032) |
Hotel development | (21,637) | (48,178) |
Net proceeds from asset sales | 133,878 | 93,608 |
Change in restricted cash – investing | (3,064) | 11,181 |
Insurance proceeds | 274 | 255 |
Distributions from unconsolidated entities in excess of earnings | 6,303 | 3,906 |
Net cash flow provided by investing activities | 89,997 | 12,740 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 979,000 | 140,500 |
Repayment of borrowings | (1,050,056) | (205,904) |
Payment of deferred financing fees | (13,922) | (11) |
Distributions paid to noncontrolling interests | (15,978) | (7,054) |
Contributions from noncontrolling interests | 1,908 | 5,069 |
Distributions paid to FelCor LP limited partners | (47) | (20) |
Distributions paid to preferred stockholders | (19,847) | (19,356) |
Redemption of preferred stock | (169,986) | 0 |
Preferred distributions - consolidated joint venture | (707) | (409) |
Distributions paid to common stockholders | (10,765) | (4,968) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,746 | 40,994 |
Net proceeds from common stock issuance | 198,720 | 0 |
Net cash flow used in financing activities | (99,934) | (51,159) |
Effect of exchange rate changes on cash | (43) | (3) |
Net change in cash and cash equivalents | 58,960 | 15,699 |
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 |
Cash and cash equivalents at end of periods | 106,107 | 61,344 |
Supplemental cash flow information – interest paid, net of capitalized interest | 36,069 | 43,747 |
FelCor Lodging LP [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 8,749 | 10,119 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 56,522 | 58,683 |
Gain on sale of hotels and other assets, net | (16,420) | (21,574) |
Amortization of deferred financing fees and debt discount | 2,956 | 5,907 |
Amortization of fixed stock and directors’ compensation | 3,563 | 2,953 |
Equity in income from unconsolidated entities | (7,662) | (3,409) |
Distributions of income from unconsolidated entities | 5,111 | 2,320 |
Debt extinguishment | 30,896 | 278 |
Changes in assets and liabilities: | ||
Accounts receivable | (8,955) | (1,155) |
Other assets | (1,436) | (5,825) |
Accrued expenses and other liabilities | (4,384) | 5,824 |
Net cash flow provided by operating activities | 68,940 | 54,121 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (25,757) | (48,032) |
Hotel development | (21,637) | (48,178) |
Net proceeds from asset sales | 133,878 | 93,608 |
Change in restricted cash – investing | (3,064) | 11,181 |
Insurance proceeds | 274 | 255 |
Distributions from unconsolidated entities in excess of earnings | 6,303 | 3,906 |
Net cash flow provided by investing activities | 89,997 | 12,740 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 979,000 | 140,500 |
Repayment of borrowings | (1,050,056) | (205,904) |
Payment of deferred financing fees | (13,922) | (11) |
Distributions paid to noncontrolling interests | (15,978) | (7,054) |
Contributions from noncontrolling interests | 1,908 | 5,069 |
Distributions paid to FelCor LP limited partners | (47) | (20) |
Distributions paid to preferred stockholders | (19,847) | (19,356) |
Redemption of preferred stock | (169,986) | 0 |
Preferred distributions - consolidated joint venture | (707) | (409) |
Distributions paid to common stockholders | (10,765) | (4,968) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,746 | 40,994 |
Net proceeds from common unit issuance | 198,720 | 0 |
Net cash flow used in financing activities | (99,934) | (51,159) |
Effect of exchange rate changes on cash | (43) | (3) |
Net change in cash and cash equivalents | 58,960 | 15,699 |
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 |
Cash and cash equivalents at end of periods | 106,107 | 61,344 |
Supplemental cash flow information – interest paid, net of capitalized interest | $ 36,069 | $ 43,747 |
Organization
Organization | 6 Months Ended |
Jun. 30, 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 43 hotels as of June 30, 2015 , two of which were held for sale. At June 30, 2015 , we had an aggregate of 143,939,535 shares and units outstanding, consisting of 143,328,073 shares of FelCor common stock and 611,462 FelCor LP units not owned by FelCor. Of our 41 hotels as of June 30, 2015 (excluding the two hotels held for sale), we owned 100% interests in 38 hotels, a 95% interest in one hotel (The Knickerbocker) and 50% interests in entities owning two hotels. The Knickerbocker opened in February 2015, and, based on its partial completion as of June 30, 2015, we have classified $274.7 million of this development as investment in hotels, with the remaining investment ( $51.2 million ) classified as hotel development. We consolidate our real estate interests in the 39 hotels in which we held majority interests, and we record the real estate interests of the two hotels in which we held indirect 50% interests using the equity method. We lease 40 of the 41 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 our operating lessees, we consolidate our interests in all 40 leased hotels (which we refer to as our Consolidated Hotels) and reflect their operating revenues and expenses in our statements of operations. Of our Consolidated Hotels, we own 50% of the real estate interest in one hotel (we account for the ownership in our real estate interest of this hotel by the equity method) and majority real estate interests in our remaining 39 hotels (we consolidate our real estate interests in these hotels). The following table illustrates the distribution of our 40 Consolidated Hotels at June 30, 2015 : Brand Hotels Rooms Embassy Suites Hotels ® 18 4,982 Wyndham ® and Wyndham Grand ® 8 2,528 Marriott ® and Renaissance ® 3 1,321 Holiday Inn ® 2 968 DoubleTree by Hilton ® and Hilton ® 3 802 Sheraton ® 2 673 Fairmont ® 1 383 The Knickerbocker 1 330 Morgans and Royalton 2 285 Total 40 12,272 At June 30, 2015 , our Consolidated Hotels were located in 15 states, with concentrations in California ( 11 hotels), Florida ( six hotels) and Massachusetts ( three hotels). Approximately 61% of our revenue was generated from hotels in these three states during the first six months of 2015 . At June 30, 2015 , of our 40 Consolidated Hotels: (i) subsidiaries of Hilton Worldwide, or Hilton, managed 20 hotels, (ii) subsidiaries of Wyndham Worldwide, 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 two hotels, (v) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed two hotels, (vi) a subsidiary of Fairmont Raffles Hotels International, or Fairmont, managed one hotel, (vii) a subsidiary of Highgate Hotels, or Highgate, 1. Organization — (continued) managed one hotel, (viii) a subsidiary of Morgans Hotel Group Corporation managed two hotels, and (ix) an independent management company managed one hotel. The information in our consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2015 are not necessarily indicative of actual operating results for the entire year. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2015 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities At June 30, 2015 and December 31, 2014 , we owned 50% interests in joint ventures that owned two and three hotels, respectively. 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 consolidate all of our majority-owned subsidiaries 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): June 30, December 31, 2015 2014 Investment in hotels and other properties, net of accumulated depreciation $ 19,897 $ 30,288 Total assets $ 33,760 $ 45,374 Debt $ 23,121 $ 34,192 Total liabilities $ 26,118 $ 36,974 Equity $ 7,642 $ 8,400 Our unconsolidated entities’ debt at June 30, 2015 and December 31, 2014 consisted entirely of non-recourse mortgage debt. In May 2015, one of our joint ventures sold a hotel, resulting in a $7.1 million gain that we include in our equity in income from unconsolidated entities. In connection with selling this hotel, the joint venture repaid the outstanding $10.5 million mortgage loan encumbering this hotel. 2. Investment in Unconsolidated Entities — (continued) The following table (which, among other things, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenues $ 10,410 $ 22,327 $ 16,979 $ 36,945 Net income $ 21,519 $ 6,462 $ 22,069 $ 8,678 Net income attributable to FelCor $ 10,760 $ 3,231 $ 11,035 $ 4,339 Cost in excess of joint venture book value of sold hotel (3,140 ) — (3,140 ) — Depreciation of cost in excess of book value (107 ) (465 ) (233 ) (930 ) Equity in income from unconsolidated entities $ 7,513 $ 2,766 $ 7,662 $ 3,409 The following table summarizes the components of our investments in unconsolidated entities (in thousands): June 30, December 31, 2015 2014 Equity basis of hotel joint venture investments $ (3,102 ) $ (3,265 ) Cost of hotel investments in excess of joint venture book value 7,522 10,895 Equity basis of land and condominium joint venture investments 6,923 7,465 Investment in unconsolidated entities $ 11,343 $ 15,095 The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Hotel investments $ 7,455 $ 2,722 $ 8,203 $ 3,993 Other investments 58 44 (541 ) (584 ) Equity in income from unconsolidated entities $ 7,513 $ 2,766 $ 7,662 $ 3,409 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity June 30, December 31, Hotels Rate (%) Date 2015 2014 Senior unsecured notes — 6.00 June 2025 $ 475,000 $ — Senior secured notes 9 5.625 March 2023 525,000 525,000 Mortgage debt (a) 4 4.95 October 2022 123,422 124,278 Mortgage debt 1 4.94 October 2022 30,973 31,228 Line of credit 7 LIBOR + 2.75 June 2019 (b) 316,000 — The Knickerbocker loan (c) Construction tranche 1 LIBOR + 4.00 May 2016 58,562 58,562 Cash collateralized tranche — LIBOR + 1.25 May 2016 6,299 6,299 Retired debt — — — — 840,500 Total 22 $ 1,535,256 $ 1,585,867 (a) This debt is comprised of separate non-cross-collateralized loans, each secured by a mortgage encumbering different hotels. (b) Our line of credit can be extended for one year (to 2020), subject to satisfying certain conditions. (c) This construction loan (total capacity of $85.0 million ) finances the redevelopment of The Knickerbocker and can be extended for one year, subject to satisfying certain conditions. In February 2015, when we sold a hotel, we repaid a $13.0 million loan secured by that hotel that would have otherwise matured in March 2017. In May 2015, we issued $475 million aggregate principal amount of our 6.00% senior notes due 2025. We used the proceeds from that sale, together with cash on hand and funds drawn under our line of credit, to repurchase and redeem $525 million in aggregate principal amount of our 6.75% senior secured notes due 2019, which had been secured by mortgages on six hotels. We incurred $28.4 million of debt extinguishment charges relating to prepayment premiums and the write-off of deferred loan costs in connection with this transaction. All cash paid to satisfy the extinguishment of the senior secured notes is classified as a financing activity in the statements of cash flows. In June 2015, we amended and restated our secured line of credit facility to expand our borrowing capacity from $225 million to $400 million . The amended facility now matures in June 2020 (extended from June 2017), assuming we exercise a one-year extension option that is subject to certain conditions. Borrowings under the facility bear interest at LIBOR (no floor) plus an applicable margin ranging from 225 to 275 basis points (reduced from 337.5 basis points), depending on our leverage. The facility is secured by mortgages on seven hotels and permits partial release and substitution of properties, subject to certain conditions. We incurred $164,000 of debt extinguishment charges (relating to writing-off deferred loan costs) when amending the facility. We concurrently repaid a $140 million term loan that otherwise matured in 2017, bore interest at LIBOR plus 250 basis points and was secured by mortgages on three hotels. We incurred $2.0 million of debt extinguishment charges relating to writing-off deferred loan costs for the repaid loan. 3. Debt — (continued) In June 2015, when we sold two hotels, we repaid a $49.1 million loan secured by mortgages on three hotels (including the two sold hotels), that would have otherwise matured in March 2017. At June 30, 2015, the remaining hotel that had been mortgaged to secure this loan was held for sale. We incurred $237,000 of debt extinguishment charges relating to writing-off deferred loan costs for the repaid loan. We reported $20.3 million and $24.5 million of interest expense for the three months ended June 30, 2015 and 2014 , respectively, which is net of: (i) interest income of $6,000 and $14,000 and (ii) capitalized interest of $1.6 million and $4.3 million , respectively. We reported $39.8 million and $49.7 million of interest expense for the six months ended June 30, 2015 and 2014 , respectively, which is net of: (i) interest income of $11,000 and $29,000 and (ii) capitalized interest of $5.0 million and $8.3 million , respectively. |
FelCor Capital Stock_FelCor LP
FelCor Capital Stock/FelCor LP Partners' Capital | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
FelCor Capital Stock/FelCor LP Partners' Capital | FelCor Capital Stock/FelCor LP Partners’ Capital In April 2015, FelCor issued 18.4 million shares of its common stock at $11.25 per share in a public offering. FelCor contributed the net proceeds from the offering ( $199 million ) to FelCor LP in exchange for 18.4 million common units of limited partnership interests. In April 2015, FelCor called for redemption of all of our outstanding shares of 8% Series C Cumulative Redeemable Preferred Stock and all depositary shares representing the Series C Preferred Stock. FelCor redeemed those shares of Series C Preferred Stock and the depositary shares, and FelCor LP concurrently redeemed its Series C Preferred Units, on May 14, 2015 using proceeds from the equity offering. Including dividends of $491,000 , the total redemption price was $170.4 million . We reduced income available to common shareholders (unitholders) by $6.1 million for the three and six months ended June 30, 2015 , primarily representing the original issuance costs ( $5.5 million ) and discount ( $538,000 ) of the redeemed Series C Preferred Stock (Units). |
Hotel Operating Revenue, Depart
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Room revenue $ 182,066 $ 200,238 $ 344,372 $ 370,067 Food and beverage revenue 42,151 45,471 81,995 85,256 Other operating departments 11,832 12,570 22,967 23,978 Total hotel operating revenue $ 236,049 $ 258,279 $ 449,334 $ 479,301 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. We record all rebates or discounts, 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. We make appropriate allowances for doubtful accounts, which we record as bad debt expense. 5. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Three Months Ended June 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 44,423 18.8 % $ 50,585 19.6 % Food and beverage 31,278 13.3 33,066 12.8 Other operating departments 4,331 1.8 5,977 2.3 Total hotel departmental expenses $ 80,032 33.9 % $ 89,628 34.7 % Six Months Ended June 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 86,934 19.3 % $ 97,318 20.3 % Food and beverage 61,974 13.8 64,253 13.4 Other operating departments 8,780 2.0 11,580 2.4 Total hotel departmental expenses $ 157,688 35.1 % $ 173,151 36.1 % Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Three Months Ended June 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 20,532 8.7 % $ 21,133 8.2 % Marketing 20,397 8.6 21,150 8.2 Repair and maintenance 9,742 4.1 11,332 4.4 Utilities 7,120 3.1 9,297 3.6 Total other property-related costs $ 57,791 24.5 % $ 62,912 24.4 % 5. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Six Months Ended June 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 39,895 8.9 % $ 40,967 8.5 % Marketing 39,700 8.8 41,221 8.6 Repair and maintenance 20,092 4.5 23,019 4.8 Utilities 14,999 3.3 19,283 4.1 Total other property-related costs $ 114,686 25.5 % $ 124,490 26.0 % Wyndham has guaranteed minimum levels of annual net operating income at each of the hotels it manages for us. W e recorded $995,000 and $431,000 for the pro rata portions of the projected aggregate full-year guaranties for the six months ended June 30, 2015 and 2014 , respectively (of which $584,000 and $295,000 is attributable to the three months ended June 30, 2015 and 2014 , respectively). We record these amounts as a reduction of Wyndham's contractual management and other fees. |
Taxes, Insurance and Lease Expe
Taxes, Insurance and Lease Expense | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Hotel lease expense (a) $ 2,134 $ 13,296 $ 4,238 $ 23,687 Land lease expense (b) 3,733 3,160 6,792 5,622 Real estate and other taxes 8,836 8,025 16,695 16,133 Property insurance, general liability insurance and other 1,876 2,511 3,830 5,183 Total taxes, insurance and lease expense $ 16,579 $ 26,992 $ 31,555 $ 50,625 (a) We record hotel lease expense for the consolidated operating lessees of hotels owned by unconsolidated entities and partially offset this expense through noncontrolling interests in other partnerships (generally 49% ). We record our 50% share of the corresponding lease income through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $1.2 million and $7.8 million for the three months ended June 30, 2015 and 2014 , respectively, and $2.1 million and $12.7 million for the six months ended June 30, 2015 and 2014 , respectively, and reflects a decrease attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014. (b) We include in land lease expense percentage rent of $2.2 million and $1.7 million for the three months ended June 30, 2015 and 2014 , respectively, and $3.7 million and $2.7 million for the six months ended June 30, 2015 and 2014 , respectively. |
Hotel Dispositions
Hotel Dispositions | 6 Months Ended |
Jun. 30, 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, 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. We only apply these new provisions prospectively; consequently, we continue to report hotels that were considered discontinued operations for the year ended December 31, 2013 and prior years as discontinued operations in all periods presented. During the six months ended June 30, 2015 , we sold six hotels and had two hotels held for sale at June 30, 2015 . In 2014, we sold three hotels not previously held for sale during the six months ended June 30, 2014 and had two hotels held for sale at June 30, 2014 . We designate a hotel as held for sale when the sale is probable within the next twelve months. 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 and six months ended June 30, 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 (the remaining hotel was held for sale as of December 31, 2013), six hotels sold during the six months ended June 30, 2015 , and two hotels held for sale at June 30, 2015 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Hotel operating revenue $ 11,244 $ 52,498 $ 29,260 $ 102,966 Operating expenses (9,078 ) (50,693 ) (23,620 ) (100,223 ) Operating income 2,166 1,805 5,640 2,743 Interest expense, net (436 ) (472 ) (1,031 ) (1,279 ) Debt extinguishment (237 ) (18 ) (309 ) (18 ) Equity in income from unconsolidated entities 6,894 1,886 7,098 2,518 Income from continuing operations 8,387 3,201 11,398 3,964 Gain (loss) on sale of hotels, net (550 ) 15,626 16,337 21,083 Net income 7,837 18,827 27,735 25,047 Net loss (income) attributable to noncontrolling interests in other partnerships 26 (367 ) (5,191 ) (484 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (34 ) (89 ) (97 ) (118 ) Net income attributable to FelCor $ 7,829 $ 18,371 $ 22,447 $ 24,445 |
Income (Loss) Per Share_Unit
Income (Loss) Per Share/Unit | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Income (loss) Per Share/Unit | Income (Loss) Per Share/Unit The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): FelCor Income (Loss) Per Share Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to FelCor $ (3,284 ) $ 24,281 $ 3,499 $ 9,463 Discontinued operations attributable to FelCor 75 (5 ) 71 (139 ) Income (loss) from continuing operations attributable to FelCor (3,209 ) 24,276 3,570 9,324 Less: Preferred dividends (7,903 ) (9,678 ) (17,581 ) (19,356 ) Less: Redemption of preferred stock (6,096 ) — (6,096 ) — Less: Dividends declared on unvested restricted stock (13 ) (2 ) (26 ) (3 ) Less: Undistributed earnings allocated to unvested restricted stock — (6 ) — — Numerator for continuing operations attributable to FelCor common stockholders (17,221 ) 14,590 (20,133 ) (10,035 ) Discontinued operations attributable to FelCor (75 ) 5 (71 ) 139 Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ (17,296 ) $ 14,595 $ (20,204 ) $ (9,896 ) Denominator: Denominator for basic income (loss) per share 140,322 124,169 132,465 124,158 Denominator for diluted income (loss) per share 140,322 125,386 132,465 124,158 Basic and diluted income (loss) per share data: Income (loss) from continuing operations $ (0.12 ) $ 0.12 $ (0.15 ) $ (0.08 ) Discontinued operations $ — $ — $ — $ — Net income (loss) $ (0.12 ) $ 0.12 $ (0.15 ) $ (0.08 ) 8. Income (Loss) Per Share/Unit — (continued) FelCor LP Income (Loss) Per Unit Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to FelCor LP $ (3,359 ) $ 24,352 $ 3,410 $ 9,413 Discontinued operations attributable to FelCor LP 75 (5 ) 71 (140 ) Income (loss) from continuing operations attributable to FelCor LP (3,284 ) 24,347 3,481 9,273 Less: Preferred distributions (7,903 ) (9,678 ) (17,581 ) (19,356 ) Less: Redemption of preferred units (6,096 ) — (6,096 ) — Less: Distributions declared on FelCor unvested restricted stock (13 ) (2 ) (26 ) (3 ) Less: Undistributed earnings allocated to FelCor unvested restricted stock — (6 ) — — Numerator for continuing operations attributable to FelCor LP common unitholders (17,296 ) 14,661 (20,222 ) (10,086 ) Discontinued operations attributable to FelCor LP (75 ) 5 (71 ) 140 Numerator for basic and diluted income (loss) attributable to FelCor common unitholders $ (17,371 ) $ 14,666 $ (20,293 ) $ (9,946 ) Denominator: Denominator for basic income (loss) per unit 140,933 124,783 133,076 124,774 Denominator for diluted income (loss) per unit 140,933 126,000 133,076 124,774 Basic and diluted income (loss) per unit data: Income (loss) from continuing operations $ (0.12 ) $ 0.12 $ (0.15 ) $ (0.08 ) Discontinued operations $ — $ — $ — $ — Net income (loss) $ (0.12 ) $ 0.12 $ (0.15 ) $ (0.08 ) We include the net gain (loss) on sale of hotels attributable to FelCor/FelCor LP in income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations. We do not include the following securities because they would have been antidilutive for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Series A convertible preferred shares/units 9,984 9,985 9,984 9,985 FelCor restricted stock units 1,478 — 1,332 1,020 8. Income (Loss) Per Share/Unit — (continued) Series A preferred dividends (distributions) that would be excluded from net income (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 June 30, 2015 and 2014 , and $12.6 million for the six months ended June 30, 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 ten 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 Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 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 debt for which trading prices are publicly available is based on observable market data (a Level 2 input) and has an estimated fair value of $1.0 billion and $1.1 billion at June 30, 2015 and December 31, 2014 , respectively; and (iii) our debt for which trading prices are not publicly available 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 $545.5 million and $548.2 million at June 30, 2015 and December 31, 2014 , respectively. The estimated fair value of all our debt was $1.6 billion at June 30, 2015 and December 31, 2014 . The carrying value of our debt was $1.5 billion and $1.6 billion at June 30, 2015 and December 31, 2014 , respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 6 Months Ended |
Jun. 30, 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. 10. Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units — (continued) At June 30, 2015 , we had 611,462 limited partnership units outstanding carried at $6.0 million . The value of these outstanding units is based on the closing price of FelCor’s common stock at June 30, 2015 ( $9.88 per share). Changes in redeemable noncontrolling interests (or redeemable units) for the six months ended June 30, 2015 and 2014 are shown below (in thousands): Six Months Ended June 30, 2015 2014 Balance at beginning of period $ 6,616 $ 5,039 Conversion of units — (44 ) Redemption value allocation (439 ) 1,519 Distributions paid to unitholders (47 ) (24 ) Comprehensive loss: Net loss (89 ) (50 ) Balance at end of period $ 6,041 $ 6,440 |
Consolidated Joint Venture Pref
Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital | 6 Months Ended |
Jun. 30, 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 redeemable preferred equity under the EB-5 immigrant investor program. The purchasers receive a 3.25% current annual return (which increases to 8% if we do not redeem this equity interest before the fifth anniversary of its issuance), plus a 0.25% non-compounding annual return payable at redemption. The venture received $42.0 million in gross proceeds ( $41.4 million net of issuance costs) in 2014 and $1.8 million during the six months ended June 30, 2015 . The venture will receive the remaining $1.2 million 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) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingency | Contingency One of our consolidated subsidiaries has been 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 estimate of our maximum exposure for this contingency. We paid the disputed amount in January 2015 but continued asserting our contractual rights. In June 2015, we settled the commercial dispute and recovered $3.7 million (net of legal costs) of the expense recorded in 2014, which we have recorded in other revenue for the three and six months ended June 30, 2015. |
Recently Issue Accounting Stand
Recently Issue Accounting Standards Recently Issue Accounting Standards | 6 Months Ended |
Jun. 30, 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. 13. Recently Issued Accounting Standards — (continued) 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 permitted but not before the original effective date (for annual reporting periods beginning after December 15, 2016). We are evaluating what impact (if any) ASU 2014-09 will have on 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 evaluating what impact (if any) adopting ASU 2015-03 will have on our financial position or results of operations. |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 6 Months Ended |
Jun. 30, 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/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor 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.; 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 June 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 649,072 $ 1,075,471 $ — $ 1,724,543 Hotel development — — 51,191 — 51,191 Equity investment in consolidated entities 1,254,819 — — (1,254,819 ) — Investment in unconsolidated entities 4,854 5,202 1,287 — 11,343 Hotels held for sale — — 36,173 — 36,173 Cash and cash equivalents 70,742 33,916 1,449 — 106,107 Restricted cash — 13,548 10,012 — 23,560 Accounts receivable, net 469 35,805 17,153 — 53,427 Deferred expenses, net 16,529 — 9,779 — 26,308 Other assets 6,737 9,741 2,830 — 19,308 Total assets $ 1,354,150 $ 747,284 $ 1,205,345 $ (1,254,819 ) $ 2,051,960 Debt $ 1,000,000 $ — $ 574,692 $ (39,436 ) $ 1,535,256 Distributions payable 12,288 — 118 — 12,406 Accrued expenses and other liabilities 25,661 90,986 19,265 — 135,912 Total liabilities 1,037,949 90,986 594,075 (39,436 ) 1,683,574 Redeemable units, at redemption value 6,041 — — — 6,041 Preferred units 309,337 — — — 309,337 Common units 823 656,563 558,820 (1,215,383 ) 823 Total FelCor LP partners’ capital 310,160 656,563 558,820 (1,215,383 ) 310,160 Noncontrolling interests — (265 ) 9,262 — 8,997 Preferred capital in consolidated joint venture — — 43,188 — 43,188 Total partners’ capital 310,160 656,298 611,270 (1,215,383 ) 362,345 Total liabilities and partners’ capital $ 1,354,150 $ 747,284 $ 1,205,345 $ (1,254,819 ) $ 2,051,960 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 $ — $ 883,189 $ 716,602 $ — $ 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 11,531 7,489 — 23,886 Total assets $ 1,400,489 $ 972,699 $ 1,095,940 $ (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 94,154 14,153 — 135,481 Total liabilities 1,090,883 94,154 590,925 (40,787 ) 1,735,175 Redeemable units, at redemption value 6,616 — — — 6,616 Preferred units 478,749 — — — 478,749 Common units (175,759 ) 878,698 444,985 (1,323,683 ) (175,759 ) Total FelCor LP partners’ capital 302,990 878,698 444,985 (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 302,990 878,545 505,015 (1,323,683 ) 362,867 Total liabilities and partners’ capital $ 1,400,489 $ 972,699 $ 1,095,940 $ (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 June 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 236,049 $ — $ — $ 236,049 Percentage lease revenue — — 42,755 (42,755 ) — Other revenue 107 4,800 147 — 5,054 Total revenues 107 240,849 42,902 (42,755 ) 241,103 Expenses: Hotel operating expenses — 147,025 — — 147,025 Taxes, insurance and lease expense 105 53,559 5,670 (42,755 ) 16,579 Corporate expenses (138 ) 3,909 2,759 — 6,530 Depreciation and amortization 47 14,175 14,528 — 28,750 Other expenses 3 1,463 (55 ) — 1,411 Total operating expenses 17 220,131 22,902 (42,755 ) 200,295 Operating income 90 20,718 20,000 — 40,808 Interest expense, net (14,572 ) 3 (5,709 ) — (20,278 ) Debt extinguishment (28,446 ) — (2,377 ) — (30,823 ) Other gains, net — — 166 — 166 Loss before equity in income from unconsolidated entities (42,928 ) 20,721 12,080 — (10,127 ) Equity in income from consolidated entities 32,380 — — (32,380 ) — Equity in income from unconsolidated entities 7,297 227 (11 ) — 7,513 Loss from continuing operations (3,251 ) 20,948 12,069 (32,380 ) (2,614 ) Loss from discontinued operations — — (83 ) — (83 ) Loss before loss on sale of hotels (3,251 ) 20,948 11,986 (32,380 ) (2,697 ) Loss on sale of hotels, net (108 ) (3 ) (439 ) — (550 ) Net loss (3,359 ) 20,945 11,547 (32,380 ) (3,247 ) Loss attributable to noncontrolling interests — 251 (4 ) — 247 Preferred distributions - consolidated joint venture — — (359 ) — (359 ) Net loss attributable to FelCor LP (3,359 ) 21,196 11,184 (32,380 ) (3,359 ) Preferred distributions (7,903 ) — — — (7,903 ) Redemption of preferred units (6,096 ) — — — (6,096 ) Net loss attributable to FelCor LP common unitholders $ (17,358 ) $ 21,196 $ 11,184 $ (32,380 ) $ (17,358 ) 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 258,279 $ — $ — $ 258,279 Percentage lease revenue 1,910 — 28,628 (30,538 ) — Other revenue 1 1,082 153 — 1,236 Total revenues 1,911 259,361 28,781 (30,538 ) 259,515 Expenses: Hotel operating expenses — 162,700 — — 162,700 Taxes, insurance and lease expense 450 53,325 3,755 (30,538 ) 26,992 Corporate expenses 149 4,934 2,564 — 7,647 Depreciation and amortization 992 16,880 11,210 — 29,082 Other expenses — 789 1,325 — 2,114 Total operating expenses 1,591 238,628 18,854 (30,538 ) 228,535 Operating income 320 20,733 9,927 — 30,980 Interest expense, net (20,300 ) (306 ) (3,889 ) — (24,495 ) Debt extinguishment — — (27 ) — (27 ) Other gains, net — 100 — — 100 Income before equity in income from unconsolidated entities (19,980 ) 20,527 6,011 — 6,558 Equity in income from consolidated entities 42,238 — — (42,238 ) — Equity in income from unconsolidated entities 2,315 462 (11 ) — 2,766 Income from continuing operations 24,573 20,989 6,000 (42,238 ) 9,324 Income from discontinued operations — 5 — — 5 Income before gain on sale of hotels 24,573 20,994 6,000 (42,238 ) 9,329 Gain on sale of hotels, net (221 ) (15 ) 15,862 — 15,626 Net income 24,352 20,979 21,862 (42,238 ) 24,955 Income attributable to noncontrolling interests — (113 ) (149 ) — (262 ) Preferred distributions - consolidated joint venture — — (341 ) — (341 ) Net income attributable to FelCor LP 24,352 20,866 21,372 (42,238 ) 24,352 Preferred distributions (9,678 ) — — — (9,678 ) Net income attributable to FelCor LP common unitholders $ 14,674 $ 20,866 $ 21,372 $ (42,238 ) $ 14,674 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 449,334 $ — $ — $ 449,334 Percentage lease revenue — — 80,520 (80,520 ) — Other revenue 108 5,147 209 — 5,464 Total revenues 108 454,481 80,729 (80,520 ) 454,798 Expenses: Hotel operating expenses — 290,661 — — 290,661 Taxes, insurance and lease expense (49 ) 101,963 10,161 (80,520 ) 31,555 Corporate expenses — 8,631 6,472 — 15,103 Depreciation and amortization 89 29,504 26,929 — 56,522 Other expenses 3 5,509 127 — 5,639 Total operating expenses 43 436,268 43,689 (80,520 ) 399,480 Operating income 65 18,213 37,040 — 55,318 Interest expense, net (28,312 ) 6 (11,453 ) — (39,759 ) Debt extinguishment (28,446 ) — (2,450 ) — (30,896 ) Other gains, net — — 166 — 166 Loss before equity in income from unconsolidated entities (56,693 ) 18,219 23,303 — (15,171 ) Equity in income from consolidated entities 52,738 — — (52,738 ) — Equity in income from unconsolidated entities 7,644 41 (23 ) — 7,662 Loss from continuing operations 3,689 18,260 23,280 (52,738 ) (7,509 ) Loss from discontinued operations — 4 (83 ) — (79 ) Loss before gain on sale of hotels 3,689 18,264 23,197 (52,738 ) (7,588 ) Gain on sale of hotels, net (279 ) (12 ) 16,628 — 16,337 Net income 3,410 18,252 39,825 (52,738 ) 8,749 Income attributable to noncontrolling interests — 510 (5,142 ) — (4,632 ) Preferred distributions - consolidated joint venture — — (707 ) — (707 ) Net income attributable to FelCor LP 3,410 18,762 33,976 (52,738 ) 3,410 Preferred distributions (17,581 ) — — — (17,581 ) Redemption of preferred units (6,096 ) — — — (6,096 ) Net loss attributable to FelCor LP common unitholders $ (20,267 ) $ 18,762 $ 33,976 $ (52,738 ) $ (20,267 ) 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 479,301 $ — $ — $ 479,301 Percentage lease revenue 3,309 — 58,496 (61,805 ) — Other revenue 2 1,348 213 — 1,563 Total revenues 3,311 480,649 58,709 (61,805 ) 480,864 Expenses: Hotel operating expenses — 316,814 — — 316,814 Taxes, insurance and lease expense 870 103,957 7,603 (61,805 ) 50,625 Corporate expenses 272 9,630 5,570 — 15,472 Depreciation and amortization 1,984 33,532 23,167 — 58,683 Other expenses 35 1,628 2,465 — 4,128 Total operating expenses 3,161 465,561 38,805 (61,805 ) 445,722 Operating income 150 15,088 19,904 — 35,142 Interest expense, net (40,784 ) (634 ) (8,304 ) — (49,722 ) Debt extinguishment — — (33 ) — (33 ) Other gains, net — 100 — — 100 Loss before equity in income from unconsolidated entities (40,634 ) 14,554 11,567 — (14,513 ) Equity in income from consolidated entities 47,381 — — (47,381 ) — Equity in income from unconsolidated entities 3,115 317 (23 ) — 3,409 Loss from continuing operations 9,862 14,871 11,544 (47,381 ) (11,104 ) Income from discontinued operations — 34 106 — 140 Loss before gain on sale of hotels 9,862 14,905 11,650 (47,381 ) (10,964 ) Gain on sale of hotels, net (449 ) (28 ) 21,560 — 21,083 Net income 9,413 14,877 33,210 (47,381 ) 10,119 Income attributable to noncontrolling interests — 21 (205 ) — (184 ) Preferred distributions - consolidated joint venture — — (522 ) — (522 ) Net income attributable to FelCor LP 9,413 14,898 32,483 (47,381 ) 9,413 Preferred distributions (19,356 ) — — — (19,356 ) Net loss attributable to FelCor LP common unitholders $ (9,943 ) $ 14,898 $ 32,483 $ (47,381 ) $ (9,943 ) 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net loss $ (3,359 ) $ 20,945 $ 11,547 $ (32,380 ) $ (3,247 ) Foreign currency translation adjustment — — — — — Comprehensive loss (3,359 ) 20,945 11,547 (32,380 ) (3,247 ) Comprehensive loss attributable to noncontrolling interests — 251 (4 ) — 247 Preferred distributions - consolidated joint venture — — (359 ) — (359 ) Comprehensive loss attributable to FelCor LP $ (3,359 ) $ 21,196 $ 11,184 $ (32,380 ) $ (3,359 ) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ 24,352 $ 20,979 $ 21,862 $ (42,238 ) $ 24,955 Foreign currency translation adjustment 575 65 510 (575 ) 575 Comprehensive income 24,927 21,044 22,372 (42,813 ) 25,530 Comprehensive income attributable to noncontrolling interests — (113 ) (149 ) — (262 ) Preferred distributions - consolidated joint venture — — (341 ) — (341 ) Comprehensive income attributable to FelCor LP $ 24,927 $ 20,931 $ 21,882 $ (42,813 ) $ 24,927 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ 3,410 $ 18,252 $ 39,825 $ (52,738 ) $ 8,749 Foreign currency translation adjustment — — — — — Comprehensive income 3,410 18,252 39,825 (52,738 ) 8,749 Comprehensive income attributable to noncontrolling interests — 510 (5,142 ) — (4,632 ) Preferred distributions - consolidated joint venture — — (707 ) — (707 ) Comprehensive income attributable to FelCor LP $ 3,410 $ 18,762 $ 33,976 $ (52,738 ) $ 3,410 FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ 9,413 $ 14,877 $ 33,210 $ (47,381 ) $ 10,119 Foreign currency translation adjustment (45 ) (18 ) (27 ) 45 (45 ) Comprehensive income 9,368 14,859 33,183 (47,336 ) 10,074 Comprehensive income attributable to noncontrolling interests — 21 (205 ) — (184 ) Preferred distributions - consolidated joint venture — — (522 ) — (522 ) Comprehensive income attributable to FelCor LP $ 9,368 $ 14,880 $ 32,456 $ (47,336 ) $ 9,368 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (27,500 ) $ 39,296 $ 57,144 $ — $ 68,940 Investing activities: Improvements and additions to hotels (129 ) (15,847 ) (9,781 ) — (25,757 ) Hotel development — — (21,637 ) — (21,637 ) Net proceeds from asset sales (306 ) 10 134,174 — 133,878 Insurance proceeds 274 — — — 274 Change in restricted cash - investing — (1,350 ) (1,714 ) — (3,064 ) Distributions from unconsolidated entities 6,303 — — — 6,303 Intercompany financing 167,009 — — (167,009 ) — Cash flows from investing activities 173,151 (17,187 ) 101,042 (167,009 ) 89,997 Financing activities: Proceeds from borrowings 475,000 — 504,000 — 979,000 Repayment of borrowings (545,440 ) — (504,616 ) — (1,050,056 ) Payment of deferred financing fees (8,261 ) — (5,661 ) — (13,922 ) Distributions paid to noncontrolling interests — (85 ) (15,893 ) — (15,978 ) Contributions from noncontrolling interests — 483 1,425 — 1,908 Redemption of preferred units (169,986 ) — — — (169,986 ) Distributions paid to preferred unitholders (19,847 ) — — — (19,847 ) Distributions paid to common unitholders (10,765 ) — — — (10,765 ) Net proceeds from issuance of preferred capital - consolidated joint venture — — 1,746 — 1,746 Net proceeds from common stock issuance 198,720 — — — 198,720 Intercompany financing — (21,471 ) (145,538 ) 167,009 — Other (47 ) — (707 ) — (754 ) Cash flows from financing activities (80,626 ) (21,073 ) (165,244 ) 167,009 (99,934 ) Effect of exchange rate changes on cash — (43 ) — — (43 ) Change in cash and cash equivalents 65,025 993 (7,058 ) — 58,960 Cash and cash equivalents at beginning of period 5,717 32,923 8,507 — 47,147 Cash and cash equivalents at end of period $ 70,742 $ 33,916 $ 1,449 $ — $ 106,107 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (38,098 ) $ 55,424 $ 36,795 $ — $ 54,121 Investing activities: Improvements and additions to hotels (685 ) (29,305 ) (18,042 ) — (48,032 ) Hotel development — — (48,178 ) — (48,178 ) Net proceeds from asset sales (419 ) (56 ) 94,083 — 93,608 Insurance proceeds — 255 — — 255 Change in restricted cash - investing — (1,533 ) 12,714 — 11,181 Distributions from unconsolidated entities 3,406 500 — — 3,906 Intercompany financing 67,733 — — (67,733 ) — Cash flows from investing activities 70,035 (30,139 ) 40,577 (67,733 ) 12,740 Financing activities: Proceeds from borrowings — — 140,500 — 140,500 Repayment of borrowings — — (205,904 ) — (205,904 ) Distributions paid to preferred unitholders (19,356 ) — — — (19,356 ) Distributions paid to common unitholders (4,968 ) — — — (4,968 ) Distributions paid to noncontrolling interests — (626 ) (6,428 ) — (7,054 ) Contributions from noncontrolling interests — 605 4,464 — 5,069 Net proceeds from issuance of preferred capital- consolidated joint venture — — 40,994 — 40,994 Intercompany financing — (13,511 ) (54,222 ) 67,733 — Other (24 ) — (416 ) — (440 ) Cash flows from financing activities (24,348 ) (13,532 ) (81,012 ) 67,733 (51,159 ) Effect of exchange rate changes on cash — (3 ) — — (3 ) Change in cash and cash equivalents 7,589 11,750 (3,640 ) — 15,699 Cash and cash equivalents at beginning of period 5,227 33,283 7,135 — 45,645 Cash and cash equivalents at end of period $ 12,816 $ 45,033 $ 3,495 $ — $ 61,344 |
Recently Issue Accounting Sta24
Recently Issue Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 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. 13. Recently Issued Accounting Standards — (continued) 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 permitted but not before the original effective date (for annual reporting periods beginning after December 15, 2016). We are evaluating what impact (if any) ASU 2014-09 will have on 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 evaluating what impact (if any) adopting ASU 2015-03 will have on our financial position or results of operations. |
Organization (Tables)
Organization (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization [Abstract] | |
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution of our 40 Consolidated Hotels at June 30, 2015 : Brand Hotels Rooms Embassy Suites Hotels ® 18 4,982 Wyndham ® and Wyndham Grand ® 8 2,528 Marriott ® and Renaissance ® 3 1,321 Holiday Inn ® 2 968 DoubleTree by Hilton ® and Hilton ® 3 802 Sheraton ® 2 673 Fairmont ® 1 383 The Knickerbocker 1 330 Morgans and Royalton 2 285 Total 40 12,272 |
Investment in Unconsolidated 26
Investment in Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2015 2014 Investment in hotels and other properties, net of accumulated depreciation $ 19,897 $ 30,288 Total assets $ 33,760 $ 45,374 Debt $ 23,121 $ 34,192 Total liabilities $ 26,118 $ 36,974 Equity $ 7,642 $ 8,400 |
Schedule of Combined Statement of Operations Information of Unconsolidated Entities | The following table (which, among other things, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenues $ 10,410 $ 22,327 $ 16,979 $ 36,945 Net income $ 21,519 $ 6,462 $ 22,069 $ 8,678 Net income attributable to FelCor $ 10,760 $ 3,231 $ 11,035 $ 4,339 Cost in excess of joint venture book value of sold hotel (3,140 ) — (3,140 ) — Depreciation of cost in excess of book value (107 ) (465 ) (233 ) (930 ) Equity in income from unconsolidated entities $ 7,513 $ 2,766 $ 7,662 $ 3,409 |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investments in unconsolidated entities (in thousands): June 30, December 31, 2015 2014 Equity basis of hotel joint venture investments $ (3,102 ) $ (3,265 ) Cost of hotel investments in excess of joint venture book value 7,522 10,895 Equity basis of land and condominium joint venture investments 6,923 7,465 Investment in unconsolidated entities $ 11,343 $ 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Hotel investments $ 7,455 $ 2,722 $ 8,203 $ 3,993 Other investments 58 44 (541 ) (584 ) Equity in income from unconsolidated entities $ 7,513 $ 2,766 $ 7,662 $ 3,409 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity June 30, December 31, Hotels Rate (%) Date 2015 2014 Senior unsecured notes — 6.00 June 2025 $ 475,000 $ — Senior secured notes 9 5.625 March 2023 525,000 525,000 Mortgage debt (a) 4 4.95 October 2022 123,422 124,278 Mortgage debt 1 4.94 October 2022 30,973 31,228 Line of credit 7 LIBOR + 2.75 June 2019 (b) 316,000 — The Knickerbocker loan (c) Construction tranche 1 LIBOR + 4.00 May 2016 58,562 58,562 Cash collateralized tranche — LIBOR + 1.25 May 2016 6,299 6,299 Retired debt — — — — 840,500 Total 22 $ 1,535,256 $ 1,585,867 (a) This debt is comprised of separate non-cross-collateralized loans, each secured by a mortgage encumbering different hotels. (b) Our line of credit can be extended for one year (to 2020), subject to satisfying certain conditions. (c) This construction loan (total capacity of $85.0 million ) finances the redevelopment of The Knickerbocker and can be extended for one year, subject to satisfying certain conditions. |
Hotel Operating Revenue, Depa28
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Room revenue $ 182,066 $ 200,238 $ 344,372 $ 370,067 Food and beverage revenue 42,151 45,471 81,995 85,256 Other operating departments 11,832 12,570 22,967 23,978 Total hotel operating revenue $ 236,049 $ 258,279 $ 449,334 $ 479,301 |
Schedule of Hotel Departmental Expenses | Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Three Months Ended June 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 44,423 18.8 % $ 50,585 19.6 % Food and beverage 31,278 13.3 33,066 12.8 Other operating departments 4,331 1.8 5,977 2.3 Total hotel departmental expenses $ 80,032 33.9 % $ 89,628 34.7 % Six Months Ended June 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 86,934 19.3 % $ 97,318 20.3 % Food and beverage 61,974 13.8 64,253 13.4 Other operating departments 8,780 2.0 11,580 2.4 Total hotel departmental expenses $ 157,688 35.1 % $ 173,151 36.1 % |
Schedule of Other Property-Related Costs | Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Three Months Ended June 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 20,532 8.7 % $ 21,133 8.2 % Marketing 20,397 8.6 21,150 8.2 Repair and maintenance 9,742 4.1 11,332 4.4 Utilities 7,120 3.1 9,297 3.6 Total other property-related costs $ 57,791 24.5 % $ 62,912 24.4 % 5. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Six Months Ended June 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 39,895 8.9 % $ 40,967 8.5 % Marketing 39,700 8.8 41,221 8.6 Repair and maintenance 20,092 4.5 23,019 4.8 Utilities 14,999 3.3 19,283 4.1 Total other property-related costs $ 114,686 25.5 % $ 124,490 26.0 % |
Taxes, Insurance and Lease Ex29
Taxes, Insurance and Lease Expense (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Hotel lease expense (a) $ 2,134 $ 13,296 $ 4,238 $ 23,687 Land lease expense (b) 3,733 3,160 6,792 5,622 Real estate and other taxes 8,836 8,025 16,695 16,133 Property insurance, general liability insurance and other 1,876 2,511 3,830 5,183 Total taxes, insurance and lease expense $ 16,579 $ 26,992 $ 31,555 $ 50,625 (a) We record hotel lease expense for the consolidated operating lessees of hotels owned by unconsolidated entities and partially offset this expense through noncontrolling interests in other partnerships (generally 49% ). We record our 50% share of the corresponding lease income through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $1.2 million and $7.8 million for the three months ended June 30, 2015 and 2014 , respectively, and $2.1 million and $12.7 million for the six months ended June 30, 2015 and 2014 , respectively, and reflects a decrease attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014. (b) We include in land lease expense percentage rent of $2.2 million and $1.7 million for the three months ended June 30, 2015 and 2014 , respectively, and $3.7 million and $2.7 million for the six months ended June 30, 2015 and 2014 , respectively. |
Hotel Dispositions (Tables)
Hotel Dispositions (Tables) | 6 Months Ended |
Jun. 30, 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 (the remaining hotel was held for sale as of December 31, 2013), six hotels sold during the six months ended June 30, 2015 , and two hotels held for sale at June 30, 2015 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Hotel operating revenue $ 11,244 $ 52,498 $ 29,260 $ 102,966 Operating expenses (9,078 ) (50,693 ) (23,620 ) (100,223 ) Operating income 2,166 1,805 5,640 2,743 Interest expense, net (436 ) (472 ) (1,031 ) (1,279 ) Debt extinguishment (237 ) (18 ) (309 ) (18 ) Equity in income from unconsolidated entities 6,894 1,886 7,098 2,518 Income from continuing operations 8,387 3,201 11,398 3,964 Gain (loss) on sale of hotels, net (550 ) 15,626 16,337 21,083 Net income 7,837 18,827 27,735 25,047 Net loss (income) attributable to noncontrolling interests in other partnerships 26 (367 ) (5,191 ) (484 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (34 ) (89 ) (97 ) (118 ) Net income attributable to FelCor $ 7,829 $ 18,371 $ 22,447 $ 24,445 |
Schedule of Condensed Financial Information for Discontinued Operations |
Income (Loss) Per Share_Unit (T
Income (Loss) Per Share/Unit (Tables) | 6 Months Ended |
Jun. 30, 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 income (loss) per share/unit (in thousands, except per share/unit data): FelCor Income (Loss) Per Share Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to FelCor $ (3,284 ) $ 24,281 $ 3,499 $ 9,463 Discontinued operations attributable to FelCor 75 (5 ) 71 (139 ) Income (loss) from continuing operations attributable to FelCor (3,209 ) 24,276 3,570 9,324 Less: Preferred dividends (7,903 ) (9,678 ) (17,581 ) (19,356 ) Less: Redemption of preferred stock (6,096 ) — (6,096 ) — Less: Dividends declared on unvested restricted stock (13 ) (2 ) (26 ) (3 ) Less: Undistributed earnings allocated to unvested restricted stock — (6 ) — — Numerator for continuing operations attributable to FelCor common stockholders (17,221 ) 14,590 (20,133 ) (10,035 ) Discontinued operations attributable to FelCor (75 ) 5 (71 ) 139 Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ (17,296 ) $ 14,595 $ (20,204 ) $ (9,896 ) Denominator: Denominator for basic income (loss) per share 140,322 124,169 132,465 124,158 Denominator for diluted income (loss) per share 140,322 125,386 132,465 124,158 Basic and diluted income (loss) per share data: Income (loss) from continuing operations $ (0.12 ) $ 0.12 $ (0.15 ) $ (0.08 ) Discontinued operations $ — $ — $ — $ — Net income (loss) $ (0.12 ) $ 0.12 $ (0.15 ) $ (0.08 ) |
Schedule Securities Excluded from Computation of Earnings Per Share | ecurities because they would have been antidilutive for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Series A convertible preferred shares/units 9,984 9,985 9,984 9,985 FelCor restricted stock units 1,478 — 1,332 1,020 |
FelCor Lodging LP [Member] | |
Earnings Per Share/Unit [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Income (Loss) Per Unit Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to FelCor LP $ (3,359 ) $ 24,352 $ 3,410 $ 9,413 Discontinued operations attributable to FelCor LP 75 (5 ) 71 (140 ) Income (loss) from continuing operations attributable to FelCor LP (3,284 ) 24,347 3,481 9,273 Less: Preferred distributions (7,903 ) (9,678 ) (17,581 ) (19,356 ) Less: Redemption of preferred units (6,096 ) — (6,096 ) — Less: Distributions declared on FelCor unvested restricted stock (13 ) (2 ) (26 ) (3 ) Less: Undistributed earnings allocated to FelCor unvested restricted stock — (6 ) — — Numerator for continuing operations attributable to FelCor LP common unitholders (17,296 ) 14,661 (20,222 ) (10,086 ) Discontinued operations attributable to FelCor LP (75 ) 5 (71 ) 140 Numerator for basic and diluted income (loss) attributable to FelCor common unitholders $ (17,371 ) $ 14,666 $ (20,293 ) $ (9,946 ) Denominator: Denominator for basic income (loss) per unit 140,933 124,783 133,076 124,774 Denominator for diluted income (loss) per unit 140,933 126,000 133,076 124,774 Basic and diluted income (loss) per unit data: Income (loss) from continuing operations $ (0.12 ) $ 0.12 $ (0.15 ) $ (0.08 ) Discontinued operations $ — $ — $ — $ — Net income (loss) $ (0.12 ) $ 0.12 $ (0.15 ) $ (0.08 ) |
Redeemable Noncontrolling Int32
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) for the six months ended June 30, 2015 and 2014 are shown below (in thousands): Six Months Ended June 30, 2015 2014 Balance at beginning of period $ 6,616 $ 5,039 Conversion of units — (44 ) Redemption value allocation (439 ) 1,519 Distributions paid to unitholders (47 ) (24 ) Comprehensive loss: Net loss (89 ) (50 ) Balance at end of period $ 6,041 $ 6,440 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015USD ($)RoomsHotelsStatesshares | Dec. 31, 2014USD ($)Hotelsshares | |
Real Estate Properties [Line Items] | ||
Ownership percentage by parent | 99.50% | |
Number of hotels | 13 | |
Hotel development | $ | $ 297,466 | |
Net investment in hotels | $ | $ 1,724,543 | $ 1,599,791 |
Aggregate shares and units outstanding (in shares) | shares | 143,939,535 | |
Common stock, shares outstanding (in shares) | shares | 143,328,073 | |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 611,000 | 611,000 |
Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Rooms | 40 | |
UNITED STATES | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of states (in states) | States | 15 | |
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 | 6 | |
MASSACHUSETTS | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 3 | |
California, Florida, Massachusetts [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of states (in states) | States | 3 | |
Percent of revenues generated from three states | 61.00% | |
Thirty-Nine Hotels [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 39 | |
One Hundred Percent Owned [Member] | Thirty-Eight Hotels [Member] | Wholly Owned Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Ownership percentage by parent | 100.00% | |
One Hundred Percent Owned [Member] | Thirty-Eight Hotels [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 38 | |
Fifty Percent Owned [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Equity Method Investment, Ownership Percentage | 50.00% | |
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% | |
Operated With A Lease [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 40 | |
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 Worldwide [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 20 | |
Wyndham Worldwide [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 | 2 | |
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 Raffles Hotels International [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] | ||
Hotel development | $ | $ 51,191 | $ 297,466 |
Net investment in hotels | $ | $ 1,724,543 | $ 1,599,791 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 611,462 | |
The Knickerbocker | Ninety-five Percent Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Hotel development | $ | $ 51,191 | |
Net investment in hotels | $ | $ 274,700 | |
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 | 43 | |
Ownership in all properties, excluding held for sale | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 41 | |
Assets Held-for-sale [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 2 |
Organization (Schedule of Distr
Organization (Schedule of Distribution of Consolidated Hotels) (Details) | Jun. 30, 2015RoomsHotels | Dec. 31, 2014Hotels |
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 13 | |
Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 40 | |
Number of rooms (in rooms) | 12,272 | |
Embassy Suites Hotels® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 18 | |
Number of rooms (in rooms) | 4,982 | |
Wyndham® and Wyndham Grand® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 8 | |
Number of rooms (in rooms) | 2,528 | |
Marriott® and Renaissance® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 3 | |
Number of rooms (in rooms) | 1,321 | |
Holiday Inn® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 2 | |
Number of rooms (in rooms) | 968 | |
DoubleTree by Hilton® and Hilton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 3 | |
Number of rooms (in rooms) | 802 | |
Sheraton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 2 | |
Number of rooms (in rooms) | 673 | |
Fairmont® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 1 | |
Number of rooms (in rooms) | 383 | |
The Knickerbocker | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 1 | |
Number of rooms (in rooms) | 330 | |
Morgans and Royalton | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 2 | |
Number of rooms (in rooms) | 285 |
Investment in Unconsolidated 35
Investment in Unconsolidated Entities (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Hotels | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Hotels | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)Hotels | |
Schedule of Equity Method Investments [Line Items] | |||||
Gain (loss) on sale of hotels, net | $ (550) | $ 15,626 | $ 16,337 | $ 21,083 | |
Number of hotels | Hotels | 13 | ||||
Long-term Debt | 1,535,256 | $ 1,535,256 | $ 1,585,867 | ||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Gain (loss) on sale of hotels, net | $ 7,100 | ||||
Two 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 | Hotels | 2 | 2 | |||
Three Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Number of hotels | Hotels | 3 | ||||
One Hotel [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 | 1 | 1 | |||
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% | 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% | 50.00% | |||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of hotels | Hotels | 1 | 1 | |||
Secured Debt [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Repayments of Secured Debt | $ 13,000 | ||||
Secured Debt [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Repayments of Secured Debt | $ 10,500 |
Investment in Unconsolidated 36
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $ 19,897 | $ 30,288 |
Total assets | 33,760 | 45,374 |
Debt | 23,121 | 34,192 |
Total liabilities | 26,118 | 36,974 |
Equity | 7,642 | 8,400 |
Long-term Debt | $ 1,535,256 | $ 1,585,867 |
Investment in Unconsolidated 37
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Real Estate Properties [Line Items] | ||||
Total revenues | $ 10,410 | $ 22,327 | $ 16,979 | $ 36,945 |
Net income (loss) | 21,519 | 6,462 | 22,069 | 8,678 |
Net income (loss) attributable to FelCor | 10,760 | 3,231 | 11,035 | 4,339 |
Cost in excess of joint venture book value of sold hotel | (3,140) | 0 | (3,140) | 0 |
Depreciation of cost in excess of book value | (107) | (465) | (233) | (930) |
Equity in income from unconsolidated entities | $ 7,513 | $ 2,766 | $ 7,662 | $ 3,409 |
Investment in Unconsolidated 38
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $ 11,343 | $ 15,095 |
Equity basis of hotel joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (3,102) | (3,265) |
Cost of hotel investments in excess of joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7,522 | 10,895 |
Equity basis of land and condominium joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 6,923 | $ 7,465 |
Investment in Unconsolidated 39
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 7,513 | $ 2,766 | $ 7,662 | $ 3,409 |
Hotel investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | 7,455 | 2,722 | 8,203 | 3,993 |
Other investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 58 | $ 44 | $ (541) | $ (584) |
Debt (Details)
Debt (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Hotels | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Hotels | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)Hotels | |
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 22 | 22 | |||
Long-term Debt | $ 1,535,256,000 | $ 1,535,256,000 | $ 1,585,867,000 | ||
Debt extinguishment | (30,823,000) | $ (27,000) | (30,896,000) | $ (33,000) | |
Interest expense | 20,278,000 | 24,495,000 | 39,759,000 | 49,722,000 | |
Interest income | 6,000 | 14,000 | 11,000 | 29,000 | |
Capitalized interest | $ 1,600,000 | $ 4,300,000 | $ 5,000,000 | $ 8,300,000 | |
Number of hotels | Hotels | 13 | ||||
The Knickerbocker | |||||
Debt Instrument [Line Items] | |||||
Term of debt extension | 1 year | ||||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Term of debt extension | 1 year | ||||
Line of Credit [Member] | Libor Plus Two Point Seven Five Percent Due June 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 7 | 7 | |||
Variable rate basis | LIBOR | ||||
Variable rate basis spread | 2.75% | ||||
Long-term Debt | $ 316,000,000 | $ 316,000,000 | $ 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | $ 400,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.25% | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.75% | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.38% | ||||
Debt extinguishment | 164,000 | ||||
Line of Credit [Member] | Libor Plus Three Point Three Seven Five Percent Due June 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000,000 | $ 225,000,000 | |||
Construction Loans [Member] | The Knickerbocker | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity of construction loan | $ 85,000,000 | $ 85,000,000 | |||
Mortgages [Member] | Libor Plus Two Point Five Percent Due July Two Thousand Seventeen [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 3 | 3 | |||
Repayments of Secured Debt | $ 140,000,000 | ||||
Variable rate basis spread | 2.50% | ||||
Debt extinguishment | $ 2,000,000 | ||||
Mortgages [Member] | Libor Plus Three Point Zero Percent Due March 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 3 | 3 | |||
Debt extinguishment | $ 237,000 | ||||
Repayments of Debt | $ 49,100,000 | ||||
Number Of Encumbered Hotels Sold | Hotels | 2 | 2 | |||
Mortgages [Member] | Four Point Nine Five Percent Due October 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 4 | 4 | |||
Interest rate | 4.95% | 4.95% | |||
Long-term Debt | $ 123,422,000 | $ 123,422,000 | 124,278,000 | ||
Mortgages [Member] | Four Point Nine Four Percent Due October 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 1 | 1 | |||
Interest rate | 4.94% | 4.94% | |||
Long-term Debt | $ 30,973,000 | $ 30,973,000 | 31,228,000 | ||
Senior Notes [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 9 | 9 | |||
Interest rate | 5.625% | 5.625% | |||
Long-term Debt | $ 525,000,000 | $ 525,000,000 | 525,000,000 | ||
Senior Notes [Member] | Six Point Seven Five Percent Due June 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 6 | 6 | |||
Interest rate | 6.75% | 6.75% | |||
Repayments of Secured Debt | $ 525,000,000 | ||||
Debt extinguishment | $ 28,400,000 | ||||
Unsecured Senior Notes [Member] | Six Point Zero Zero Percent Due June 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 0 | 0 | |||
Interest rate | 6.00% | 6.00% | |||
Long-term Debt | $ 475,000,000 | $ 475,000,000 | 0 | ||
Construction tranche [Member] | Libor Plus Four Point Zero Percent Due May 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 1 | 1 | |||
Variable rate basis | LIBOR | ||||
Variable rate basis spread | 4.00% | ||||
Long-term Debt | $ 58,562,000 | $ 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 | 6,299,000 | ||
Retired Debt | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 0 | 0 | $ 840,500,000 | ||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Secured Debt | $ 13,000,000 |
FelCor Capital Stock_FelCor L41
FelCor Capital Stock/FelCor LP Partners' Capital (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
May. 31, 2015 | Apr. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||||||
Contribution from noncontrolling interests | $ 1,908,000 | $ 5,069,000 | ||||||
Proceeds from common stock issuance | 198,720,000 | 0 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 169,986,000 | 0 | ||||||
Redemption of preferred stock | $ (6,096,000) | $ 0 | (6,096,000) | $ 0 | ||||
Series C Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Redeemable preferred stock dividends | $ (491,000) | |||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 170,400,000 | |||||||
Redemption of preferred stock | (169,986,000) | |||||||
Stock issuance costs | 5,500,000 | |||||||
Preferred stock, discount on shares | 538,000 | 538,000 | ||||||
Retained Earnings [Member] | Series C Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Redemption of preferred stock | $ (6,096,000) | $ (6,096,000) | ||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | 18,400 | 143,328 | 124,290 | 143,328 | 124,290 | 124,605 | 124,051 | |
Shares issued, price per share (usd per share) | $ 11.25 | |||||||
Proceeds from common stock issuance | $ 199,000,000 | |||||||
Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | 12,879 | 12,948 | 12,879 | 12,948 | 12,947 | 12,948 | ||
Preferred Stock | Series C Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock dividend rate | 8.00% | |||||||
Redemption of preferred stock | $ (169,412,000) | |||||||
FelCor LP [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Payments to acquire limited partnership units | $ 199,000,000 | |||||||
Limited partners' capital account, units acquired (shares) | 18,400 |
Hotel Operating Revenue, Depa42
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room revenue | $ 182,066 | $ 200,238 | $ 344,372 | $ 370,067 |
Food and beverage revenue | 42,151 | 45,471 | 81,995 | 85,256 |
Other operating departments | 11,832 | 12,570 | 22,967 | 23,978 |
Total hotel operating revenue | $ 236,049 | $ 258,279 | $ 449,334 | $ 479,301 |
Hotel Operating Revenue, Depa43
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room | $ 44,423 | $ 50,585 | $ 86,934 | $ 97,318 |
Room as a percent of total hotel operating revenue | 18.80% | 19.60% | 19.30% | 20.30% |
Food and beverage | $ 31,278 | $ 33,066 | $ 61,974 | $ 64,253 |
Food and beverage as a percent of total hotel operating revenue | 13.30% | 12.80% | 13.80% | 13.40% |
Other operating departments | $ 4,331 | $ 5,977 | $ 8,780 | $ 11,580 |
Other operating departments as a percent of total hotel operating revenue | 1.80% | 2.30% | 2.00% | 2.40% |
Hotel departmental expenses | $ 80,032 | $ 89,628 | $ 157,688 | $ 173,151 |
Hotel departmental expenses as a percent of total hotel operating revenue | 33.90% | 34.70% | 35.10% | 36.10% |
Hotel Operating Revenue, Depa44
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Other Property-Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 57,791 | $ 62,912 | $ 114,686 | $ 124,490 |
Other property-related costs as a percent of total hotel operating revenue | 24.50% | 24.40% | 25.50% | 26.00% |
Hotel general and administrative expense | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 20,532 | $ 21,133 | $ 39,895 | $ 40,967 |
Other property-related costs as a percent of total hotel operating revenue | 8.70% | 8.20% | 8.90% | 8.50% |
Marketing | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 20,397 | $ 21,150 | $ 39,700 | $ 41,221 |
Other property-related costs as a percent of total hotel operating revenue | 8.60% | 8.20% | 8.80% | 8.60% |
Repair and maintenance | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 9,742 | $ 11,332 | $ 20,092 | $ 23,019 |
Other property-related costs as a percent of total hotel operating revenue | 4.10% | 4.40% | 4.50% | 4.80% |
Utilities | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 7,120 | $ 9,297 | $ 14,999 | $ 19,283 |
Other property-related costs as a percent of total hotel operating revenue | 3.10% | 3.60% | 3.30% | 4.10% |
Hotel Operating Revenue, Depa45
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) - Name of Property [Domain] | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014Hotels | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||||
Number of hotels | Hotels | 13 | ||||
Management Company NOI Guaranty, Amount Recorded | $ 584,000 | $ 295,000 | $ 995,000 | $ 431,000 |
Taxes, Insurance and Lease Ex46
Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014Hotels | |
Taxes, Insurance and Lease Expense [Line Items] | |||||
Real estate and other taxes | $ 8,836 | $ 8,025 | $ 16,695 | $ 16,133 | |
Property insurance, general liability insurance and other | 1,876 | 2,511 | 3,830 | 5,183 | |
Total taxes, insurance and lease expense | 16,579 | 26,992 | 31,555 | 50,625 | |
Number of hotels | Hotels | 13 | ||||
Hotel Lease [Member] | |||||
Taxes, Insurance and Lease Expense [Line Items] | |||||
Lease expense | 2,134 | 13,296 | 4,238 | 23,687 | |
Percentage rent | 1,200 | 7,800 | 2,100 | 12,700 | |
Land Lease [Member] | |||||
Taxes, Insurance and Lease Expense [Line Items] | |||||
Lease expense | 3,733 | 3,160 | 6,792 | 5,622 | |
Percentage rent | $ 2,200 | $ 1,700 | $ 3,700 | $ 2,700 | |
One Hotel [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% | 49.00% | |||
Equity method ownership percentage of lessor | 50.00% | 50.00% |
Hotel Dispositions (Details)
Hotel Dispositions (Details) - Real Estate Properties [Domain] $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Hotels | Jun. 30, 2014USD ($)Hotels | Jun. 30, 2015USD ($)Hotels | Jun. 30, 2014USD ($)Hotels | Dec. 31, 2014Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||
Hotel operating revenue | $ 236,049 | $ 258,279 | $ 449,334 | $ 479,301 | |
Operating Expenses | (200,295) | (228,535) | (399,480) | (445,722) | |
Operating Income (Loss) | 40,808 | 30,980 | 55,318 | 35,142 | |
Interest expense, net | (20,278) | (24,495) | (39,759) | (49,722) | |
Debt extinguishment | (30,823) | (27) | (30,896) | (33) | |
Equity in income from unconsolidated entities | 7,513 | 2,766 | 7,662 | 3,409 | |
Income (loss) from continuing operations | (2,614) | 9,324 | (7,509) | (11,104) | |
Gain (loss) on sale of hotels, net | (550) | 15,626 | 16,337 | 21,083 | |
Net income (loss) | (3,247) | 24,955 | 8,749 | 10,119 | |
Net loss (income) attributable to noncontrolling interests in other partnerships | 247 | (262) | (4,632) | (184) | |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 75 | (71) | 89 | 50 | |
Net income (loss) attributable to reporting entity | $ (3,284) | $ 24,281 | $ 3,499 | $ 9,463 | |
Number of hotels | Hotels | 13 | ||||
Hotels Sold or Otherwise Disposed of [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||
Number of hotels | Hotels | 6 | 3 | 6 | 3 | |
Assets Held-for-sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||
Number of hotels | Hotels | 2 | 2 | |||
Hotels Sold or Otherwise Disposed of [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||
Hotel operating revenue | $ 11,244 | $ 52,498 | $ 29,260 | $ 102,966 | |
Operating Expenses | (9,078) | (50,693) | (23,620) | (100,223) | |
Operating Income (Loss) | 2,166 | 1,805 | 5,640 | 2,743 | |
Interest expense, net | (436) | (472) | (1,031) | (1,279) | |
Debt extinguishment | (237) | (18) | (309) | (18) | |
Equity in income from unconsolidated entities | 6,894 | 1,886 | 7,098 | 2,518 | |
Income (loss) from continuing operations | 8,387 | 3,201 | 11,398 | 3,964 | |
Gain (loss) on sale of hotels, net | (550) | 15,626 | 16,337 | 21,083 | |
Net income (loss) | 7,837 | 18,827 | 27,735 | 25,047 | |
Net loss (income) attributable to noncontrolling interests in other partnerships | 26 | (367) | (5,191) | (484) | |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (34) | (89) | (97) | (118) | |
Net income (loss) attributable to reporting entity | $ 7,829 | $ 18,371 | $ 22,447 | $ 24,445 | |
Number of hotels | Hotels | 12 | ||||
Assets Held-for-sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||
Number of hotels | Hotels | 2 | 2 | 2 | 2 |
Income (Loss) Per Share_Unit (D
Income (Loss) Per Share/Unit (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)incrementpeer$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | |
Numerator: | ||||
Net income (loss) attributable to FelCor | $ (3,284) | $ 24,281 | $ 3,499 | $ 9,463 |
Discontinued operations attributable to FelCor | 75 | (5) | 71 | (139) |
Income (loss) from continuing operations attributable to FelCor | (3,209) | 24,276 | 3,570 | 9,324 |
Less: Preferred dividends | (7,903) | (9,678) | (17,581) | (19,356) |
Redemption of preferred stock | (6,096) | 0 | (6,096) | 0 |
Less: Dividends declared on unvested restricted stock | (13) | (2) | (26) | (3) |
Undistributed earnings allocated to FelCor's unvested restricted stock | 0 | (6) | 0 | 0 |
Numerator for continuing operations attributable to FelCor common stockholders | (17,221) | 14,590 | (20,133) | (10,035) |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ (17,296) | $ 14,595 | $ (20,204) | $ (9,896) |
Denominator: | ||||
Weighted Average Number of Shares Outstanding, Basic | shares | 140,322 | 124,169 | 132,465 | 124,158 |
Weighted Average Number of Shares Outstanding, Diluted | shares | 140,322 | 125,386 | 132,465 | 124,158 |
Basic and diluted income (loss) per share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ / shares | $ (0.12) | $ 0.12 | $ (0.15) | $ (0.08) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $ / shares | 0 | 0 | 0 | 0 |
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.12) | $ 0.12 | $ (0.15) | $ (0.08) |
FelCor Lodging LP [Member] | ||||
Numerator: | ||||
Net income (loss) attributable to FelCor | $ (3,359) | $ 24,352 | $ 3,410 | $ 9,413 |
Discontinued operations attributable to FelCor | 75 | (5) | 71 | (140) |
Income (loss) from continuing operations attributable to FelCor | (3,284) | 24,347 | 3,481 | 9,273 |
Less: Preferred dividends | (7,903) | (9,678) | (17,581) | (19,356) |
Redemption of preferred stock | (6,096) | 0 | (6,096) | 0 |
Less: Dividends declared on unvested restricted stock | (13) | (2) | (26) | (3) |
Undistributed earnings allocated to FelCor's unvested restricted stock | 0 | (6) | 0 | 0 |
Numerator for continuing operations attributable to FelCor common stockholders | (17,296) | 14,661 | (20,222) | (10,086) |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ (17,371) | $ 14,666 | $ (20,293) | $ (9,946) |
Denominator: | ||||
Weighted Average Number of Shares Outstanding, Basic | shares | 140,933 | 124,783 | 133,076 | 124,774 |
Weighted Average Number of Shares Outstanding, Diluted | shares | 140,933 | 126,000 | 133,076 | 124,774 |
Basic and diluted income (loss) per share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ / shares | $ (0.12) | $ 0.12 | $ (0.15) | $ (0.08) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $ / shares | 0 | 0 | 0 | 0 |
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.12) | $ 0.12 | $ (0.15) | $ (0.08) |
SeriesA Preferred Shares / Units [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Dividends excluded from computation of earnings per share/unit | $ 6,300 | $ 6,300 | $ 12,600 | $ 12,600 |
Antidilutive Securities [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Series A Convertible Preferred Shares/Units | shares | 9,984 | 9,985 | 9,984 | 9,985 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Number of Vesting Increments | increment | 3 | |||
Vesting Period | 4 years | |||
Number of Lodging REIT Peers | peer | 10 | |||
Restricted Stock Units (RSUs) [Member] | Antidilutive Securities [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Restricted Stock Units/Treasury Stock Method | shares | 1,478 | 0 | 1,332 | 1,020 |
Fair Value of Financial Instr49
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 1,535,256 | $ 1,585,867 |
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 | 1,600,000 |
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 | 1,000,000 | 1,100,000 |
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 | $ 545,500 | $ 548,200 |
Redeemable Noncontrolling Int50
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 | ||
Redeemable units | $ 6,041 | $ 6,616 | $ 6,440 | $ 5,039 |
FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |||
Redeemable units | $ 6,041 | $ 6,616 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units | $ 6,000 | |||
Closing price of common stock | $ 9.88 |
Redeemable Noncontrolling Int51
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | $ 6,616 | $ 5,039 | ||
Conversion of operating partnership units into common shares, Value | 0 | (44) | ||
Allocation to redeemable noncontrolling interests | (439) | 1,519 | ||
Distribution Made to Limited Partner, Cash Distribution Declared | (47) | (24) | ||
Comprehensive income (loss): | ||||
Net loss | $ (75) | $ 71 | (89) | (50) |
Balance at end of period | 6,041 | $ 6,440 | 6,041 | $ 6,440 |
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 | 6,041 | 6,041 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Comprehensive income (loss): | ||||
Balance at end of period | $ 6,000 | $ 6,000 |
Consolidated Joint Venture Pr52
Consolidated Joint Venture Preferred Equity/Capital (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Preferred capital in consolidated joint venture | $ 43,188 | $ 43,188 | $ 41,442 |
The Knickerbocker | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Proceeds from Sale of Preferred Equity Under the EB5 Immigrant Investor Program | $ 45,000 | ||
Current Annual Return | 3.25% | ||
Non-compounding Annual Return | 0.25% | ||
Current Return Increase | 8.00% | ||
Gross Proceeds received to date from sale of preferred equity under the Immigrant Investor Program | $ 1,800 | $ 42,000 | |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | $ 41,400 | ||
Proceeds not yet received from Immigrant Investor Program | $ 1,200 | ||
Ninety-five Percent Owned [Member] | The Knickerbocker | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage by parent | 95.00% |
Contingency (Details)
Contingency (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency Accrual | $ 5.9 |
Contract Dispute Recovery, net | $ 3.7 |
FelCor LP's Consolidating Fin54
FelCor LP's Consolidating Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | $ 1,724,543 | $ 1,599,791 | ||||
Hotel development | 297,466 | |||||
Investment in unconsolidated entities | 11,343 | 15,095 | ||||
Hotels held for sale | 36,173 | 47,145 | ||||
Cash and cash equivalents | 106,107 | $ 61,344 | $ 47,147 | $ 45,645 | 47,147 | $ 45,645 |
Restricted cash | 23,560 | 20,496 | ||||
Accounts receivable, net | 53,427 | 27,805 | ||||
Deferred expenses, net | 26,308 | 25,827 | ||||
Other assets | 19,308 | 23,886 | ||||
Total assets | 2,051,960 | 2,104,658 | ||||
Debt, net | 1,535,256 | 1,585,867 | ||||
Distributions payable | 12,406 | 13,827 | ||||
Accrued expenses and other liabilities | 135,912 | 135,481 | ||||
Total liabilities | 1,683,574 | 1,735,175 | ||||
Redeemable units | 6,041 | 6,440 | 6,616 | 5,039 | ||
Preferred capital in consolidated joint venture | 43,188 | 41,442 | ||||
Total liabilities and equity | 2,051,960 | 2,104,658 | ||||
Revenues: | ||||||
Hotel operating revenue | 236,049 | 258,279 | 449,334 | 479,301 | ||
Other revenue | 5,054 | 1,236 | 5,464 | 1,563 | ||
Total revenues | 241,103 | 259,515 | 454,798 | 480,864 | ||
Expenses: | ||||||
Taxes, insurance and lease expense | 16,579 | 26,992 | 31,555 | 50,625 | ||
Corporate expenses | 6,530 | 7,647 | 15,103 | 15,472 | ||
Depreciation and amortization | 28,750 | 29,082 | 56,522 | 58,683 | ||
Other expenses | 1,411 | 2,114 | 5,639 | 4,128 | ||
Total operating expenses | 200,295 | 228,535 | 399,480 | 445,722 | ||
Operating income | 40,808 | 30,980 | 55,318 | 35,142 | ||
Interest expense, net | (20,278) | (24,495) | (39,759) | (49,722) | ||
Debt extinguishment | (30,823) | (27) | (30,896) | (33) | ||
Other gains, net | 166 | 100 | 166 | 100 | ||
Income (loss) before equity in income from unconsolidated entities | (10,127) | 6,558 | (15,171) | (14,513) | ||
Equity in income from unconsolidated entities | 7,513 | 2,766 | 7,662 | 3,409 | ||
Income (loss) from continuing operations | (2,614) | 9,324 | (7,509) | (11,104) | ||
Income (loss) from discontinued operations | (83) | 5 | (79) | 140 | ||
Gain (loss) on sale of hotels, net | (550) | 15,626 | 16,337 | 21,083 | ||
Net income (loss) | (3,247) | 24,955 | 8,749 | 10,119 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 247 | (262) | (4,632) | (184) | ||
Preferred distributions - consolidated joint venture | (359) | (341) | (707) | (522) | ||
Net income (loss) attributable to reporting entity | (3,284) | 24,281 | 3,499 | 9,463 | ||
Preferred dividends | (7,903) | (9,678) | (17,581) | (19,356) | ||
Redemption of preferred units | (6,096) | 0 | (6,096) | 0 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||
Net income (loss) | (3,247) | 24,955 | 8,749 | 10,119 | ||
Foreign currency translation adjustment | 0 | 575 | 0 | (45) | ||
Comprehensive income (loss) | (3,247) | 25,530 | 8,749 | 10,074 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 247 | (262) | (4,632) | (184) | ||
Comprehensive income (loss) attributable to FelCor | (3,284) | 24,853 | 3,499 | 9,418 | ||
Operating activities: | ||||||
Cash flows from operating activities | 68,940 | 54,121 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (25,757) | (48,032) | ||||
Hotel development | (21,637) | (48,178) | ||||
Net proceeds from asset sales | 133,878 | 93,608 | ||||
Insurance proceeds | 274 | 255 | ||||
Change in restricted cash - investing | (3,064) | 11,181 | ||||
Net cash flow provided by investing activities | 89,997 | 12,740 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 979,000 | 140,500 | ||||
Repayment of borrowings | (1,050,056) | (205,904) | ||||
Payment of deferred financing fees | (13,922) | (11) | ||||
Distributions paid to noncontrolling interests | (15,978) | (7,054) | ||||
Contributions from noncontrolling interests | 1,908 | 5,069 | ||||
Redemption of preferred units | (169,986) | 0 | ||||
Distributions paid to common stockholders | (10,765) | (4,968) | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,746 | 40,994 | ||||
Net cash flow used in financing activities | (99,934) | (51,159) | ||||
Effect of exchange rate changes on cash | (43) | (3) | ||||
Change in cash and cash equivalents | 58,960 | 15,699 | ||||
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | ||||
Cash and cash equivalents at end of periods | 106,107 | 61,344 | 106,107 | 61,344 | ||
FelCor Lodging LP [Member] | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 0 | 0 | ||||
Hotel development | 0 | 0 | ||||
Equity investment in consolidated entities | 1,254,819 | 1,364,470 | ||||
Investment in unconsolidated entities | 4,854 | 7,270 | ||||
Hotels held for sale | 0 | 0 | ||||
Cash and cash equivalents | 70,742 | 12,816 | 5,717 | 5,227 | 5,717 | 5,227 |
Restricted cash | 0 | 0 | ||||
Accounts receivable, net | 469 | 963 | ||||
Deferred expenses, net | 16,529 | 17,203 | ||||
Other assets | 6,737 | 4,866 | ||||
Total assets | 1,354,150 | 1,400,489 | ||||
Debt, net | 1,000,000 | 1,050,000 | ||||
Distributions payable | 12,288 | 13,709 | ||||
Accrued expenses and other liabilities | 25,661 | 27,174 | ||||
Total liabilities | 1,037,949 | 1,090,883 | ||||
Redeemable units | 6,041 | 6,616 | ||||
Preferred units | 309,337 | 478,749 | ||||
Common units | 823 | (175,759) | ||||
Total FelCor LP partners' capital | 310,160 | 302,990 | ||||
Noncontrolling interests | 0 | 0 | ||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||
Total partners’ capital | 310,160 | 302,990 | ||||
Total liabilities and equity | 1,354,150 | 1,400,489 | ||||
Revenues: | ||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||
Percentage lease revenue | 0 | 1,910 | 0 | 3,309 | ||
Other revenue | 107 | 1 | 108 | 2 | ||
Total revenues | 107 | 1,911 | 108 | 3,311 | ||
Expenses: | ||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||
Taxes, insurance and lease expense | 105 | 450 | (49) | 870 | ||
Corporate expenses | (138) | 149 | 0 | 272 | ||
Depreciation and amortization | 47 | 992 | 89 | 1,984 | ||
Other expenses | 3 | 0 | 3 | 35 | ||
Total operating expenses | 17 | 1,591 | 43 | 3,161 | ||
Operating income | 90 | 320 | 65 | 150 | ||
Interest expense, net | (14,572) | (20,300) | (28,312) | (40,784) | ||
Debt extinguishment | (28,446) | 0 | (28,446) | 0 | ||
Other gains, net | 0 | 0 | 0 | 0 | ||
Income (loss) before equity in income from unconsolidated entities | (42,928) | (19,980) | (56,693) | (40,634) | ||
Equity in income from consolidated entities | 32,380 | 42,238 | 52,738 | 47,381 | ||
Equity in income from unconsolidated entities | 7,297 | 2,315 | 7,644 | 3,115 | ||
Income (loss) from continuing operations | (3,251) | 24,573 | 3,689 | 9,862 | ||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Income (Loss) before gain (loss) on sale of hotels | (3,251) | 24,573 | 3,689 | 9,862 | ||
Gain (loss) on sale of hotels, net | (108) | (221) | (279) | (449) | ||
Net income (loss) | (3,359) | 24,352 | 3,410 | 9,413 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to reporting entity | (3,359) | 24,352 | 3,410 | 9,413 | ||
Preferred dividends | (7,903) | (9,678) | (17,581) | (19,356) | ||
Redemption of preferred units | (6,096) | (6,096) | ||||
Net income (loss) attributable to FelCor LP common unitholders | (17,358) | 14,674 | (20,267) | (9,943) | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||
Net income (loss) | (3,359) | 24,352 | 3,410 | 9,413 | ||
Foreign currency translation adjustment | 0 | 575 | 0 | (45) | ||
Comprehensive income (loss) | (3,359) | 24,927 | 3,410 | 9,368 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to FelCor | (3,359) | 24,927 | 3,410 | 9,368 | ||
Operating activities: | ||||||
Cash flows from operating activities | (27,500) | (38,098) | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (129) | (685) | ||||
Hotel development | 0 | 0 | ||||
Net proceeds from asset sales | (306) | (419) | ||||
Insurance proceeds | 274 | 0 | ||||
Change in restricted cash - investing | 0 | 0 | ||||
Distributions from unconsolidated entities | 6,303 | 3,406 | ||||
Intercompany financing | 167,009 | 67,733 | ||||
Net cash flow provided by investing activities | 173,151 | 70,035 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 475,000 | 0 | ||||
Repayment of borrowings | (545,440) | 0 | ||||
Payment of deferred financing fees | (8,261) | |||||
Distributions paid to noncontrolling interests | 0 | 0 | ||||
Contributions from noncontrolling interests | 0 | 0 | ||||
Redemption of preferred units | (169,986) | |||||
Distributions paid to preferred unitholders | (19,847) | (19,356) | ||||
Distributions paid to common stockholders | (10,765) | (4,968) | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||
Net proceeds from common stock issuance | 198,720 | |||||
Intercompany financing | 0 | 0 | ||||
Other | (47) | (24) | ||||
Net cash flow used in financing activities | (80,626) | (24,348) | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Change in cash and cash equivalents | 65,025 | 7,589 | ||||
Cash and cash equivalents at beginning of periods | 5,717 | 5,227 | ||||
Cash and cash equivalents at end of periods | 70,742 | 12,816 | 70,742 | 12,816 | ||
Guarantor Subsidiaries [Member] | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 649,072 | 883,189 | ||||
Hotel development | 0 | 0 | ||||
Equity investment in consolidated entities | 0 | 0 | ||||
Investment in unconsolidated entities | 5,202 | 6,514 | ||||
Hotels held for sale | 0 | 0 | ||||
Cash and cash equivalents | 33,916 | 45,033 | 32,923 | 33,283 | 32,923 | 33,283 |
Restricted cash | 13,548 | 12,199 | ||||
Accounts receivable, net | 35,805 | 26,343 | ||||
Deferred expenses, net | 0 | 0 | ||||
Other assets | 9,741 | 11,531 | ||||
Total assets | 747,284 | 972,699 | ||||
Debt, net | 0 | 0 | ||||
Distributions payable | 0 | 0 | ||||
Accrued expenses and other liabilities | 90,986 | 94,154 | ||||
Total liabilities | 90,986 | 94,154 | ||||
Redeemable units | 0 | 0 | ||||
Preferred units | 0 | 0 | ||||
Common units | 656,563 | 878,698 | ||||
Total FelCor LP partners' capital | 656,563 | 878,698 | ||||
Noncontrolling interests | (265) | (153) | ||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||
Total partners’ capital | 656,298 | 878,545 | ||||
Total liabilities and equity | 747,284 | 972,699 | ||||
Revenues: | ||||||
Hotel operating revenue | 236,049 | 258,279 | 449,334 | 479,301 | ||
Percentage lease revenue | 0 | 0 | 0 | 0 | ||
Other revenue | 4,800 | 1,082 | 5,147 | 1,348 | ||
Total revenues | 240,849 | 259,361 | 454,481 | 480,649 | ||
Expenses: | ||||||
Hotel operating expenses | 147,025 | 162,700 | 290,661 | 316,814 | ||
Taxes, insurance and lease expense | 53,559 | 53,325 | 101,963 | 103,957 | ||
Corporate expenses | 3,909 | 4,934 | 8,631 | 9,630 | ||
Depreciation and amortization | 14,175 | 16,880 | 29,504 | 33,532 | ||
Other expenses | 1,463 | 789 | 5,509 | 1,628 | ||
Total operating expenses | 220,131 | 238,628 | 436,268 | 465,561 | ||
Operating income | 20,718 | 20,733 | 18,213 | 15,088 | ||
Interest expense, net | 3 | (306) | 6 | (634) | ||
Debt extinguishment | 0 | 0 | 0 | 0 | ||
Other gains, net | 0 | 100 | 0 | 100 | ||
Income (loss) before equity in income from unconsolidated entities | 20,721 | 20,527 | 18,219 | 14,554 | ||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ||
Equity in income from unconsolidated entities | 227 | 462 | 41 | 317 | ||
Income (loss) from continuing operations | 20,948 | 20,989 | 18,260 | 14,871 | ||
Income (loss) from discontinued operations | 0 | 5 | 4 | 34 | ||
Income (Loss) before gain (loss) on sale of hotels | 20,948 | 20,994 | 18,264 | 14,905 | ||
Gain (loss) on sale of hotels, net | (3) | (15) | (12) | (28) | ||
Net income (loss) | 20,945 | 20,979 | 18,252 | 14,877 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 251 | (113) | 510 | 21 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to reporting entity | 21,196 | 20,866 | 18,762 | 14,898 | ||
Preferred dividends | 0 | 0 | 0 | 0 | ||
Redemption of preferred units | 0 | 0 | ||||
Net income (loss) attributable to FelCor LP common unitholders | 21,196 | 20,866 | 18,762 | 14,898 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||
Net income (loss) | 20,945 | 20,979 | 18,252 | 14,877 | ||
Foreign currency translation adjustment | 0 | 65 | 0 | (18) | ||
Comprehensive income (loss) | 20,945 | 21,044 | 18,252 | 14,859 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 251 | (113) | 510 | 21 | ||
Comprehensive income (loss) attributable to FelCor | 21,196 | 20,931 | 18,762 | 14,880 | ||
Operating activities: | ||||||
Cash flows from operating activities | 39,296 | 55,424 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (15,847) | (29,305) | ||||
Hotel development | 0 | 0 | ||||
Net proceeds from asset sales | 10 | (56) | ||||
Insurance proceeds | 0 | 255 | ||||
Change in restricted cash - investing | (1,350) | (1,533) | ||||
Distributions from unconsolidated entities | 0 | 500 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by investing activities | (17,187) | (30,139) | ||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | 0 | ||||
Repayment of borrowings | 0 | 0 | ||||
Payment of deferred financing fees | 0 | |||||
Distributions paid to noncontrolling interests | (85) | (626) | ||||
Contributions from noncontrolling interests | 483 | 605 | ||||
Redemption of preferred units | 0 | |||||
Distributions paid to preferred unitholders | 0 | 0 | ||||
Distributions paid to common stockholders | 0 | 0 | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||
Net proceeds from common stock issuance | 0 | |||||
Intercompany financing | (21,471) | (13,511) | ||||
Other | 0 | 0 | ||||
Net cash flow used in financing activities | (21,073) | (13,532) | ||||
Effect of exchange rate changes on cash | (43) | (3) | ||||
Change in cash and cash equivalents | 993 | 11,750 | ||||
Cash and cash equivalents at beginning of periods | 32,923 | 33,283 | ||||
Cash and cash equivalents at end of periods | 33,916 | 45,033 | 33,916 | 45,033 | ||
Non-Guarantor Subsidiaries [Member] | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 1,075,471 | 716,602 | ||||
Hotel development | 51,191 | 297,466 | ||||
Equity investment in consolidated entities | 0 | 0 | ||||
Investment in unconsolidated entities | 1,287 | 1,311 | ||||
Hotels held for sale | 36,173 | 47,145 | ||||
Cash and cash equivalents | 1,449 | 3,495 | 8,507 | 7,135 | 8,507 | 7,135 |
Restricted cash | 10,012 | 8,297 | ||||
Accounts receivable, net | 17,153 | 499 | ||||
Deferred expenses, net | 9,779 | 8,624 | ||||
Other assets | 2,830 | 7,489 | ||||
Total assets | 1,205,345 | 1,095,940 | ||||
Debt, net | 574,692 | 576,654 | ||||
Distributions payable | 118 | 118 | ||||
Accrued expenses and other liabilities | 19,265 | 14,153 | ||||
Total liabilities | 594,075 | 590,925 | ||||
Redeemable units | 0 | 0 | ||||
Preferred units | 0 | 0 | ||||
Common units | 558,820 | 444,985 | ||||
Total FelCor LP partners' capital | 558,820 | 444,985 | ||||
Noncontrolling interests | 9,262 | 18,588 | ||||
Preferred capital in consolidated joint venture | 43,188 | 41,442 | ||||
Total partners’ capital | 611,270 | 505,015 | ||||
Total liabilities and equity | 1,205,345 | 1,095,940 | ||||
Revenues: | ||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||
Percentage lease revenue | 42,755 | 28,628 | 80,520 | 58,496 | ||
Other revenue | 147 | 153 | 209 | 213 | ||
Total revenues | 42,902 | 28,781 | 80,729 | 58,709 | ||
Expenses: | ||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||
Taxes, insurance and lease expense | 5,670 | 3,755 | 10,161 | 7,603 | ||
Corporate expenses | 2,759 | 2,564 | 6,472 | 5,570 | ||
Depreciation and amortization | 14,528 | 11,210 | 26,929 | 23,167 | ||
Other expenses | (55) | 1,325 | 127 | 2,465 | ||
Total operating expenses | 22,902 | 18,854 | 43,689 | 38,805 | ||
Operating income | 20,000 | 9,927 | 37,040 | 19,904 | ||
Interest expense, net | (5,709) | (3,889) | (11,453) | (8,304) | ||
Debt extinguishment | (2,377) | (27) | (2,450) | (33) | ||
Other gains, net | 166 | 0 | 166 | 0 | ||
Income (loss) before equity in income from unconsolidated entities | 12,080 | 6,011 | 23,303 | 11,567 | ||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ||
Equity in income from unconsolidated entities | (11) | (11) | (23) | (23) | ||
Income (loss) from continuing operations | 12,069 | 6,000 | 23,280 | 11,544 | ||
Income (loss) from discontinued operations | (83) | 0 | (83) | 106 | ||
Income (Loss) before gain (loss) on sale of hotels | 11,986 | 6,000 | 23,197 | 11,650 | ||
Gain (loss) on sale of hotels, net | (439) | 15,862 | 16,628 | 21,560 | ||
Net income (loss) | 11,547 | 21,862 | 39,825 | 33,210 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | (4) | (149) | (5,142) | (205) | ||
Preferred distributions - consolidated joint venture | (359) | (341) | (707) | (522) | ||
Net income (loss) attributable to reporting entity | 11,184 | 21,372 | 33,976 | 32,483 | ||
Preferred dividends | 0 | 0 | 0 | 0 | ||
Redemption of preferred units | 0 | 0 | ||||
Net income (loss) attributable to FelCor LP common unitholders | 11,184 | 21,372 | 33,976 | 32,483 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||
Net income (loss) | 11,547 | 21,862 | 39,825 | 33,210 | ||
Foreign currency translation adjustment | 0 | 510 | 0 | (27) | ||
Comprehensive income (loss) | 11,547 | 22,372 | 39,825 | 33,183 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | (4) | (149) | (5,142) | (205) | ||
Comprehensive income (loss) attributable to FelCor | 11,184 | 21,882 | 33,976 | 32,456 | ||
Operating activities: | ||||||
Cash flows from operating activities | 57,144 | 36,795 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (9,781) | (18,042) | ||||
Hotel development | (21,637) | (48,178) | ||||
Net proceeds from asset sales | 134,174 | 94,083 | ||||
Insurance proceeds | 0 | 0 | ||||
Change in restricted cash - investing | (1,714) | 12,714 | ||||
Distributions from unconsolidated entities | 0 | 0 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by investing activities | 101,042 | 40,577 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 504,000 | 140,500 | ||||
Repayment of borrowings | (504,616) | (205,904) | ||||
Payment of deferred financing fees | (5,661) | |||||
Distributions paid to noncontrolling interests | (15,893) | (6,428) | ||||
Contributions from noncontrolling interests | 1,425 | 4,464 | ||||
Redemption of preferred units | 0 | |||||
Distributions paid to preferred unitholders | 0 | 0 | ||||
Distributions paid to common stockholders | 0 | 0 | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,746 | 40,994 | ||||
Net proceeds from common stock issuance | 0 | |||||
Intercompany financing | (145,538) | (54,222) | ||||
Other | (707) | (416) | ||||
Net cash flow used in financing activities | (165,244) | (81,012) | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Change in cash and cash equivalents | (7,058) | (3,640) | ||||
Cash and cash equivalents at beginning of periods | 8,507 | 7,135 | ||||
Cash and cash equivalents at end of periods | 1,449 | 3,495 | 1,449 | 3,495 | ||
Consolidation, Eliminations [Member] | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 0 | 0 | ||||
Hotel development | 0 | 0 | ||||
Equity investment in consolidated entities | (1,254,819) | (1,364,470) | ||||
Investment in unconsolidated entities | 0 | 0 | ||||
Hotels held for sale | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ||||
Accounts receivable, net | 0 | 0 | ||||
Deferred expenses, net | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Total assets | (1,254,819) | (1,364,470) | ||||
Debt, net | (39,436) | (40,787) | ||||
Distributions payable | 0 | 0 | ||||
Accrued expenses and other liabilities | 0 | 0 | ||||
Total liabilities | (39,436) | (40,787) | ||||
Redeemable units | 0 | 0 | ||||
Preferred units | 0 | 0 | ||||
Common units | (1,215,383) | (1,323,683) | ||||
Total FelCor LP partners' capital | (1,215,383) | (1,323,683) | ||||
Noncontrolling interests | 0 | 0 | ||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||
Total partners’ capital | (1,215,383) | (1,323,683) | ||||
Total liabilities and equity | (1,254,819) | (1,364,470) | ||||
Revenues: | ||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||
Percentage lease revenue | (42,755) | (30,538) | (80,520) | (61,805) | ||
Other revenue | 0 | 0 | 0 | 0 | ||
Total revenues | (42,755) | (30,538) | (80,520) | (61,805) | ||
Expenses: | ||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||
Taxes, insurance and lease expense | (42,755) | (30,538) | (80,520) | (61,805) | ||
Corporate expenses | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Other expenses | 0 | 0 | 0 | 0 | ||
Total operating expenses | (42,755) | (30,538) | (80,520) | (61,805) | ||
Operating income | 0 | 0 | 0 | 0 | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Debt extinguishment | 0 | 0 | 0 | 0 | ||
Other gains, net | 0 | 0 | 0 | 0 | ||
Income (loss) before equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | ||
Equity in income from consolidated entities | (32,380) | (42,238) | (52,738) | (47,381) | ||
Equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | ||
Income (loss) from continuing operations | (32,380) | (42,238) | (52,738) | (47,381) | ||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Income (Loss) before gain (loss) on sale of hotels | (32,380) | (42,238) | (52,738) | (47,381) | ||
Gain (loss) on sale of hotels, net | 0 | 0 | 0 | 0 | ||
Net income (loss) | (32,380) | (42,238) | (52,738) | (47,381) | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to reporting entity | (32,380) | (42,238) | (52,738) | (47,381) | ||
Preferred dividends | 0 | 0 | 0 | 0 | ||
Redemption of preferred units | 0 | 0 | ||||
Net income (loss) attributable to FelCor LP common unitholders | (32,380) | (42,238) | (52,738) | (47,381) | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||
Net income (loss) | (32,380) | (42,238) | (52,738) | (47,381) | ||
Foreign currency translation adjustment | 0 | (575) | 0 | 45 | ||
Comprehensive income (loss) | (32,380) | (42,813) | (52,738) | (47,336) | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to FelCor | (32,380) | (42,813) | (52,738) | (47,336) | ||
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 | (167,009) | (67,733) | ||||
Net cash flow provided by investing activities | (167,009) | (67,733) | ||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | 0 | ||||
Repayment of borrowings | 0 | 0 | ||||
Payment of deferred financing fees | 0 | |||||
Distributions paid to noncontrolling interests | 0 | 0 | ||||
Contributions from noncontrolling interests | 0 | 0 | ||||
Redemption of preferred units | 0 | |||||
Distributions paid to preferred unitholders | 0 | 0 | ||||
Distributions paid to common stockholders | 0 | 0 | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||
Net proceeds from common stock issuance | 0 | |||||
Intercompany financing | 167,009 | 67,733 | ||||
Other | 0 | 0 | ||||
Net cash flow used in financing activities | 167,009 | 67,733 | ||||
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 | 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 | $ 1,724,543 | 1,599,791 | ||||
Hotel development | 51,191 | 297,466 | ||||
Equity investment in consolidated entities | 0 | 0 | ||||
Investment in unconsolidated entities | 11,343 | 15,095 | ||||
Hotels held for sale | 36,173 | 47,145 | ||||
Cash and cash equivalents | 106,107 | 61,344 | 47,147 | 45,645 | 47,147 | 45,645 |
Restricted cash | 23,560 | 20,496 | ||||
Accounts receivable, net | 53,427 | 27,805 | ||||
Deferred expenses, net | 26,308 | 25,827 | ||||
Other assets | 19,308 | 23,886 | ||||
Total assets | 2,051,960 | 2,104,658 | ||||
Debt, net | 1,535,256 | 1,585,867 | ||||
Distributions payable | 12,406 | 13,827 | ||||
Accrued expenses and other liabilities | 135,912 | 135,481 | ||||
Total liabilities | 1,683,574 | 1,735,175 | ||||
Redeemable units | 6,041 | 6,616 | ||||
Preferred units | 309,337 | 478,749 | ||||
Common units | 823 | (175,759) | ||||
Total FelCor LP partners' capital | 310,160 | 302,990 | ||||
Noncontrolling interests | 8,997 | 18,435 | ||||
Preferred capital in consolidated joint venture | 43,188 | 41,442 | ||||
Total partners’ capital | 362,345 | 338,031 | 362,867 | $ 314,230 | ||
Total liabilities and equity | 2,051,960 | $ 2,104,658 | ||||
Revenues: | ||||||
Hotel operating revenue | 236,049 | 258,279 | 449,334 | 479,301 | ||
Percentage lease revenue | 0 | 0 | 0 | 0 | ||
Other revenue | 5,054 | 1,236 | 5,464 | 1,563 | ||
Total revenues | 241,103 | 259,515 | 454,798 | 480,864 | ||
Expenses: | ||||||
Hotel operating expenses | 147,025 | 162,700 | 290,661 | 316,814 | ||
Taxes, insurance and lease expense | 16,579 | 26,992 | 31,555 | 50,625 | ||
Corporate expenses | 6,530 | 7,647 | 15,103 | 15,472 | ||
Depreciation and amortization | 28,750 | 29,082 | 56,522 | 58,683 | ||
Other expenses | 1,411 | 2,114 | 5,639 | 4,128 | ||
Total operating expenses | 200,295 | 228,535 | 399,480 | 445,722 | ||
Operating income | 40,808 | 30,980 | 55,318 | 35,142 | ||
Interest expense, net | (20,278) | (24,495) | (39,759) | (49,722) | ||
Debt extinguishment | (30,823) | (27) | (30,896) | (33) | ||
Other gains, net | 166 | 100 | 166 | 100 | ||
Income (loss) before equity in income from unconsolidated entities | (10,127) | 6,558 | (15,171) | (14,513) | ||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ||
Equity in income from unconsolidated entities | 7,513 | 2,766 | 7,662 | 3,409 | ||
Income (loss) from continuing operations | (2,614) | 9,324 | (7,509) | (11,104) | ||
Income (loss) from discontinued operations | (83) | 5 | (79) | 140 | ||
Income (Loss) before gain (loss) on sale of hotels | (2,697) | 9,329 | (7,588) | (10,964) | ||
Gain (loss) on sale of hotels, net | (550) | 15,626 | 16,337 | 21,083 | ||
Net income (loss) | (3,247) | 24,955 | 8,749 | 10,119 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 247 | (262) | (4,632) | (184) | ||
Preferred distributions - consolidated joint venture | (359) | (341) | (707) | (522) | ||
Net income (loss) attributable to reporting entity | (3,359) | 24,352 | 3,410 | 9,413 | ||
Preferred dividends | (7,903) | (9,678) | (17,581) | (19,356) | ||
Redemption of preferred units | (6,096) | 0 | (6,096) | 0 | ||
Net income (loss) attributable to FelCor LP common unitholders | (17,358) | 14,674 | (20,267) | (9,943) | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||
Net income (loss) | (3,247) | 24,955 | 8,749 | 10,119 | ||
Foreign currency translation adjustment | 0 | 575 | 0 | (45) | ||
Comprehensive income (loss) | (3,247) | 25,530 | 8,749 | 10,074 | ||
Comprehensive income/(loss) attributable to noncontrolling interests | 247 | (262) | (4,632) | (184) | ||
Comprehensive income (loss) attributable to FelCor | (3,359) | 24,927 | 3,410 | 9,368 | ||
Operating activities: | ||||||
Cash flows from operating activities | 68,940 | 54,121 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (25,757) | (48,032) | ||||
Hotel development | (21,637) | (48,178) | ||||
Net proceeds from asset sales | 133,878 | 93,608 | ||||
Insurance proceeds | 274 | 255 | ||||
Change in restricted cash - investing | (3,064) | 11,181 | ||||
Distributions from unconsolidated entities | 6,303 | 3,906 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by investing activities | 89,997 | 12,740 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 979,000 | 140,500 | ||||
Repayment of borrowings | (1,050,056) | (205,904) | ||||
Payment of deferred financing fees | (13,922) | (11) | ||||
Distributions paid to noncontrolling interests | (15,978) | (7,054) | ||||
Contributions from noncontrolling interests | 1,908 | 5,069 | ||||
Redemption of preferred units | (169,986) | 0 | ||||
Distributions paid to preferred unitholders | (19,847) | (19,356) | ||||
Distributions paid to common stockholders | (10,765) | (4,968) | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,746 | 40,994 | ||||
Net proceeds from common stock issuance | 198,720 | 0 | ||||
Intercompany financing | 0 | 0 | ||||
Other | (754) | (440) | ||||
Net cash flow used in financing activities | (99,934) | (51,159) | ||||
Effect of exchange rate changes on cash | (43) | (3) | ||||
Change in cash and cash equivalents | 58,960 | 15,699 | ||||
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | ||||
Cash and cash equivalents at end of periods | $ 106,107 | $ 61,344 | $ 106,107 | $ 61,344 |