Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 27, 2016 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,016 | |
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 | 138,214,284 | |
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, 2016 | Dec. 31, 2015 |
Assets | ||
Investment in hotels, net of accumulated depreciation of $936,780 and $899,575 at June 30, 2016 and December 31, 2015, respectively | $ 1,692,419 | $ 1,729,531 |
Investment in unconsolidated entities | 9,422 | 9,575 |
Cash and cash equivalents | 58,188 | 59,786 |
Restricted cash | 23,706 | 17,702 |
Accounts receivable, net of allowance for doubtful accounts of $239 and $204 at June 30, 2016 and December 31, 2015, respectively | 38,650 | 28,136 |
Deferred expenses, net of accumulated amortization of $2,022 and $1,086 at June 30, 2016 and December 31, 2015, respectively | 5,464 | 6,390 |
Other assets | 19,547 | 14,792 |
Total assets | 1,847,396 | 1,865,912 |
Liabilities and Equity | ||
Debt, net of unamortized debt issuance costs of $17,106 and $18,065 at June 30, 2016 and December 31, 2015, respectively | 1,433,703 | 1,409,889 |
Distributions payable | 14,951 | 15,140 |
Accrued expenses and other liabilities | 126,949 | 125,274 |
Total liabilities | 1,575,603 | 1,550,303 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at June 30, 2016 and December 31, 2015 | 3,809 | 4,464 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 138,225 and 141,808 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 1,382 | 1,418 |
Additional paid-in capital | 2,572,668 | 2,567,515 |
Accumulated deficit | (2,667,034) | (2,618,117) |
Total FelCor stockholders’ equity | 216,353 | 260,153 |
Noncontrolling interests in other partnerships | 7,848 | 7,806 |
Preferred equity in consolidated joint venture, liquidation value of $44,610 and $43,954 at June 30, 2016 and December 31, 2015, respectively | 43,783 | 43,186 |
Total equity | 267,984 | 311,145 |
Total liabilities and equity | 1,847,396 | 1,865,912 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $936,780 and $899,575 at June 30, 2016 and December 31, 2015, respectively | 1,692,419 | 1,729,531 |
Investment in unconsolidated entities | 9,422 | 9,575 |
Cash and cash equivalents | 58,188 | 59,786 |
Restricted cash | 23,706 | 17,702 |
Accounts receivable, net of allowance for doubtful accounts of $239 and $204 at June 30, 2016 and December 31, 2015, respectively | 38,650 | 28,136 |
Deferred expenses, net of accumulated amortization of $2,022 and $1,086 at June 30, 2016 and December 31, 2015, respectively | 5,464 | 6,390 |
Other assets | 19,547 | 14,792 |
Total assets | 1,847,396 | 1,865,912 |
Liabilities and Equity | ||
Debt, net of unamortized debt issuance costs of $17,106 and $18,065 at June 30, 2016 and December 31, 2015, respectively | 1,433,703 | 1,409,889 |
Distributions payable | 14,951 | 15,140 |
Accrued expenses and other liabilities | 126,949 | 125,274 |
Total liabilities | 1,575,603 | 1,550,303 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at June 30, 2016 and December 31, 2015 | 3,809 | 4,464 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Preferred equity in consolidated joint venture, liquidation value of $44,610 and $43,954 at June 30, 2016 and December 31, 2015, respectively | 43,783 | 43,186 |
Total liabilities and equity | 1,847,396 | 1,865,912 |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 309,337 |
Common units, 138,225 and 141,808 units issued and outstanding at June 30, 2016 and December 31, 2015, respectively | (92,984) | (49,184) |
Total FelCor LP partners’ capital | 216,353 | 260,153 |
Noncontrolling interests | 7,848 | 7,806 |
Preferred capital in consolidated joint venture | 43,783 | 43,186 |
Total partners’ capital | 267,984 | 311,145 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at June 30, 2016 and December 31, 2015 | ||
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 309,337 |
Series A Cumulative Convertible Preferred Stock, 12,879 shares, liquidation value of $321,987, issued and outstanding at June 30, 2016 and December 31, 2015 | ||
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Cumulative Preferred Stock | $ 309,337 | $ 309,337 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accumulated depreciation | $ 936,780 | $ 899,575 |
Allowance for doubtful accounts | 239 | 204 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 2,022 | 1,086 |
Debt Issuance Costs, Net | $ 17,106 | $ 18,065 |
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 | 138,225,000 | 141,808,000 |
Joint Venture Liquidation Value | $ 44,610 | $ 43,954 |
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 |
FelCor Lodging LP [Member] | ||
Accumulated depreciation | 936,780 | 899,575 |
Allowance for doubtful accounts | 239 | 204 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 2,022 | 1,086 |
Debt Issuance Costs, Net | $ 17,106 | $ 18,065 |
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 | 138,225,000 | 141,808,000 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Hotel operating revenue | $ 236,761 | $ 236,049 | $ 446,218 | $ 449,334 |
Other revenue | 1,145 | 5,054 | 1,832 | 5,464 |
Total revenues | 237,906 | 241,103 | 448,050 | 454,798 |
Expenses: | ||||
Hotel departmental expenses | 81,379 | 80,032 | 158,817 | 157,688 |
Other property-related costs | 56,007 | 57,791 | 111,573 | 114,686 |
Management and franchise fees | 8,501 | 9,202 | 17,726 | 18,287 |
Taxes, insurance and lease expense | 14,864 | 16,410 | 28,446 | 31,217 |
Corporate expenses | 6,047 | 6,530 | 14,447 | 15,103 |
Depreciation and amortization | 29,177 | 28,750 | 58,360 | 56,522 |
Impairment | 6,333 | 0 | 6,333 | 0 |
Other expenses | 2,142 | 1,411 | 2,970 | 5,639 |
Total operating expenses | 204,450 | 200,126 | 398,672 | 399,142 |
Operating income | 33,456 | 40,977 | 49,378 | 55,656 |
Interest expense, net | (19,907) | (20,278) | (39,627) | (39,759) |
Debt extinguishment | 0 | (30,823) | 0 | (30,896) |
Other gains, net | 100 | 166 | 100 | 166 |
Income (loss) before equity in income from unconsolidated entities | 13,649 | (9,958) | 9,851 | (14,833) |
Equity in income from unconsolidated entities | 726 | 7,513 | 572 | 7,662 |
Income (loss) from continuing operations before income tax | 14,375 | (2,445) | 10,423 | (7,171) |
Income tax | 25 | (169) | (390) | (338) |
Income (loss) from continuing operations | 14,400 | (2,614) | 10,033 | (7,509) |
Loss from discontinued operations | 0 | (83) | 0 | (79) |
Income (loss) before gain (loss) on sale of hotels | 14,400 | (2,697) | 10,033 | (7,588) |
Gain (loss) on sale of hotels, net | (630) | (550) | (1,344) | 16,337 |
Net income (loss) and comprehensive income (loss) | 13,770 | (3,247) | 8,689 | 8,749 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 16 | 247 | 487 | (4,632) |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (31) | 75 | 17 | 89 |
Preferred distributions - consolidated joint venture | (364) | (359) | (724) | (707) |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 13,391 | (3,284) | 8,469 | 3,499 |
Preferred dividends | (6,279) | (7,903) | (12,558) | (17,581) |
Redemption of Preferred Stock, Value | 0 | (6,096) | 0 | (6,096) |
Net income (loss) attributable to FelCor common stockholders | $ 7,112 | $ (17,283) | $ (4,089) | $ (20,178) |
Basic and diluted per common share/unit data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ 0.05 | $ (0.12) | $ (0.03) | $ (0.15) |
Earnings Per Share, Basic and Diluted | $ 0.05 | $ (0.12) | $ (0.03) | $ (0.15) |
Weighted Average Number of Shares Outstanding, Basic | 138,182 | 140,322 | 138,930 | 132,465 |
Weighted Average Number of Shares Outstanding, Diluted | 138,678 | 140,322 | 138,930 | 132,465 |
FelCor Lodging LP [Member] | ||||
Revenues: | ||||
Hotel operating revenue | $ 236,761 | $ 236,049 | $ 446,218 | $ 449,334 |
Other revenue | 1,145 | 5,054 | 1,832 | 5,464 |
Total revenues | 237,906 | 241,103 | 448,050 | 454,798 |
Expenses: | ||||
Hotel departmental expenses | 81,379 | 80,032 | 158,817 | 157,688 |
Other property-related costs | 56,007 | 57,791 | 111,573 | 114,686 |
Management and franchise fees | 8,501 | 9,202 | 17,726 | 18,287 |
Taxes, insurance and lease expense | 14,864 | 16,410 | 28,446 | 31,217 |
Corporate expenses | 6,047 | 6,530 | 14,447 | 15,103 |
Depreciation and amortization | 29,177 | 28,750 | 58,360 | 56,522 |
Impairment | 6,333 | 0 | 6,333 | 0 |
Other expenses | 2,142 | 1,411 | 2,970 | 5,639 |
Total operating expenses | 204,450 | 200,126 | 398,672 | 399,142 |
Operating income | 33,456 | 40,977 | 49,378 | 55,656 |
Interest expense, net | (19,907) | (20,278) | (39,627) | (39,759) |
Debt extinguishment | 0 | (30,823) | 0 | (30,896) |
Other gains, net | 100 | 166 | 100 | 166 |
Income (loss) before equity in income from unconsolidated entities | 13,649 | (9,958) | 9,851 | (14,833) |
Equity in income from unconsolidated entities | 726 | 7,513 | 572 | 7,662 |
Income (loss) from continuing operations before income tax | 14,375 | (2,445) | 10,423 | (7,171) |
Income tax | 25 | (169) | (390) | (338) |
Income (loss) from continuing operations | 14,400 | (2,614) | 10,033 | (7,509) |
Loss from discontinued operations | 0 | (83) | 0 | (79) |
Income (loss) before gain (loss) on sale of hotels | 14,400 | (2,697) | 10,033 | (7,588) |
Gain (loss) on sale of hotels, net | (630) | (550) | (1,344) | 16,337 |
Net income (loss) and comprehensive income (loss) | 13,770 | (3,247) | 8,689 | 8,749 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 16 | 247 | 487 | (4,632) |
Preferred distributions - consolidated joint venture | (364) | (359) | (724) | (707) |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 13,422 | (3,359) | 8,452 | 3,410 |
Preferred dividends | (6,279) | (7,903) | (12,558) | (17,581) |
Redemption of Preferred Stock, Value | 0 | (6,096) | 0 | (6,096) |
Net income (loss) attributable to FelCor LP common unitholders | $ 7,143 | $ (17,358) | $ (4,106) | $ (20,267) |
Basic and diluted per common share/unit data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ 0.05 | $ (0.12) | $ (0.03) | $ (0.15) |
Earnings Per Share, Basic and Diluted | $ 0.05 | $ (0.12) | $ (0.03) | $ (0.15) |
Weighted Average Number of Shares Outstanding, Basic | 138,793 | 140,933 | 139,541 | 133,076 |
Weighted Average Number of Shares Outstanding, Diluted | 139,289 | 140,933 | 139,541 | 133,076 |
Fair Value, Inputs, Level 2 [Member] | ||||
Expenses: | ||||
Impairment | $ 6,300 |
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 | Common Stock$1.00 per Series C depositary preferred share | Additional Paid-in Capital | Additional Paid-in Capital$1.00 per Series C depositary preferred share | 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 |
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 | $ (2,530,671) | $ 18,435 | $ 41,442 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 18,400 | |||||||||||||||
Stock Issued During Period, Value, New Issues | 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 | ||||||||||||||
Stock compensation withheld - shares | (2) | |||||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (8) | $ 0 | 0 | (8) | ||||||||||||
Redemption of Preferred Stock, Shares | (68) | |||||||||||||||
Redemption of Preferred Stock, Value | (6,096) | $ (169,986) | $ (169,412) | $ 0 | $ 5,522 | $ (6,096) | ||||||||||
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) | $ (12,558) | $ (5,023) | (707) | ||||||||||
Issuance of preferred equity - consolidated joint venture | 1,746 | 1,746 | ||||||||||||||
Net income (loss) and comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships) | 8,838 | 3,499 | 4,632 | 707 | ||||||||||||
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 | (2,562,464) | 8,997 | 43,188 | |||||||||
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 | (2,530,671) | 18,435 | 41,442 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (2,100) | |||||||||||||||
Shares, Issued - ending balance at Dec. 31, 2015 | 12,879 | 141,808 | ||||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2015 | 311,145 | $ 309,337 | $ 1,418 | 2,567,515 | (2,618,117) | 7,806 | 43,186 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Stock Repurchased During Period, Shares | (4,133) | |||||||||||||||
Stock Repurchased During Period, Value | (27,427) | $ (41) | 0 | (27,386) | 0 | 0 | ||||||||||
Issuance of stock awards - shares | 648 | |||||||||||||||
Issuance of stock awards - value | 734 | $ 6 | 728 | |||||||||||||
Cumulative effect of change in accounting for stock compensation forfeitures | 0 | 185 | (185) | |||||||||||||
Stock awards - amortization | 3,677 | 3,677 | ||||||||||||||
Stock compensation withheld - shares | (98) | |||||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (592) | $ (1) | 0 | (591) | ||||||||||||
Redemption of Preferred Stock, Value | 0 | |||||||||||||||
Allocation to redeemable noncontrolling interests | 563 | 563 | ||||||||||||||
Contribution from noncontrolling interests | 530 | 530 | ||||||||||||||
Distribution to noncontrolling interests | (1) | (1) | ||||||||||||||
Dividends, Common Stock | $ (16,666) | $ (16,666) | ||||||||||||||
Preferred dividends | (724) | $ (12,558) | 0 | $ (12,558) | (724) | |||||||||||
Issuance of preferred equity - consolidated joint venture | 597 | 597 | ||||||||||||||
Net income (loss) and comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships) | 8,706 | 8,469 | (487) | 724 | ||||||||||||
Shares, Issued - ending balance at Jun. 30, 2016 | 12,879 | 138,225 | ||||||||||||||
Stockholders' Equity, ending balance at Jun. 30, 2016 | $ 267,984 | $ 309,337 | $ 1,382 | $ 2,572,668 | $ (2,667,034) | $ 7,848 | $ 43,783 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Common Stock, Dividends, Per Share, Declared | $ 0.12 | $ 0.08 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 0.975 | 0.975 |
$1.00 per Series C depositary preferred share | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 0 | $ 1 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | FelCor Lodging LP [Member] | FelCor Lodging LP [Member]Preferred Units | FelCor Lodging LP [Member]Common Units | FelCor Lodging LP [Member]Noncontrolling Interests | FelCor Lodging LP [Member]Preferred Capital in Consolidated Joint Venture | Preferred Equity in Consolidated Joint Venture | Common Stock | 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, 2014 | $ 362,867 | $ 478,749 | $ (175,759) | $ 18,435 | $ 41,442 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Partners' Capital Account, Sale of Units | 198,720 | 198,720 | |||||||||
FelCor restricted stock compensation | 3,686 | 3,686 | |||||||||
Redemption of Preferred Stock, Value | $ (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 | |||||||
Net income (loss) and comprehensive income (loss) | 8,749 | 8,749 | 3,410 | 4,632 | 707 | ||||||
Partners' Capital, Ending Balance at Jun. 30, 2015 | 362,345 | 309,337 | 823 | 8,997 | 43,188 | ||||||
Partners' Capital, Beginning Balance at Dec. 31, 2015 | 311,145 | 309,337 | (49,184) | 7,806 | 43,186 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Stock Repurchased During Period, Value | (27,427) | (27,427) | (27,427) | 0 | $ (41) | ||||||
FelCor restricted stock compensation | 3,819 | 3,819 | |||||||||
Redemption of Preferred Stock, Value | 0 | 0 | |||||||||
Contributions | 530 | 530 | |||||||||
Distributions | (30,024) | (29,299) | (1) | (724) | |||||||
Allocation to redeemable units | 655 | 655 | |||||||||
Issuance of preferred equity - consolidated joint venture | 597 | 597 | 597 | $ 597 | |||||||
Net income (loss) and comprehensive income (loss) | $ 8,689 | 8,689 | 8,452 | (487) | 724 | ||||||
Partners' Capital, Ending Balance at Jun. 30, 2016 | $ 267,984 | $ 309,337 | $ (92,984) | $ 7,848 | $ 43,783 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | $ 8,689 | $ 8,749 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 58,360 | 56,522 |
Loss (gain) on sale of hotels and other assets, net | 1,244 | (16,420) |
Amortization of deferred financing fees | 1,897 | 2,956 |
Amortization of fixed stock and directors’ compensation | 3,627 | 3,563 |
Equity in income from unconsolidated entities | (572) | (7,662) |
Distributions of income from unconsolidated entities | 339 | 5,111 |
Debt extinguishment | 0 | 30,896 |
Impairment | 6,333 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (10,599) | (8,947) |
Other assets | (5,255) | (1,436) |
Accrued expenses and other liabilities | 7,502 | (4,384) |
Net cash flow provided by operating activities | 71,565 | 68,948 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (31,909) | (25,757) |
Hotel development | 0 | (21,637) |
Net proceeds from asset sales | (1,461) | 133,878 |
Change in restricted cash – investing | (6,004) | (3,064) |
Insurance proceeds | 94 | 274 |
Distributions from unconsolidated entities in excess of earnings | 386 | 6,303 |
Net cash flow provided by (used in) investing activities | (38,894) | 89,997 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 50,000 | 979,000 |
Repayment of borrowings | (27,145) | (1,050,056) |
Payment of deferred financing fees | (12) | (13,922) |
Distributions paid to noncontrolling interests | (1) | (15,978) |
Contributions from noncontrolling interests | 530 | 1,908 |
Distributions paid to FelCor LP limited partners | (75) | (47) |
Distributions paid to preferred stockholders | (12,558) | (19,847) |
Redemption of preferred stock | 0 | (169,986) |
Repurchase of common stock | (27,427) | 0 |
Stock compensation withholding | (592) | (8) |
Preferred distributions - consolidated joint venture | (729) | (707) |
Distributions paid to common stockholders | (16,848) | (10,765) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 597 | 1,746 |
Net proceeds from common stock issuance | 0 | 198,720 |
Net cash flow used in financing activities | (34,260) | (99,942) |
Effect of exchange rate changes on cash | (9) | (43) |
Net change in cash and cash equivalents | (1,598) | 58,960 |
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 |
Cash and cash equivalents at end of periods | 58,188 | 106,107 |
Supplemental cash flow information – interest paid, net of capitalized interest | 37,581 | 36,069 |
Supplemental cash flow information – income taxes paid | 105 | 338 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | 27,471 | 40,020 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in income from unconsolidated entities | 23 | 23 |
Changes in assets and liabilities: | ||
Net cash flow provided by operating activities | 64,559 | 60,750 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (16,809) | (10,145) |
Hotel development | (21,637) | |
Net proceeds from asset sales | (205) | 134,174 |
Change in restricted cash – investing | (2,464) | (1,714) |
Insurance proceeds | 94 | 0 |
Distributions from unconsolidated entities in excess of earnings | 0 | 0 |
Net cash flow provided by (used in) investing activities | (19,384) | 100,678 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 50,000 | 504,000 |
Repayment of borrowings | (27,145) | (504,616) |
Payment of deferred financing fees | (12) | (5,661) |
Distributions paid to noncontrolling interests | (1) | (15,893) |
Contributions from noncontrolling interests | 217 | 1,425 |
Redemption of preferred stock | 0 | |
Repurchase of common stock | 0 | |
Distributions paid to common stockholders | 0 | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 597 | 1,746 |
Net proceeds from common unit issuance | 0 | |
Net cash flow used in financing activities | (47,403) | (168,486) |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | (2,228) | (7,058) |
Cash and cash equivalents at beginning of periods | 4,273 | 8,507 |
Cash and cash equivalents at end of periods | 2,045 | 1,449 |
FelCor Lodging LP [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | 8,689 | 8,749 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 58,360 | 56,522 |
Loss (gain) on sale of hotels and other assets, net | 1,244 | (16,420) |
Amortization of deferred financing fees | 1,897 | 2,956 |
Amortization of fixed stock and directors’ compensation | 3,627 | 3,563 |
Equity in income from unconsolidated entities | (572) | (7,662) |
Distributions of income from unconsolidated entities | 339 | 5,111 |
Debt extinguishment | 0 | 30,896 |
Impairment | 6,333 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (10,599) | (8,947) |
Other assets | (5,255) | (1,436) |
Accrued expenses and other liabilities | 7,502 | (4,384) |
Net cash flow provided by operating activities | 71,565 | 68,948 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (31,909) | (25,757) |
Hotel development | 0 | (21,637) |
Net proceeds from asset sales | (1,461) | 133,878 |
Change in restricted cash – investing | (6,004) | (3,064) |
Insurance proceeds | 94 | 274 |
Distributions from unconsolidated entities in excess of earnings | 386 | 6,303 |
Net cash flow provided by (used in) investing activities | (38,894) | 89,997 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 50,000 | 979,000 |
Repayment of borrowings | (27,145) | (1,050,056) |
Payment of deferred financing fees | (12) | (13,922) |
Distributions paid to noncontrolling interests | (1) | (15,978) |
Contributions from noncontrolling interests | 530 | 1,908 |
Distributions paid to FelCor LP limited partners | (75) | (47) |
Distributions paid to preferred stockholders | (12,558) | (19,847) |
Redemption of preferred stock | 0 | (169,986) |
Repurchase of common stock | (27,427) | 0 |
Stock compensation withholding | (592) | (8) |
Preferred distributions - consolidated joint venture | (729) | (707) |
Distributions paid to common stockholders | (16,848) | (10,765) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 597 | 1,746 |
Net proceeds from common unit issuance | 0 | 198,720 |
Net cash flow used in financing activities | (34,260) | (99,942) |
Effect of exchange rate changes on cash | (9) | (43) |
Net change in cash and cash equivalents | (1,598) | 58,960 |
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 |
Cash and cash equivalents at end of periods | 58,188 | 106,107 |
Supplemental cash flow information – interest paid, net of capitalized interest | 37,581 | 36,069 |
Supplemental cash flow information – income taxes paid | $ 105 | $ 338 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
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 41 hotels as of June 30, 2016 . At June 30, 2016 , we had an aggregate of 138,836,601 shares and units outstanding, consisting of 138,225,139 shares of FelCor common stock and 611,462 FelCor LP units not owned by FelCor. Of our 41 hotels, as of June 30, 2016 , we owned 100% interests in 38 hotels, a 95% interest in one hotel (The Knickerbocker) and 50% interests in entities owning two hotels. We consolidate our real estate interests in the 39 hotels in which we hold majority interests, and we record the real estate interests of the two hotels in which we hold 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 and comprehensive income (loss). We own 50% of the real estate interest in one Consolidated Hotel (we account for our real estate interest in this hotel by the equity method) and majority real estate interests in our remaining 39 Consolidated Hotels (we consolidate our real estate interests in these hotels). The following table illustrates the distribution of our 40 Consolidated Hotels at June 30, 2016 : Brand Hotels Rooms Embassy Suites by Hilton ® 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, 2016 , our Consolidated Hotels were located in 15 states, with concentrations in California ( 11 hotels), Florida ( six hotels) and Massachusetts ( three hotels). Approximately 62% of our revenue was generated from hotels in these three states during the first six months of 2016 . At June 30, 2016 , of our Consolidated Hotels: (i) subsidiaries of Hilton Worldwide managed 20 hotels; (ii) subsidiaries of Wyndham Worldwide managed eight hotels; (iii) subsidiaries of Marriott International Inc. managed three hotels; (iv) subsidiaries of InterContinental Hotels Group managed two hotels; (v) subsidiaries of Starwood Hotels & Resorts Worldwide Inc. managed two hotels; (vi) a subsidiary of Fairmont Raffles Hotels International managed one hotel; (vii) a subsidiary of Highgate Hotels managed one hotel; (viii) a subsidiary of Morgans Hotel Group Corporation managed two hotels; and (ix) Aimbridge Hospitality managed one hotel. 1. Organization — (continued) On January 1, 2016, we adopted accounting guidance under ASU 2015-2, modifying the analysis performed to determine whether we should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities (“VIEs”) or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, FelCor LP is a variable interest entity of FelCor. As FelCor LP is already consolidated in the balance sheets of FelCor, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of FelCor. There were no other legal entities under the scope of the revised guidance that were consolidated as a result of the adoption. The information in our consolidated financial statements for the three and six months ended June 30, 2016 and 2015 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, 2016 and 2015 , 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. Income taxes in prior periods have been reclassified from taxes, insurance and lease expense to conform to the current period presentation of a single line for income taxes on our consolidated statement of operations. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015 , included in our Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2016 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, 2016 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities At June 30, 2016 and December 31, 2015 , we owned 50% interests in joint ventures that owned two hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. We account for our investments in these unconsolidated entities under the equity method. We 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, 2016 2015 Investment in hotels and other properties, net of accumulated depreciation $ 22,311 $ 23,047 Total assets $ 30,595 $ 29,033 Debt, net of unamortized debt issuance costs $ 22,314 $ 22,563 Total liabilities $ 26,023 $ 24,541 Equity $ 4,572 $ 4,492 Our unconsolidated entities’ debt at June 30, 2016 and December 31, 2015 consisted entirely of non-recourse mortgage debt. 2. Investment in Unconsolidated Entities — (continued) In May 2015, one of our joint ventures sold a hotel, resulting in a $7.1 million gain that we included in our equity in income from unconsolidated entities. The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenues $ 10,175 $ 10,410 $ 15,678 $ 16,979 Net income $ 1,644 $ 21,519 $ 1,530 $ 22,069 Net income attributable to FelCor $ 822 $ 10,760 $ 765 $ 11,035 Cost in excess of joint venture book value of sold hotel — (3,140 ) — (3,140 ) Depreciation of cost in excess of book value (96 ) (107 ) (193 ) (233 ) Equity in income from unconsolidated entities $ 726 $ 7,513 $ 572 $ 7,662 The following table summarizes the components of our investments in unconsolidated entities (in thousands): June 30, December 31, 2016 2015 Equity basis of hotel joint venture investments $ (3,721 ) $ (4,216 ) Cost of hotel investments in excess of joint venture book value 7,136 7,329 Equity basis of land and condominium joint venture investments 6,007 6,462 Investment in unconsolidated entities $ 9,422 $ 9,575 The following table summarizes the components of our equity in income (loss) from unconsolidated entities (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Hotel investments $ 653 $ 7,455 $ 1,028 $ 8,203 Other investments 73 58 (456 ) (541 ) Equity in income from unconsolidated entities $ 726 $ 7,513 $ 572 $ 7,662 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity June 30, December 31, Hotels Rate (%) Date 2016 2015 Senior unsecured notes — 6.00 June 2025 $ 475,000 $ 475,000 Senior secured notes 9 5.625 March 2023 525,000 525,000 Mortgage debt (a) 4 4.95 October 2022 121,355 122,237 Mortgage debt 1 4.94 October 2022 30,454 30,717 Line of credit (b) 7 LIBOR + 2.75 June 2019 214,000 190,000 The Knickerbocker loan (c) 1 LIBOR + 3.00 November 2017 85,000 85,000 Total 22 $ 1,450,809 $ 1,427,954 Unamortized debt issuance costs (17,106 ) (18,065 ) Debt, net of unamortized debt issuance costs $ 1,433,703 $ 1,409,889 (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, subject to satisfying certain conditions. We may borrow up to $400 million under our line of credit. (c) This loan can be extended for one year, subject to satisfying certain conditions. Following adoption of ASU 2015-03, we classify deferred financing costs of $17.1 million and $18.1 million as of June 30, 2016 and December 31, 2015, respectively, within the debt on our consolidated balance sheets. We previously classified deferred financing costs of $18.1 million at December 31, 2015 as an asset on our consolidated balance sheets. In accordance with ASU 2015-15, we continue classifying deferred financing costs associated with our line of credit as an asset on our consolidated balance sheets. We reported $19.9 million and $20.3 million of interest expense for the three months ended June 30, 2016 and 2015 , respectively, which is net of: (i) interest income of $16,000 and $6,000 and (ii) capitalized interest of $205,000 and $1.6 million , respectively. We reported $39.6 million and $39.8 million of interest expense for the six months ended June 30, 2016 and 2015 , respectively, which is net of: (i) interest income of $28,000 and $11,000 and (ii) capitalized interest of $347,000 and $5.0 million , respectively. |
FelCor Capital Stock_FelCor LP
FelCor Capital Stock/FelCor LP Partners' Capital | 6 Months Ended |
Jun. 30, 2016 | |
FelCor Capital Stock/FelCor LP Partners' Capital [Abstract] | |
FelCor Capital Stock/FelCor LP Partners' Capital | FelCor Capital Stock/FelCor LP Partners’ Capital FelCor repurchased 4.1 million shares of common stock for $27.4 million (including commissions) for an average price of $6.61 per share during the first six months of 2016. To date, FelCor has repurchased 6.1 million shares of common stock for $41.9 million (including commissions) for an average price of $6.81 per share. 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 its 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, 2016 | |
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 was comprised of the following (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Room revenue $ 181,318 $ 182,066 $ 340,394 $ 344,372 Food and beverage revenue 43,697 42,151 83,229 81,995 Other operating departments 11,746 11,832 22,595 22,967 Total hotel operating revenue $ 236,761 $ 236,049 $ 446,218 $ 449,334 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. We derive the remainder of our revenue from condominium management fee income and other sources. 5. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Hotel departmental expenses were comprised of the following (in thousands): Three Months Ended June 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 44,748 18.9 % $ 44,423 18.8 % Food and beverage 32,592 13.8 31,278 13.3 Other operating departments 4,039 1.7 4,331 1.8 Total hotel departmental expenses $ 81,379 34.4 % $ 80,032 33.9 % Six Months Ended June 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 87,447 19.6 % $ 86,934 19.3 % Food and beverage 63,548 14.2 61,974 13.8 Other operating departments 7,822 1.8 8,780 2.0 Total hotel departmental expenses $ 158,817 35.6 % $ 157,688 35.1 % Other property-related costs were comprised of the following amounts (in thousands): Three Months Ended June 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 21,042 8.9 % $ 20,532 8.7 % Marketing 19,157 8.1 20,397 8.6 Repair and maintenance 9,391 4.0 9,742 4.1 Utilities 6,417 2.7 7,120 3.1 Total other property-related costs $ 56,007 23.7 % $ 57,791 24.5 % 5. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Six Months Ended June 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 41,500 9.3 % $ 39,895 8.9 % Marketing 38,030 8.5 39,700 8.8 Repair and maintenance 19,096 4.3 20,092 4.5 Utilities 12,947 2.9 14,999 3.3 Total other property-related costs $ 111,573 25.0 % $ 114,686 25.5 % Wyndham guarantees minimum levels of annual net operating income at each of the hotels it manages for us. W e recorded $1.5 million and $995,000 for the pro rata portions of the projected aggregate full-year guaranties for the six months ended June 30, 2016 and 2015 , respectively (of which $1.5 million and $584,000 is attributable to the three months ended June 30, 2016 and June 30, 2015 , 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, 2016 | |
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, 2016 2015 2016 2015 Hotel lease expense (a) $ 1,359 $ 2,134 $ 2,161 $ 4,238 Land lease expense (b) 3,757 3,733 7,019 6,792 Real estate and other taxes 7,784 8,667 15,359 16,357 Property insurance, general liability insurance and other 1,964 1,876 3,907 3,830 Total taxes, insurance and lease expense $ 14,864 $ 16,410 $ 28,446 $ 31,217 (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. We include in hotel lease expense percentage rent of $557,000 and $1.2 million for the three months ended June 30, 2016 and 2015 , respectively, and $557,000 and $2.1 million for the six months ended June 30, 2016 and 2015 , respectively. (b) We include in land lease expense percentage rent of $2.0 million and $2.2 million for the three months ended June 30, 2016 and 2015 , respectively, and $3.6 million and $3.7 million for the six months ended June 30, 2016 and 2015 , respectively. |
Impairment (Notes)
Impairment (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Impairment Charges [Abstract] | |
Asset Impairment Charges [Text Block] | Impairment Charges Our hotels are comprised of operations and cash flows that can clearly be distinguished, operationally, and for financial reporting purposes, from the remainder of our operations. Accordingly, we consider our hotels to be components for purposes of determining impairment charges. We test for impairment whenever changes in circumstances indicate a hotel’s carrying value may not be recoverable. We conduct the test using undiscounted cash flows for the shorter of the hotel’s estimated hold period or its remaining useful life. When testing for recoverability of hotels held for investment, we use projected cash flows over its expected hold period. Those hotels held for investment that fail the impairment test are written down to their then current estimated fair value, before any selling expense, and we continue to depreciate the hotels over their remaining useful lives. In June 2016, we recorded a $6.3 million impairment charge, based on an accepted third-party offer to purchase a hotel (a Level 2 input under authoritative guidance for fair value measurements) at a price below our previously estimated fair market value for the property. We may record additional impairment charges if operating results of individual hotels are materially different from our forecasts, the economy and lodging industry weakens, or we shorten our contemplated holding period for additional hotels. |
Hotel Dispositions
Hotel Dispositions | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Hotel Dispositions | Hotel Dispositions During the six months ended June 30, 2015 , we sold six hotels and had two hotels held for sale at June 30, 2015 . We designate a hotel as held for sale when the sale is probable within the next twelve months. Generally, we consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale and we have received a substantial non-refundable deposit. We included operations for the sold hotels, and the hotels designated as held for sale, in income (loss) from continuing operations as shown in the statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2015 , as disposition of these hotels did not represent a strategic shift in our business. Additionally, we included selling costs, which we expense as they are incurred, in the gain (loss) on the sale of hotels. There were no hotel dispositions in 2016 prior to June 30, 2016. The following table includes condensed financial information primarily related to hotels sold in 2015 included in continuing operations (in thousands): Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Hotel operating revenue $ 11,244 $ 29,260 Operating expenses (9,078 ) (23,620 ) Operating income 2,166 5,640 Interest expense, net (436 ) (1,031 ) Debt extinguishment (237 ) (309 ) Equity in income from unconsolidated entities 6,894 7,098 Income from continuing operations 8,387 11,398 Gain (loss) on sale of hotels, net (550 ) 16,337 Net income 7,837 27,735 Net loss (income) attributable to noncontrolling interests in other partnerships 26 (5,191 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (34 ) (97 ) Net income attributable to FelCor $ 7,829 $ 22,447 |
Income (Loss) Per Share_Unit
Income (Loss) Per Share/Unit | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to FelCor $ 13,391 $ (3,284 ) $ 8,469 $ 3,499 Discontinued operations attributable to FelCor — 75 — 71 Income (loss) from continuing operations attributable to FelCor 13,391 (3,209 ) 8,469 3,570 Less: Preferred dividends (6,279 ) (7,903 ) (12,558 ) (17,581 ) Less: Redemption of preferred stock — (6,096 ) — (6,096 ) Less: Dividends declared on unvested restricted stock (35 ) (13 ) (73 ) (26 ) Numerator for continuing operations attributable to FelCor common stockholders 7,077 (17,221 ) (4,162 ) (20,133 ) Discontinued operations attributable to FelCor — (75 ) — (71 ) Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ 7,077 $ (17,296 ) $ (4,162 ) $ (20,204 ) Denominator: Denominator for basic income (loss) per share 138,182 140,322 138,930 132,465 Denominator for diluted income (loss) per share 138,678 140,322 138,930 132,465 Basic and diluted income (loss) per share data: Income (loss) from continuing operations $ 0.05 $ (0.12 ) $ (0.03 ) $ (0.15 ) Net income (loss) $ 0.05 $ (0.12 ) $ (0.03 ) $ (0.15 ) 9. Income (Loss) Per Share/Unit — (continued) FelCor LP Income (Loss) Per Unit Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to FelCor LP $ 13,422 $ (3,359 ) $ 8,452 $ 3,410 Discontinued operations attributable to FelCor LP — 75 — 71 Income (loss) from continuing operations attributable to FelCor LP 13,422 (3,284 ) 8,452 3,481 Less: Preferred distributions (6,279 ) (7,903 ) (12,558 ) (17,581 ) Less: Redemption of preferred units — (6,096 ) — (6,096 ) Less: Distributions declared on FelCor unvested restricted stock (35 ) (13 ) (73 ) (26 ) Numerator for continuing operations attributable to FelCor LP common unitholders 7,108 (17,296 ) (4,179 ) (20,222 ) Discontinued operations attributable to FelCor LP — (75 ) — (71 ) Numerator for basic and diluted income (loss) attributable to FelCor common unitholders $ 7,108 $ (17,371 ) $ (4,179 ) $ (20,293 ) Denominator: Denominator for basic income (loss) per unit 138,793 140,933 139,541 133,076 Denominator for diluted income (loss) per unit 139,289 140,933 139,541 133,076 Basic and diluted income (loss) per unit data: Income (loss) from continuing operations $ 0.05 $ (0.12 ) $ (0.03 ) $ (0.15 ) Net income (loss) $ 0.05 $ (0.12 ) $ (0.03 ) $ (0.15 ) The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the net gain (loss) on sale of hotels attributable to FelCor/FelCor LP. 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, 2016 2015 2016 2015 Series A convertible preferred shares/units 9,984 9,984 9,984 9,984 FelCor restricted stock units — 1,478 451 1,332 9. 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, 2016 and 2015 , and $12.6 million for the six months ended June 30, 2016 and 2015 . 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 three to four years . A portion of the actual number of shares that vest is determined based on total stockholder return relative to a group of ten lodging REIT peers and a portion is related to service. We amortize the fixed cost of these grants over the vesting periods. 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, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We base disclosures about fair value of our financial instruments on pertinent information available to management as of June 30, 2016 and December 31, 2015 . We exercise considerable judgment when interpreting market data and developing 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. We base our estimates of the fair value of (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses on their carrying values due to their relatively short maturity; (ii) our debt for which trading prices are publicly available on observable market data (a Level 2 input) (that debt had an estimated fair value of $1.0 billion at June 30, 2016 and December 31, 2015 ); and (iii) our debt for which trading prices are not publicly available 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) (that debt had an estimated fair value of $458.6 million and $438.8 million at June 30, 2016 and December 31, 2015 , respectively). The estimated fair value of all our debt was $1.5 billion at June 30, 2016 and December 31, 2015 . The carrying value of our debt was $1.4 billion at June 30, 2016 and December 31, 2015 . |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 6 Months Ended |
Jun. 30, 2016 | |
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 and comprehensive income (loss) 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. We base the historical cost on the proportionate relationship between the carrying value of equity associated with FelCor’s common stockholders relative to that of FelCor LP’s unitholders. We base redemption value 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. 11. Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units — (continued) At June 30, 2016 , we carried 611,462 outstanding limited partnership units at $3.8 million . We base the value of these outstanding units on the closing price of FelCor’s common stock at June 30, 2016 ( $6.23 per share). Changes in redeemable noncontrolling interests (or redeemable units) for the six months ended June 30, 2016 and 2015 are shown below (in thousands): Six Months Ended June 30, 2016 2015 Balance at beginning of period $ 4,464 $ 6,616 Redemption value allocation (563 ) (439 ) Distributions paid to unitholders (75 ) (47 ) Net loss (17 ) (89 ) Balance at end of period $ 3,809 $ 6,041 |
Consolidated Joint Venture Pref
Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Consolidated Joint Venture Preferred Equity/Capital | Consolidated Joint Venture Preferred Equity/Capital Our joint venture that redeveloped 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. To date, the venture has received $44.4 million in gross proceeds ( $43.8 million net of issuance costs), including $600,000 and $1.8 million in gross proceeds received in the first six months of 2016 and 2015, respectively. The venture will receive the remaining $600,000 as investors’ visas are approved. |
Commercial Dispute (Notes)
Commercial Dispute (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Commercial Dispute [Abstract] | |
Contingencies Disclosure [Text Block] | One of our consolidated subsidiaries was 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), which we have recorded in other revenue for the three and six months ended June 30, 2015 . |
Contingency (Notes)
Contingency (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Contingency [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | In April 2016, an affiliate of InterContinental Hotels Group PLC, or IHG, which had formerly operated three hotels on our behalf ( two of which we sold in 2006, and one of which we converted to Wyndham operation and brand in 2013), notified us that the pension fund in which the employees at those hotels had participated is seeking an $8.3 million contribution from IHG in connection with the termination of its operation of those hotels. Under our hotel management agreements with IHG, we may be obligated to indemnify and hold IHG harmless for some or all of any amount ultimately contributed to the pension fund with respect to these hotels. Nevertheless, we believe that we are not responsible for a significant portion (and perhaps any) of the contribution sought by the pension fund and that any cost we incur with respect to this matter will be immaterial. Consequently, we will vigorously defend against the underlying claims and, where appropriate, IHG’s demand for indemnification. We are in the earliest stage of investigating the matter, which involves significant legal, actuarial and factual analysis with respect to each hotel, and have not determined whether any loss to us is probable or that any such loss is estimable. |
Recently Issue Accounting Stand
Recently Issue Accounting Standards Recently Issue Accounting Standards | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is 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 February 2016, the FASB issued ASU 2016-02 - Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact our consolidated financial statements as we have certain operating lease arrangements. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. We are in the process of evaluating the impact of this new guidance. 15. Recently Issued Accounting Standards — (continued) In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to improve the accounting for share-based payment transactions. Under the new standard, companies can withhold shares up to the maximum individual statutory tax rate in the applicable jurisdiction as participants vest in stock and maintain equity classification of the entire award. Also under the new standard, forfeitures for stock awards may be recorded when they occur (the prior guidance required estimating forfeitures when recording stock compensation costs). Finally, the standard requires classifying cash paid when remitting cash to the tax authorities for stock compensation withholding as financing activity in the statement of cash flows. We adopted this standard effective January 1, 2016. Upon adoption, we revised our policy to account for stock compensation forfeitures as they occur, which resulted in a $185,000 increase in our accumulated deficit for the cumulative effect of change in accounting principle. In addition, in our statement of cash flows, we will reclassify $2.1 million and $3.1 million of cash paid to taxing authorities for shares withheld from operating activities to financing activities for the years ended December 31, 2015 and 2014, respectively. |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2016 | |
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 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. 16. 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, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 610,161 $ 1,082,258 $ — $ 1,692,419 Equity investment in consolidated entities 1,215,589 — — (1,215,589 ) — Investment in unconsolidated entities 3,415 4,765 1,242 — 9,422 Cash and cash equivalents 16,670 39,473 2,045 — 58,188 Restricted cash — 18,982 4,724 — 23,706 Accounts receivable, net 2,116 34,582 1,952 — 38,650 Deferred expenses, net — — 5,464 — 5,464 Other assets 4,534 10,803 4,210 — 19,547 Total assets $ 1,242,324 $ 718,766 $ 1,101,895 $ (1,215,589 ) $ 1,847,396 Debt, net $ 984,985 $ — $ 488,154 $ (39,436 ) $ 1,433,703 Distributions payable 14,831 — 120 — 14,951 Accrued expenses and other liabilities 22,346 92,697 11,906 — 126,949 Total liabilities 1,022,162 92,697 500,180 (39,436 ) 1,575,603 Redeemable units, at redemption value 3,809 — — — 3,809 Preferred units 309,337 — — — 309,337 Common units (92,984 ) 626,886 549,267 (1,176,153 ) (92,984 ) Total FelCor LP partners’ capital 216,353 626,886 549,267 (1,176,153 ) 216,353 Noncontrolling interests — (817 ) 8,665 — 7,848 Preferred capital in consolidated joint venture — — 43,783 — 43,783 Total partners’ capital 216,353 626,069 601,715 (1,176,153 ) 267,984 Total liabilities and partners’ capital $ 1,242,324 $ 718,766 $ 1,101,895 $ (1,215,589 ) $ 1,847,396 16. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 625,835 $ 1,103,696 $ — $ 1,729,531 Equity investment in consolidated entities 1,260,779 — — (1,260,779 ) — Investment in unconsolidated entities 4,440 3,871 1,264 — 9,575 Cash and cash equivalents 21,219 34,294 4,273 — 59,786 Restricted cash — 15,442 2,260 — 17,702 Accounts receivable, net 644 25,575 1,917 — 28,136 Deferred expenses, net — — 6,390 — 6,390 Other assets 3,587 8,786 2,419 — 14,792 Total assets $ 1,290,669 $ 713,803 $ 1,122,219 $ (1,260,779 ) $ 1,865,912 Debt, net $ 984,226 $ — $ 465,099 $ (39,436 ) $ 1,409,889 Distributions payable 15,016 — 124 — 15,140 Accrued expenses and other liabilities 26,810 83,787 14,677 — 125,274 Total liabilities 1,026,052 83,787 479,900 (39,436 ) 1,550,303 Redeemable units, at redemption value 4,464 — — — 4,464 Preferred units 309,337 — — — 309,337 Common units (49,184 ) 630,833 590,510 (1,221,343 ) (49,184 ) Total FelCor LP partners’ capital 260,153 630,833 590,510 (1,221,343 ) 260,153 Noncontrolling interests — (817 ) 8,623 — 7,806 Preferred capital in consolidated joint venture — — 43,186 — 43,186 Total partners’ capital 260,153 630,016 642,319 (1,221,343 ) 311,145 Total liabilities and partners’ capital $ 1,290,669 $ 713,803 $ 1,122,219 $ (1,260,779 ) $ 1,865,912 . FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 236,761 $ — $ — $ 236,761 Percentage lease revenue — — 46,953 (46,953 ) — Other revenue 1 1,022 122 — 1,145 Total revenues 1 237,783 47,075 (46,953 ) 237,906 Expenses: Hotel operating expenses — 145,887 — — 145,887 Taxes, insurance and lease expense 26 56,112 5,679 (46,953 ) 14,864 Corporate expenses — 3,360 2,687 — 6,047 Depreciation and amortization 93 12,030 17,054 — 29,177 Impairment — 6,333 — — 6,333 Other expenses 187 1,661 294 — 2,142 Total operating expenses 306 225,383 25,714 (46,953 ) 204,450 Operating income (305 ) 12,400 21,361 — 33,456 Interest expense, net (14,601 ) 9 (5,315 ) — (19,907 ) Other gains, net — — 100 — 100 Income before equity in income from unconsolidated entities (14,906 ) 12,409 16,146 — 13,649 Equity in income from consolidated entities 27,974 — — (27,974 ) — Equity in income from unconsolidated entities 652 85 (11 ) — 726 Income from continuing operations before income tax 13,720 12,494 16,135 (27,974 ) 14,375 Income tax (48 ) 73 — — 25 Income from continuing operations before loss on sale of hotels 13,672 12,567 16,135 (27,974 ) 14,400 Loss on sale of hotels, net (250 ) (300 ) (80 ) — (630 ) Net income and comprehensive income 13,422 12,267 16,055 (27,974 ) 13,770 Loss attributable to noncontrolling interests — (57 ) 73 — 16 Preferred distributions - consolidated joint venture — — (364 ) — (364 ) Net income and comprehensive income attributable to FelCor LP 13,422 12,210 15,764 (27,974 ) 13,422 Preferred distributions (6,279 ) — — — (6,279 ) Net income attributable to FelCor LP common unitholders $ 7,143 $ 12,210 $ 15,764 $ (27,974 ) $ 7,143 16. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS 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 — — 46,687 (46,687 ) — Other revenue 107 4,800 147 — 5,054 Total revenues 107 240,849 46,834 (46,687 ) 241,103 Expenses: Hotel operating expenses — 147,025 — — 147,025 Taxes, insurance and lease expense 437 56,412 6,248 (46,687 ) 16,410 Corporate expenses (138 ) 3,687 2,981 — 6,530 Depreciation and amortization 47 12,729 15,974 — 28,750 Other expenses 3 1,463 (55 ) — 1,411 Total operating expenses 349 221,316 25,148 (46,687 ) 200,126 Operating income (242 ) 19,533 21,686 — 40,977 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 (43,260 ) 19,536 13,766 — (9,958 ) 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 before income tax (3,583 ) 19,763 13,755 (32,380 ) (2,445 ) Income tax 332 (501 ) — — (169 ) Loss from continuing operations (3,251 ) 19,262 13,755 (32,380 ) (2,614 ) Loss from discontinued operations — — (83 ) — (83 ) Loss before loss on sale of hotels (3,251 ) 19,262 13,672 (32,380 ) (2,697 ) Loss on sale of hotels, net (108 ) (3 ) (439 ) — (550 ) Net loss and comprehensive loss (3,359 ) 19,259 13,233 (32,380 ) (3,247 ) Loss attributable to noncontrolling interests — 251 (4 ) — 247 Preferred distributions - consolidated joint venture — — (359 ) — (359 ) Net loss and comprehensive loss attributable to FelCor LP (3,359 ) 19,510 12,870 (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 ) $ 19,510 $ 12,870 $ (32,380 ) $ (17,358 ) 16. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 446,218 $ — $ — $ 446,218 Percentage lease revenue — — 90,498 (90,498 ) — Other revenue 187 1,454 191 — 1,832 Total revenues 187 447,672 90,689 (90,498 ) 448,050 Expenses: Hotel operating expenses — 288,116 — — 288,116 Taxes, insurance and lease expense 53 107,595 11,296 (90,498 ) 28,446 Corporate expenses — 7,695 6,752 — 14,447 Depreciation and amortization 144 24,027 34,189 — 58,360 Impairment — 6,333 — — 6,333 Other expenses 419 2,213 338 — 2,970 Total operating expenses 616 435,979 52,575 (90,498 ) 398,672 Operating income (429 ) 11,693 38,114 — 49,378 Interest expense, net (29,262 ) 18 (10,383 ) — (39,627 ) Other gains, net — — 100 — 100 Income before equity in income from unconsolidated entities (29,691 ) 11,711 27,831 — 9,851 Equity in income from consolidated entities 37,841 — — (37,841 ) — Equity in income from unconsolidated entities 716 (121 ) (23 ) — 572 Income from continuing operations before income tax 8,866 11,590 27,808 (37,841 ) 10,423 Income tax (164 ) (226 ) — — (390 ) Income before loss on sale of hotels 8,702 11,364 27,808 (37,841 ) 10,033 Loss on sale of hotels, net (250 ) (757 ) (337 ) — (1,344 ) Net income and comprehensive income 8,452 10,607 27,471 (37,841 ) 8,689 Loss attributable to noncontrolling interests — 313 174 — 487 Preferred distributions - consolidated joint venture — — (724 ) — (724 ) Net income and comprehensive income attributable to FelCor LP 8,452 10,920 26,921 (37,841 ) 8,452 Preferred distributions (12,558 ) — — — (12,558 ) Net loss attributable to FelCor LP common unitholders $ (4,106 ) $ 10,920 $ 26,921 $ (37,841 ) $ (4,106 ) 16. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME 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 — — 85,874 (85,874 ) — Other revenue 108 5,147 209 — 5,464 Total revenues 108 454,481 86,083 (85,874 ) 454,798 Expenses: Hotel operating expenses — 290,661 — — 290,661 Taxes, insurance and lease expense (191 ) 105,911 11,371 (85,874 ) 31,217 Corporate expenses — 8,292 6,811 — 15,103 Depreciation and amortization 89 25,894 30,539 — 56,522 Other expenses 3 5,509 127 — 5,639 Total operating expenses (99 ) 436,267 48,848 (85,874 ) 399,142 Operating income 207 18,214 37,235 — 55,656 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 (56,551 ) 18,220 23,498 — (14,833 ) 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 before income tax 3,831 18,261 23,475 (52,738 ) (7,171 ) Income tax (142 ) (196 ) — — (338 ) Loss from continuing operations 3,689 18,065 23,475 (52,738 ) (7,509 ) Loss from discontinued operations — 4 (83 ) — (79 ) Loss before gain on sale of hotels 3,689 18,069 23,392 (52,738 ) (7,588 ) Gain on sale of hotels, net (279 ) (12 ) 16,628 — 16,337 Net income and comprehensive income 3,410 18,057 40,020 (52,738 ) 8,749 Income attributable to noncontrolling interests — 510 (5,142 ) — (4,632 ) Preferred distributions - consolidated joint venture — — (707 ) — (707 ) Net income and comprehensive income attributable to FelCor LP 3,410 18,567 34,171 (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 ) $ 18,567 $ 34,171 $ (52,738 ) $ (20,267 ) 16. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (34,655 ) $ 41,661 $ 64,559 $ — $ 71,565 Investing activities: Improvements and additions to hotels (7 ) (15,093 ) (16,809 ) — (31,909 ) Net proceeds from asset sales (723 ) (533 ) (205 ) — (1,461 ) Insurance proceeds — — 94 — 94 Change in restricted cash - investing — (3,540 ) (2,464 ) — (6,004 ) Distributions from unconsolidated entities 386 — — — 386 Intercompany financing 87,950 — — (87,950 ) — Cash flows from investing activities 87,606 (19,166 ) (19,384 ) (87,950 ) (38,894 ) Financing activities: Proceeds from borrowings — — 50,000 — 50,000 Repayment of borrowings — — (27,145 ) — (27,145 ) Payment of deferred financing fees — — (12 ) — (12 ) Distributions paid to noncontrolling interests — — (1 ) — (1 ) Contributions from noncontrolling interests — 313 217 — 530 Repurchase of common units (27,427 ) — — — (27,427 ) Distributions paid to preferred unitholders (12,558 ) — — — (12,558 ) Distributions paid to common unitholders (16,848 ) — — — (16,848 ) Net proceeds from issuance of preferred capital - consolidated joint venture — — 597 — 597 Intercompany financing — (17,620 ) (70,330 ) 87,950 — Other (667 ) — (729 ) — (1,396 ) Cash flows from financing activities (57,500 ) (17,307 ) (47,403 ) 87,950 (34,260 ) Effect of exchange rate changes on cash — (9 ) — — (9 ) Change in cash and cash equivalents (4,549 ) 5,179 (2,228 ) — (1,598 ) Cash and cash equivalents at beginning of period 21,219 34,294 4,273 — 59,786 Cash and cash equivalents at end of period $ 16,670 $ 39,473 $ 2,045 $ — $ 58,188 16. 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 $ (27,492 ) $ 35,690 $ 60,750 $ — $ 68,948 Investing activities: Improvements and additions to hotels (129 ) (15,483 ) (10,145 ) — (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 (16,823 ) 100,678 (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 preferred unitholders (19,847 ) — — — (19,847 ) Distributions paid to common unitholders (10,765 ) — — — (10,765 ) Net proceeds from common unit issuance 198,720 — — — 198,720 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 ) Net proceeds from issuance of preferred capital- consolidated joint venture — — 1,746 — 1,746 Intercompany financing — (18,229 ) (148,780 ) 167,009 — Other (55 ) — (707 ) — (762 ) Cash flows from financing activities (80,634 ) (17,831 ) (168,486 ) 167,009 (99,942 ) 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 |
Organization (Tables)
Organization (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization [Abstract] | |
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution of our 40 Consolidated Hotels at June 30, 2016 : Brand Hotels Rooms Embassy Suites by Hilton ® 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, 2016 | |
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, 2016 2015 Investment in hotels and other properties, net of accumulated depreciation $ 22,311 $ 23,047 Total assets $ 30,595 $ 29,033 Debt, net of unamortized debt issuance costs $ 22,314 $ 22,563 Total liabilities $ 26,023 $ 24,541 Equity $ 4,572 $ 4,492 |
Schedule of Combined Statement of Operations Information of Unconsolidated Entities | The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenues $ 10,175 $ 10,410 $ 15,678 $ 16,979 Net income $ 1,644 $ 21,519 $ 1,530 $ 22,069 Net income attributable to FelCor $ 822 $ 10,760 $ 765 $ 11,035 Cost in excess of joint venture book value of sold hotel — (3,140 ) — (3,140 ) Depreciation of cost in excess of book value (96 ) (107 ) (193 ) (233 ) Equity in income from unconsolidated entities $ 726 $ 7,513 $ 572 $ 7,662 |
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, 2016 2015 Equity basis of hotel joint venture investments $ (3,721 ) $ (4,216 ) Cost of hotel investments in excess of joint venture book value 7,136 7,329 Equity basis of land and condominium joint venture investments 6,007 6,462 Investment in unconsolidated entities $ 9,422 $ 9,575 |
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of our equity in income (loss) from unconsolidated entities (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Hotel investments $ 653 $ 7,455 $ 1,028 $ 8,203 Other investments 73 58 (456 ) (541 ) Equity in income from unconsolidated entities $ 726 $ 7,513 $ 572 $ 7,662 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 2016 2015 Senior unsecured notes — 6.00 June 2025 $ 475,000 $ 475,000 Senior secured notes 9 5.625 March 2023 525,000 525,000 Mortgage debt (a) 4 4.95 October 2022 121,355 122,237 Mortgage debt 1 4.94 October 2022 30,454 30,717 Line of credit (b) 7 LIBOR + 2.75 June 2019 214,000 190,000 The Knickerbocker loan (c) 1 LIBOR + 3.00 November 2017 85,000 85,000 Total 22 $ 1,450,809 $ 1,427,954 Unamortized debt issuance costs (17,106 ) (18,065 ) Debt, net of unamortized debt issuance costs $ 1,433,703 $ 1,409,889 (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, subject to satisfying certain conditions. We may borrow up to $400 million under our line of credit. (c) This loan 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, 2016 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |
Schedule of Hotel Operating Revenue | Hotel operating revenue was comprised of the following (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Room revenue $ 181,318 $ 182,066 $ 340,394 $ 344,372 Food and beverage revenue 43,697 42,151 83,229 81,995 Other operating departments 11,746 11,832 22,595 22,967 Total hotel operating revenue $ 236,761 $ 236,049 $ 446,218 $ 449,334 |
Schedule of Hotel Departmental Expenses | Hotel departmental expenses were comprised of the following (in thousands): Three Months Ended June 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 44,748 18.9 % $ 44,423 18.8 % Food and beverage 32,592 13.8 31,278 13.3 Other operating departments 4,039 1.7 4,331 1.8 Total hotel departmental expenses $ 81,379 34.4 % $ 80,032 33.9 % Six Months Ended June 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 87,447 19.6 % $ 86,934 19.3 % Food and beverage 63,548 14.2 61,974 13.8 Other operating departments 7,822 1.8 8,780 2.0 Total hotel departmental expenses $ 158,817 35.6 % $ 157,688 35.1 % |
Schedule of Other Property-Related Costs | Other property-related costs were comprised of the following amounts (in thousands): Three Months Ended June 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 21,042 8.9 % $ 20,532 8.7 % Marketing 19,157 8.1 20,397 8.6 Repair and maintenance 9,391 4.0 9,742 4.1 Utilities 6,417 2.7 7,120 3.1 Total other property-related costs $ 56,007 23.7 % $ 57,791 24.5 % 5. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Six Months Ended June 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 41,500 9.3 % $ 39,895 8.9 % Marketing 38,030 8.5 39,700 8.8 Repair and maintenance 19,096 4.3 20,092 4.5 Utilities 12,947 2.9 14,999 3.3 Total other property-related costs $ 111,573 25.0 % $ 114,686 25.5 % |
Taxes, Insurance and Lease Ex29
Taxes, Insurance and Lease Expense (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 2015 2016 2015 Hotel lease expense (a) $ 1,359 $ 2,134 $ 2,161 $ 4,238 Land lease expense (b) 3,757 3,733 7,019 6,792 Real estate and other taxes 7,784 8,667 15,359 16,357 Property insurance, general liability insurance and other 1,964 1,876 3,907 3,830 Total taxes, insurance and lease expense $ 14,864 $ 16,410 $ 28,446 $ 31,217 (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. We include in hotel lease expense percentage rent of $557,000 and $1.2 million for the three months ended June 30, 2016 and 2015 , respectively, and $557,000 and $2.1 million for the six months ended June 30, 2016 and 2015 , respectively. (b) We include in land lease expense percentage rent of $2.0 million and $2.2 million for the three months ended June 30, 2016 and 2015 , respectively, and $3.6 million and $3.7 million for the six months ended June 30, 2016 and 2015 , respectively. |
Hotel Dispositions (Tables)
Hotel Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 hotels sold in 2015 included in continuing operations (in thousands): Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Hotel operating revenue $ 11,244 $ 29,260 Operating expenses (9,078 ) (23,620 ) Operating income 2,166 5,640 Interest expense, net (436 ) (1,031 ) Debt extinguishment (237 ) (309 ) Equity in income from unconsolidated entities 6,894 7,098 Income from continuing operations 8,387 11,398 Gain (loss) on sale of hotels, net (550 ) 16,337 Net income 7,837 27,735 Net loss (income) attributable to noncontrolling interests in other partnerships 26 (5,191 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (34 ) (97 ) Net income attributable to FelCor $ 7,829 $ 22,447 |
Income (Loss) Per Share_Unit (T
Income (Loss) Per Share/Unit (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to FelCor $ 13,391 $ (3,284 ) $ 8,469 $ 3,499 Discontinued operations attributable to FelCor — 75 — 71 Income (loss) from continuing operations attributable to FelCor 13,391 (3,209 ) 8,469 3,570 Less: Preferred dividends (6,279 ) (7,903 ) (12,558 ) (17,581 ) Less: Redemption of preferred stock — (6,096 ) — (6,096 ) Less: Dividends declared on unvested restricted stock (35 ) (13 ) (73 ) (26 ) Numerator for continuing operations attributable to FelCor common stockholders 7,077 (17,221 ) (4,162 ) (20,133 ) Discontinued operations attributable to FelCor — (75 ) — (71 ) Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ 7,077 $ (17,296 ) $ (4,162 ) $ (20,204 ) Denominator: Denominator for basic income (loss) per share 138,182 140,322 138,930 132,465 Denominator for diluted income (loss) per share 138,678 140,322 138,930 132,465 Basic and diluted income (loss) per share data: Income (loss) from continuing operations $ 0.05 $ (0.12 ) $ (0.03 ) $ (0.15 ) Net income (loss) $ 0.05 $ (0.12 ) $ (0.03 ) $ (0.15 ) |
Schedule Securities Excluded from Computation of Earnings Per Share | 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, 2016 2015 2016 2015 Series A convertible preferred shares/units 9,984 9,984 9,984 9,984 FelCor restricted stock units — 1,478 451 1,332 |
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, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to FelCor LP $ 13,422 $ (3,359 ) $ 8,452 $ 3,410 Discontinued operations attributable to FelCor LP — 75 — 71 Income (loss) from continuing operations attributable to FelCor LP 13,422 (3,284 ) 8,452 3,481 Less: Preferred distributions (6,279 ) (7,903 ) (12,558 ) (17,581 ) Less: Redemption of preferred units — (6,096 ) — (6,096 ) Less: Distributions declared on FelCor unvested restricted stock (35 ) (13 ) (73 ) (26 ) Numerator for continuing operations attributable to FelCor LP common unitholders 7,108 (17,296 ) (4,179 ) (20,222 ) Discontinued operations attributable to FelCor LP — (75 ) — (71 ) Numerator for basic and diluted income (loss) attributable to FelCor common unitholders $ 7,108 $ (17,371 ) $ (4,179 ) $ (20,293 ) Denominator: Denominator for basic income (loss) per unit 138,793 140,933 139,541 133,076 Denominator for diluted income (loss) per unit 139,289 140,933 139,541 133,076 Basic and diluted income (loss) per unit data: Income (loss) from continuing operations $ 0.05 $ (0.12 ) $ (0.03 ) $ (0.15 ) Net income (loss) $ 0.05 $ (0.12 ) $ (0.03 ) $ (0.15 ) |
Redeemable Noncontrolling Int32
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and 2015 are shown below (in thousands): Six Months Ended June 30, 2016 2015 Balance at beginning of period $ 4,464 $ 6,616 Redemption value allocation (563 ) (439 ) Distributions paid to unitholders (75 ) (47 ) Net loss (17 ) (89 ) Balance at end of period $ 3,809 $ 6,041 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 6 Months Ended | |||
Jun. 30, 2016HotelsRoomsStatesshares | Apr. 30, 2016Hotels | Dec. 31, 2015Hotelsshares | May 31, 2015Hotels | |
Real Estate Properties [Line Items] | ||||
Ownership percentage by parent | 99.50% | |||
Aggregate shares and units outstanding (in shares) | shares | 138,836,601 | |||
Common stock, shares outstanding (in shares) | shares | 138,225,139 | |||
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 | 62.00% | |||
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] | Unconsolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotels | 1 | |||
Fifty Percent Owned [Member] | One Hotel [Member] | Consolidated 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 | 2 | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Operated With A Lease [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotels | 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] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotels | 3 | |||
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 | 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 | |||
Aimbridge Hospitality [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotels | 1 | |||
FelCor Lodging LP [Member] | ||||
Real Estate Properties [Line Items] | ||||
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 | |||
Controlling Interest, Ownership Percentage by Parent | 95.00% | |||
Ownership in all properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotels | 41 |
Organization (Schedule of Distr
Organization (Schedule of Distribution of Consolidated Hotels) (Details) - Consolidated Properties [Member] | Jun. 30, 2016HotelsRooms |
Real Estate Properties [Line Items] | |
Number of hotels | 40 |
Number of rooms (in rooms) | 12,272 |
Embassy Suites by Hilton® [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 18 |
Number of rooms (in rooms) | 4,982 |
Wyndham® and Wyndham Grand® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 8 |
Number of rooms (in rooms) | 2,528 |
Marriott® and Renaissance® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 3 |
Number of rooms (in rooms) | 1,321 |
Holiday Inn® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 2 |
Number of rooms (in rooms) | 968 |
DoubleTree by Hilton® and Hilton® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 3 |
Number of rooms (in rooms) | 802 |
Sheraton® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 2 |
Number of rooms (in rooms) | 673 |
Fairmont® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 1 |
Number of rooms (in rooms) | 383 |
The Knickerbocker® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 1 |
Number of rooms (in rooms) | 330 |
Morgans® and Royalton® | |
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) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2015USD ($)Hotels | Jun. 30, 2016USD ($)Hotels | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Hotels | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)Hotels | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (loss) on sale of hotels, net | $ | $ (630,000) | $ (550,000) | $ (1,344,000) | $ 16,337,000 | ||
Long-term Debt | $ | $ 1,433,703,000 | $ 1,433,703,000 | $ 1,409,889,000 | |||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (loss) on sale of hotels, net | $ | $ 7,100,000 | |||||
Number of hotels | Hotels | 1 | |||||
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% | 50.00% | |||
Number of hotels | Hotels | 2 | 2 | 2 | |||
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% | 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 |
Investment in Unconsolidated 36
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $ 22,311 | $ 23,047 |
Total assets | 30,595 | 29,033 |
Debt, net of unamortized debt issuance costs | 22,314 | 22,563 |
Total liabilities | 26,023 | 24,541 |
Equity | $ 4,572 | $ 4,492 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Real Estate Properties [Line Items] | ||||
Total revenues | $ 10,175 | $ 10,410 | $ 15,678 | $ 16,979 |
Net income (loss) | 1,644 | 21,519 | 1,530 | 22,069 |
Net income (loss) attributable to FelCor | 822 | 10,760 | 765 | 11,035 |
Cost in excess of joint venture book value of sold hotel | 0 | (3,140) | 0 | (3,140) |
Depreciation of cost in excess of book value | (96) | (107) | (193) | (233) |
Equity in income from unconsolidated entities | $ 726 | $ 7,513 | $ 572 | $ 7,662 |
Investment in Unconsolidated 38
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $ 9,422 | $ 9,575 |
Equity basis of hotel joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (3,721) | (4,216) |
Cost of hotel investments in excess of joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7,136 | 7,329 |
Equity basis of land and condominium joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 6,007 | $ 6,462 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 726 | $ 7,513 | $ 572 | $ 7,662 |
Hotel investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | 653 | 7,455 | 1,028 | 8,203 |
Other investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 73 | $ 58 | $ (456) | $ (541) |
Debt (Details)
Debt (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)Hotels | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Hotels | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 22 | 22 | |||
Long-term Debt, Gross | $ 1,450,809,000 | $ 1,450,809,000 | $ 1,427,954,000 | ||
Debt Issuance Costs, Net | (17,106,000) | (17,106,000) | (18,065,000) | ||
Long-term Debt | 1,433,703,000 | 1,433,703,000 | 1,409,889,000 | ||
Interest expense | 19,907,000 | $ 20,278,000 | 39,627,000 | $ 39,759,000 | |
Interest income | 16,000 | 6,000 | 28,000 | 11,000 | |
Capitalized interest | $ 205,000 | $ 1,600,000 | $ 347,000 | $ 5,000,000 | |
The Knickerbocker® | |||||
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 | $ 214,000,000 | $ 214,000,000 | 190,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | $ 400,000,000 | |||
Term of debt extension | 1 year | ||||
Construction Loans [Member] | Libor Plus Three Point Zero Zero Percent Due November 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 1 | 1 | |||
Variable rate basis | LIBOR | ||||
Variable rate basis spread | 3.00% | ||||
Long-term Debt | $ 85,000,000 | $ 85,000,000 | 85,000,000 | ||
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 | $ 121,355,000 | $ 121,355,000 | 122,237,000 | ||
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 | $ 30,454,000 | $ 30,454,000 | 30,717,000 | ||
Senior Secured 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 | ||
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 | $ 475,000,000 |
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 | 7 Months Ended | |||||
May 31, 2015 | Apr. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||||||
Redemption of Preferred Stock, Value | $ 0 | $ 6,096,000 | $ 0 | $ 6,096,000 | |||||
Redemption of preferred stock | 0 | 169,986,000 | |||||||
Net proceeds from common stock issuance | 0 | 198,720,000 | |||||||
Payments for Repurchase of Common Stock | $ 27,427,000 | $ 0 | |||||||
Limited Partner [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Units of Partnership Interest, Amount | 18,400 | ||||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Net proceeds from common stock issuance | $ 199,000,000 | ||||||||
Shares Issued, Price Per Share | $ 11.25 | ||||||||
Shares, Issued | 18,400 | 138,225 | 143,328 | 138,225 | 143,328 | 138,225 | 141,808 | 124,605 | |
Payments for Repurchase of Common Stock | $ 41,900,000 | ||||||||
Stock Repurchased During Period, Avg Price per Share | $ 6.61 | $ 6.81 | |||||||
Stock Repurchased During Period, Shares | 4,133 | 6,100 | |||||||
$1.00 per Series C depositary preferred share | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Stock, Discount on Shares | $ 538,000 | $ 538,000 | |||||||
Stock issuance Costs | 5,500,000 | 5,500,000 | |||||||
Redemption of Preferred Stock, Value | 169,986,000 | ||||||||
Redemption of preferred stock | $ 170,400,000 | ||||||||
Redeemable Preferred Stock Dividends | $ 491,000 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||
$1.00 per Series C depositary preferred share | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Redemption of Preferred Stock, Value | 0 | ||||||||
$1.00 per Series C depositary preferred share | Retained Earnings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Redemption of Preferred Stock, Value | $ 6,100,000 | $ 6,096,000 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room revenue | $ 181,318 | $ 182,066 | $ 340,394 | $ 344,372 |
Food and beverage revenue | 43,697 | 42,151 | 83,229 | 81,995 |
Other operating departments | 11,746 | 11,832 | 22,595 | 22,967 |
Total hotel operating revenue | $ 236,761 | $ 236,049 | $ 446,218 | $ 449,334 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room | $ 44,748 | $ 44,423 | $ 87,447 | $ 86,934 |
Room as a percent of total hotel operating revenue | 18.90% | 18.80% | 19.60% | 19.30% |
Food and beverage | $ 32,592 | $ 31,278 | $ 63,548 | $ 61,974 |
Food and beverage as a percent of total hotel operating revenue | 13.80% | 13.30% | 14.20% | 13.80% |
Other operating departments | $ 4,039 | $ 4,331 | $ 7,822 | $ 8,780 |
Other operating departments as a percent of total hotel operating revenue | 1.70% | 1.80% | 1.80% | 2.00% |
Hotel departmental expenses | $ 81,379 | $ 80,032 | $ 158,817 | $ 157,688 |
Hotel departmental expenses as a percent of total hotel operating revenue | 34.40% | 33.90% | 35.60% | 35.10% |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 56,007 | $ 57,791 | $ 111,573 | $ 114,686 |
Other property-related costs as a percent of total hotel operating revenue | 23.70% | 24.50% | 25.00% | 25.50% |
Hotel general and administrative expense | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 21,042 | $ 20,532 | $ 41,500 | $ 39,895 |
Other property-related costs as a percent of total hotel operating revenue | 8.90% | 8.70% | 9.30% | 8.90% |
Marketing | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 19,157 | $ 20,397 | $ 38,030 | $ 39,700 |
Other property-related costs as a percent of total hotel operating revenue | 8.10% | 8.60% | 8.50% | 8.80% |
Repair and maintenance | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 9,391 | $ 9,742 | $ 19,096 | $ 20,092 |
Other property-related costs as a percent of total hotel operating revenue | 4.00% | 4.10% | 4.30% | 4.50% |
Utilities | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 6,417 | $ 7,120 | $ 12,947 | $ 14,999 |
Other property-related costs as a percent of total hotel operating revenue | 2.70% | 3.10% | 2.90% | 3.30% |
Hotel Operating Revenue, Depa45
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Management Company NOI Guaranty, Amount Recorded | $ 1,500,000 | $ 584,000 | $ 1,500,000 | $ 995,000 |
Taxes, Insurance and Lease Ex46
Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Taxes, Insurance and Lease Expense [Line Items] | ||||
Real estate and other taxes | $ 7,784,000 | $ 8,667,000 | $ 15,359,000 | $ 16,357,000 |
Property insurance, general liability insurance and other | 1,964,000 | 1,876,000 | 3,907,000 | 3,830,000 |
Total taxes, insurance and lease expense | 14,864,000 | 16,410,000 | 28,446,000 | 31,217,000 |
Hotel Lease [Member] | ||||
Taxes, Insurance and Lease Expense [Line Items] | ||||
Lease expense | 1,359,000 | 2,134,000 | 2,161,000 | 4,238,000 |
Percentage rent | 557,000 | 1,200,000 | 557,000 | 2,100,000 |
Land Lease [Member] | ||||
Taxes, Insurance and Lease Expense [Line Items] | ||||
Lease expense | 3,757,000 | 3,733,000 | 7,019,000 | 6,792,000 |
Percentage rent | $ 2,000,000 | $ 2,200,000 | $ 3,600,000 | $ 3,700,000 |
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% |
Impairment (Details)
Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of Real Estate | $ 6,333 | $ 0 | $ 6,333 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of Real Estate | $ 6,300 |
Hotel Dispositions (Details)
Hotel Dispositions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)Hotels | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||
Hotel operating revenue | $ 236,761 | $ 236,049 | $ 446,218 | $ 449,334 |
Operating Expenses | (204,450) | (200,126) | (398,672) | (399,142) |
Operating Income (Loss) | 33,456 | 40,977 | 49,378 | 55,656 |
Interest expense, net | (19,907) | (20,278) | (39,627) | (39,759) |
Debt extinguishment | 0 | 30,823 | 0 | 30,896 |
Equity in income from unconsolidated entities | 726 | 7,513 | 572 | 7,662 |
Income from continuing operations before loss on sale of hotels | 14,400 | (2,614) | 10,033 | (7,509) |
Gain (loss) on sale of hotels, net | (630) | (550) | (1,344) | 16,337 |
Net income (loss) and comprehensive income (loss) | 13,770 | (3,247) | 8,689 | 8,749 |
Net loss (income) attributable to noncontrolling interests in other partnerships | (16) | (247) | (487) | 4,632 |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (31) | 75 | 17 | 89 |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | $ 13,391 | (3,284) | $ 8,469 | 3,499 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||
Hotel operating revenue | 11,244 | 29,260 | ||
Operating Expenses | (9,078) | (23,620) | ||
Operating Income (Loss) | 2,166 | 5,640 | ||
Interest expense, net | (436) | (1,031) | ||
Debt extinguishment | (237) | (309) | ||
Equity in income from unconsolidated entities | 6,894 | 7,098 | ||
Income from continuing operations before loss on sale of hotels | 8,387 | 11,398 | ||
Gain (loss) on sale of hotels, net | (550) | 16,337 | ||
Net income (loss) and comprehensive income (loss) | 7,837 | 27,735 | ||
Net loss (income) attributable to noncontrolling interests in other partnerships | 26 | (5,191) | ||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (34) | (97) | ||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | $ 7,829 | $ 22,447 | ||
Number of hotels | Hotels | 6 | 6 | ||
Assets Held-for-sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||
Number of hotels | Hotels | 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, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2016USD ($)incrementpeer$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | |
Numerator: | ||||
Net income (loss) attributable to FelCor | $ 13,391 | $ (3,284) | $ 8,469 | $ 3,499 |
Discontinued operations attributable to FelCor | 0 | 75 | 0 | 71 |
Income (loss) from continuing operations attributable to FelCor | 13,391 | (3,209) | 8,469 | 3,570 |
Less: Preferred dividends | (6,279) | (7,903) | (12,558) | (17,581) |
Less: Redemption of preferred stock | 0 | (6,096) | 0 | (6,096) |
Less: Dividends declared on unvested restricted stock | (35) | (13) | (73) | (26) |
Numerator for continuing operations attributable to FelCor common stockholders | 7,077 | (17,221) | (4,162) | (20,133) |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ 7,077 | $ (17,296) | $ (4,162) | $ (20,204) |
Denominator: [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | shares | 138,182 | 140,322 | 138,930 | 132,465 |
Weighted Average Number of Shares Outstanding, Diluted | shares | 138,678 | 140,322 | 138,930 | 132,465 |
Basic and diluted income (loss) per share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ / shares | $ 0.05 | $ (0.12) | $ (0.03) | $ (0.15) |
Earnings Per Share, Basic and Diluted | $ / shares | $ 0.05 | $ (0.12) | $ (0.03) | $ (0.15) |
FelCor Lodging LP [Member] | ||||
Numerator: | ||||
Net income (loss) attributable to FelCor | $ 13,422 | $ (3,359) | $ 8,452 | $ 3,410 |
Discontinued operations attributable to FelCor | 0 | 75 | 0 | 71 |
Income (loss) from continuing operations attributable to FelCor | 13,422 | (3,284) | 8,452 | 3,481 |
Less: Preferred dividends | (6,279) | (7,903) | (12,558) | (17,581) |
Less: Redemption of preferred stock | 0 | (6,096) | 0 | (6,096) |
Less: Dividends declared on unvested restricted stock | (35) | (13) | (73) | (26) |
Numerator for continuing operations attributable to FelCor common stockholders | 7,108 | (17,296) | (4,179) | (20,222) |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ 7,108 | $ (17,371) | $ (4,179) | $ (20,293) |
Denominator: [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | shares | 138,793 | 140,933 | 139,541 | 133,076 |
Weighted Average Number of Shares Outstanding, Diluted | shares | 139,289 | 140,933 | 139,541 | 133,076 |
Basic and diluted income (loss) per share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ / shares | $ 0.05 | $ (0.12) | $ (0.03) | $ (0.15) |
Earnings Per Share, Basic and Diluted | $ / shares | $ 0.05 | $ (0.12) | $ (0.03) | $ (0.15) |
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 | 9,984 | 9,984 | 9,984 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Number of Vesting Increments | increment | 3 | |||
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 | 0 | 1,478 | 451 | 1,332 |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Vesting Period | 3 years | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Vesting Period | 4 years |
Fair Value of Financial Instr50
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 1,433,703 | $ 1,409,889 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 1,500,000 | 1,500,000 |
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 | 1,000,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 458,600 | $ 438,800 |
Redeemable Noncontrolling Int51
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 | ||
Redeemable units | $ 3,809 | $ 4,464 | $ 6,041 | $ 6,616 |
FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |||
Redeemable units | $ 3,809 | $ 4,464 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units | $ 3,800 | |||
Closing price of common stock | $ 6.23 |
Redeemable Noncontrolling Int52
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | $ 4,464 | $ 6,616 | ||
Redemption value allocation | (563) | (439) | ||
Distributions paid to unitholders | (75) | (47) | ||
Net loss attributable to redeemable noncontrolling interests in FelCor LP | $ 31 | $ (75) | (17) | (89) |
Balance at end of period | 3,809 | $ 6,041 | 3,809 | 6,041 |
FelCor Lodging LP [Member] | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | 4,464 | |||
Distributions paid to unitholders | (75) | $ (47) | ||
Balance at end of period | 3,809 | 3,809 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at end of period | $ 3,800 | $ 3,800 |
Consolidated Joint Venture Pr53
Consolidated Joint Venture Preferred Equity/Capital (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Preferred capital in consolidated joint venture | $ 43,783,000 | $ 43,186,000 | |
The Knickerbocker® | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Proceeds from Sale of Preferred Equity Under the EB5 Immigrant Investor Program | $ 45,000,000 | ||
Current Annual Return | 3.25% | ||
Non-compounding Annual Return | 0.25% | ||
Total gross proceeds received to date from sale of preferred equity under the Immigrant Investor Program | $ 44,400,000 | ||
Current Return Increase | 8.00% | ||
Gross Proceeds received from sale of preferred equity under the Immigrant Investor Program | $ 600,000 | $ 1,800,000 | |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | 43,800,000 | ||
Proceeds not yet received from Immigrant Investor Program | $ 600,000 |
Commercial Dispute (Details)
Commercial Dispute (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jun. 30, 2015 | Sep. 30, 2014 | |
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual, Payments | $ 5.9 | |
Loss Contingency, Receivable, Additions | $ 3.7 |
Contingency (Details)
Contingency (Details) $ in Millions | 1 Months Ended | |
Apr. 30, 2016USD ($)Hotels | Jun. 30, 2015Hotels | |
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Sought, Value | $ | $ 8.3 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hotels | 6 | |
InterContinental Hotels Group [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hotels | 3 | |
InterContinental Hotels Group [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hotels | 2 | |
Wyndham Hotel Group [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hotels | 1 |
Recently Issue Accounting Sta56
Recently Issue Accounting Standards Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of change in accounting for stock compensation forfeitures | $ 0 | |||
Payments Related to Tax Withholding for Share-based Compensation | 592 | $ 8 | $ 2,100 | $ 3,100 |
Retained Earnings [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of change in accounting for stock compensation forfeitures | 185 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 591 | $ 8 |
FelCor LP's Consolidating Fin57
FelCor LP's Consolidating Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | $ 1,692,419 | $ 1,729,531 | ||||||
Investment in unconsolidated entities | 9,422 | 9,575 | ||||||
Cash and cash equivalents | $ 58,188 | $ 106,107 | $ 59,786 | $ 47,147 | 58,188 | 59,786 | $ 106,107 | $ 47,147 |
Restricted cash | 23,706 | 17,702 | ||||||
Accounts receivable, net | 38,650 | 28,136 | ||||||
Deferred expenses, net | 5,464 | 6,390 | ||||||
Other assets | 19,547 | 14,792 | ||||||
Total assets | 1,847,396 | 1,865,912 | ||||||
Debt, net | 1,433,703 | 1,409,889 | ||||||
Distributions payable | 14,951 | 15,140 | ||||||
Accrued expenses and other liabilities | 126,949 | 125,274 | ||||||
Total liabilities | 1,575,603 | 1,550,303 | ||||||
Redeemable units | 3,809 | 4,464 | 6,041 | 6,616 | ||||
Preferred capital in consolidated joint venture | 43,783 | 43,186 | ||||||
Total liabilities and equity | 1,847,396 | 1,865,912 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 236,761 | 236,049 | 446,218 | 449,334 | ||||
Other revenue | 1,145 | 5,054 | 1,832 | 5,464 | ||||
Total revenues | 237,906 | 241,103 | 448,050 | 454,798 | ||||
Expenses: | ||||||||
Taxes, insurance and lease expense | 14,864 | 16,410 | 28,446 | 31,217 | ||||
Corporate expenses | 6,047 | 6,530 | 14,447 | 15,103 | ||||
Depreciation and amortization | 29,177 | 28,750 | 58,360 | 56,522 | ||||
Impairment | 6,333 | 0 | 6,333 | 0 | ||||
Other expenses | 2,142 | 1,411 | 2,970 | 5,639 | ||||
Total operating expenses | 204,450 | 200,126 | 398,672 | 399,142 | ||||
Operating income | 33,456 | 40,977 | 49,378 | 55,656 | ||||
Interest expense, net | (19,907) | (20,278) | (39,627) | (39,759) | ||||
Other gains, net | 100 | 166 | 100 | 166 | ||||
Debt extinguishment | 0 | (30,823) | 0 | (30,896) | ||||
Income (loss) before equity in income from unconsolidated entities | 13,649 | (9,958) | 9,851 | (14,833) | ||||
Equity in income from unconsolidated entities | 726 | 7,513 | 572 | 7,662 | ||||
Income (loss) from continuing operations before income tax | 14,375 | (2,445) | 10,423 | (7,171) | ||||
Income tax | 25 | (169) | (390) | (338) | ||||
Income from continuing operations before loss on sale of hotels | 14,400 | (2,614) | 10,033 | (7,509) | ||||
Loss from discontinued operations | 0 | (83) | 0 | (79) | ||||
Gain (loss) on sale of hotels, net | (630) | (550) | (1,344) | 16,337 | ||||
Net income (loss) and comprehensive income (loss) | 13,770 | (3,247) | 8,689 | 8,749 | ||||
Preferred distributions - consolidated joint venture | (364) | (359) | (724) | (707) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 13,391 | (3,284) | 8,469 | 3,499 | ||||
Preferred dividends | (6,279) | (7,903) | (12,558) | (17,581) | ||||
Redemption of Preferred Stock, Value | 0 | (6,096) | 0 | (6,096) | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 71,565 | 68,948 | ||||||
Investing activities: | ||||||||
Improvements and additions to hotels | (31,909) | (25,757) | ||||||
Net proceeds from asset sales | (1,461) | 133,878 | ||||||
Hotel development | 0 | (21,637) | ||||||
Insurance proceeds | 94 | 274 | ||||||
Change in restricted cash - investing | (6,004) | (3,064) | ||||||
Distributions from unconsolidated entities in excess of earnings | 386 | 6,303 | ||||||
Net cash flow provided by (used in) investing activities | (38,894) | 89,997 | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 50,000 | 979,000 | ||||||
Repayment of borrowings | (27,145) | (1,050,056) | ||||||
Payment of deferred financing fees | (12) | (13,922) | ||||||
Distributions paid to noncontrolling interests | (1) | (15,978) | ||||||
Contributions from noncontrolling interests | 530 | 1,908 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | (169,986) | ||||||
Repurchase of common stock | (27,427) | 0 | ||||||
Distributions paid to common stockholders | (16,848) | (10,765) | ||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 597 | 1,746 | ||||||
Net cash flow used in financing activities | (34,260) | (99,942) | ||||||
Effect of exchange rate changes on cash | (9) | (43) | ||||||
Change in cash and cash equivalents | (1,598) | 58,960 | ||||||
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | ||||||
Cash and cash equivalents at end of periods | 58,188 | 106,107 | 58,188 | 106,107 | ||||
FelCor Lodging LP [Member] | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 0 | 0 | ||||||
Equity investment in consolidated entities | 1,215,589 | 1,260,779 | ||||||
Investment in unconsolidated entities | 3,415 | 4,440 | ||||||
Cash and cash equivalents | 16,670 | 70,742 | 21,219 | 5,717 | 16,670 | 21,219 | 70,742 | 5,717 |
Restricted cash | 0 | 0 | ||||||
Accounts receivable, net | 2,116 | 644 | ||||||
Deferred expenses, net | 0 | 0 | ||||||
Other assets | 4,534 | 3,587 | ||||||
Total assets | 1,242,324 | 1,290,669 | ||||||
Debt, net | 984,985 | 984,226 | ||||||
Distributions payable | 14,831 | 15,016 | ||||||
Accrued expenses and other liabilities | 22,346 | 26,810 | ||||||
Total liabilities | 1,022,162 | 1,026,052 | ||||||
Redeemable units | 3,809 | 4,464 | ||||||
Preferred units | 309,337 | 309,337 | ||||||
Common units | (92,984) | (49,184) | ||||||
Total FelCor LP partners' capital | 216,353 | 260,153 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||
Total partners’ capital | 216,353 | 260,153 | ||||||
Total liabilities and equity | 1,242,324 | 1,290,669 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||||
Percentage lease revenue | 0 | 0 | 0 | 0 | ||||
Other revenue | 1 | 107 | 187 | 108 | ||||
Total revenues | 1 | 107 | 187 | 108 | ||||
Expenses: | ||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||||
Taxes, insurance and lease expense | 26 | 437 | 53 | (191) | ||||
Corporate expenses | 0 | (138) | 0 | 0 | ||||
Depreciation and amortization | 93 | 47 | 144 | 89 | ||||
Impairment | 0 | 0 | ||||||
Other expenses | 187 | 3 | 419 | 3 | ||||
Total operating expenses | 306 | 349 | 616 | (99) | ||||
Operating income | (305) | (242) | (429) | 207 | ||||
Interest expense, net | (14,601) | (14,572) | (29,262) | (28,312) | ||||
Other gains, net | 0 | 0 | 0 | 0 | ||||
Debt extinguishment | (28,446) | (28,446) | ||||||
Income (loss) before equity in income from unconsolidated entities | (14,906) | (43,260) | (29,691) | (56,551) | ||||
Equity in income from consolidated entities | 27,974 | 32,380 | 37,841 | 52,738 | ||||
Equity in income from unconsolidated entities | 652 | 7,297 | 716 | 7,644 | ||||
Income (loss) from continuing operations before income tax | 13,720 | (3,583) | 8,866 | 3,831 | ||||
Income tax | (48) | 332 | (164) | (142) | ||||
Income from continuing operations before loss on sale of hotels | 13,672 | (3,251) | 3,689 | |||||
Loss from discontinued operations | 0 | 0 | ||||||
Income (Loss) before gain (loss) on sale of hotels | (3,251) | 8,702 | 3,689 | |||||
Gain (loss) on sale of hotels, net | (250) | (108) | (250) | (279) | ||||
Net income (loss) and comprehensive income (loss) | 13,422 | (3,359) | 8,452 | 3,410 | ||||
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 13,422 | (3,359) | 8,452 | 3,410 | ||||
Preferred dividends | (6,279) | (7,903) | (12,558) | (17,581) | ||||
Redemption of Preferred Stock, Value | (6,096) | (6,096) | ||||||
Net income (loss) attributable to FelCor LP common unitholders | 7,143 | (17,358) | (4,106) | (20,267) | ||||
Operating activities: | ||||||||
Cash flows from operating activities | (34,655) | (27,492) | ||||||
Investing activities: | ||||||||
Improvements and additions to hotels | (7) | (129) | ||||||
Net proceeds from asset sales | (723) | (306) | ||||||
Hotel development | 0 | |||||||
Insurance proceeds | 0 | 274 | ||||||
Change in restricted cash - investing | 0 | 0 | ||||||
Distributions from unconsolidated entities in excess of earnings | 386 | 6,303 | ||||||
Intercompany financing | 87,950 | 167,009 | ||||||
Net cash flow provided by (used in) investing activities | 87,606 | 173,151 | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 0 | 475,000 | ||||||
Repayment of borrowings | 0 | (545,440) | ||||||
Payment of deferred financing fees | 0 | (8,261) | ||||||
Distributions paid to noncontrolling interests | 0 | 0 | ||||||
Contributions from noncontrolling interests | 0 | 0 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | (169,986) | |||||||
Repurchase of common stock | (27,427) | |||||||
Distributions paid to preferred unitholders | (12,558) | (19,847) | ||||||
Distributions paid to common stockholders | (16,848) | (10,765) | ||||||
Net proceeds from common unit issuance | 198,720 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||||
Intercompany financing | 0 | 0 | ||||||
Other | (667) | (55) | ||||||
Net cash flow used in financing activities | (57,500) | (80,634) | ||||||
Effect of exchange rate changes on cash | 0 | 0 | ||||||
Change in cash and cash equivalents | (4,549) | 65,025 | ||||||
Cash and cash equivalents at beginning of periods | 21,219 | 5,717 | ||||||
Cash and cash equivalents at end of periods | 16,670 | 70,742 | 16,670 | 70,742 | ||||
Guarantor Subsidiaries [Member] | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 610,161 | 625,835 | ||||||
Equity investment in consolidated entities | 0 | 0 | ||||||
Investment in unconsolidated entities | 4,765 | 3,871 | ||||||
Cash and cash equivalents | 39,473 | 33,916 | 34,294 | 32,923 | 39,473 | 34,294 | 33,916 | 32,923 |
Restricted cash | 18,982 | 15,442 | ||||||
Accounts receivable, net | 34,582 | 25,575 | ||||||
Deferred expenses, net | 0 | 0 | ||||||
Other assets | 10,803 | 8,786 | ||||||
Total assets | 718,766 | 713,803 | ||||||
Debt, net | 0 | 0 | ||||||
Distributions payable | 0 | 0 | ||||||
Accrued expenses and other liabilities | 92,697 | 83,787 | ||||||
Total liabilities | 92,697 | 83,787 | ||||||
Redeemable units | 0 | 0 | ||||||
Preferred units | 0 | 0 | ||||||
Common units | 626,886 | 630,833 | ||||||
Total FelCor LP partners' capital | 626,886 | 630,833 | ||||||
Noncontrolling interests | (817) | (817) | ||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||
Total partners’ capital | 626,069 | 630,016 | ||||||
Total liabilities and equity | 718,766 | 713,803 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 236,761 | 236,049 | 446,218 | 449,334 | ||||
Percentage lease revenue | 0 | 0 | 0 | 0 | ||||
Other revenue | 1,022 | 4,800 | 1,454 | 5,147 | ||||
Total revenues | 237,783 | 240,849 | 447,672 | 454,481 | ||||
Expenses: | ||||||||
Hotel operating expenses | 145,887 | 147,025 | 288,116 | 290,661 | ||||
Taxes, insurance and lease expense | 56,112 | 56,412 | 107,595 | 105,911 | ||||
Corporate expenses | 3,360 | 3,687 | 7,695 | 8,292 | ||||
Depreciation and amortization | 12,030 | 12,729 | 24,027 | 25,894 | ||||
Impairment | 6,333 | 6,333 | ||||||
Other expenses | 1,661 | 1,463 | 2,213 | 5,509 | ||||
Total operating expenses | 225,383 | 221,316 | 435,979 | 436,267 | ||||
Operating income | 12,400 | 19,533 | 11,693 | 18,214 | ||||
Interest expense, net | 9 | 3 | 18 | 6 | ||||
Other gains, net | 0 | 0 | 0 | 0 | ||||
Debt extinguishment | 0 | 0 | ||||||
Income (loss) before equity in income from unconsolidated entities | 12,409 | 19,536 | 11,711 | 18,220 | ||||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ||||
Equity in income from unconsolidated entities | 85 | 227 | (121) | 41 | ||||
Income (loss) from continuing operations before income tax | 12,494 | 19,763 | 11,590 | 18,261 | ||||
Income tax | 73 | (501) | (226) | (196) | ||||
Income from continuing operations before loss on sale of hotels | 12,567 | 19,262 | 18,065 | |||||
Loss from discontinued operations | 0 | 4 | ||||||
Income (Loss) before gain (loss) on sale of hotels | 19,262 | 11,364 | 18,069 | |||||
Gain (loss) on sale of hotels, net | (300) | (3) | (757) | (12) | ||||
Net income (loss) and comprehensive income (loss) | 12,267 | 19,259 | 10,607 | 18,057 | ||||
Net income/(loss) attributable to noncontrolling interests | (57) | 251 | 313 | 510 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 12,210 | 19,510 | 10,920 | 18,567 | ||||
Preferred dividends | 0 | 0 | 0 | 0 | ||||
Redemption of Preferred Stock, Value | 0 | 0 | ||||||
Net income (loss) attributable to FelCor LP common unitholders | 12,210 | 19,510 | 10,920 | 18,567 | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 41,661 | 35,690 | ||||||
Investing activities: | ||||||||
Improvements and additions to hotels | (15,093) | (15,483) | ||||||
Net proceeds from asset sales | (533) | 10 | ||||||
Hotel development | 0 | |||||||
Insurance proceeds | 0 | 0 | ||||||
Change in restricted cash - investing | (3,540) | (1,350) | ||||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | ||||||
Intercompany financing | 0 | 0 | ||||||
Net cash flow provided by (used in) investing activities | (19,166) | (16,823) | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 0 | 0 | ||||||
Repayment of borrowings | 0 | 0 | ||||||
Payment of deferred financing fees | 0 | 0 | ||||||
Distributions paid to noncontrolling interests | 0 | (85) | ||||||
Contributions from noncontrolling interests | 313 | 483 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | |||||||
Repurchase of common stock | 0 | |||||||
Distributions paid to preferred unitholders | 0 | 0 | ||||||
Distributions paid to common stockholders | 0 | 0 | ||||||
Net proceeds from common unit issuance | 0 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||||
Intercompany financing | (17,620) | (18,229) | ||||||
Other | 0 | 0 | ||||||
Net cash flow used in financing activities | (17,307) | (17,831) | ||||||
Effect of exchange rate changes on cash | (9) | (43) | ||||||
Change in cash and cash equivalents | 5,179 | 993 | ||||||
Cash and cash equivalents at beginning of periods | 34,294 | 32,923 | ||||||
Cash and cash equivalents at end of periods | 39,473 | 33,916 | 39,473 | 33,916 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 1,082,258 | 1,103,696 | ||||||
Equity investment in consolidated entities | 0 | 0 | ||||||
Investment in unconsolidated entities | 1,242 | 1,264 | ||||||
Cash and cash equivalents | 2,045 | 1,449 | 4,273 | 8,507 | 2,045 | 4,273 | 1,449 | 8,507 |
Restricted cash | 4,724 | 2,260 | ||||||
Accounts receivable, net | 1,952 | 1,917 | ||||||
Deferred expenses, net | 5,464 | 6,390 | ||||||
Other assets | 4,210 | 2,419 | ||||||
Total assets | 1,101,895 | 1,122,219 | ||||||
Debt, net | 488,154 | 465,099 | ||||||
Distributions payable | 120 | 124 | ||||||
Accrued expenses and other liabilities | 11,906 | 14,677 | ||||||
Total liabilities | 500,180 | 479,900 | ||||||
Redeemable units | 0 | 0 | ||||||
Preferred units | 0 | 0 | ||||||
Common units | 549,267 | 590,510 | ||||||
Total FelCor LP partners' capital | 549,267 | 590,510 | ||||||
Noncontrolling interests | 8,665 | 8,623 | ||||||
Preferred capital in consolidated joint venture | 43,783 | 43,186 | ||||||
Total partners’ capital | 601,715 | 642,319 | ||||||
Total liabilities and equity | 1,101,895 | 1,122,219 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||||
Percentage lease revenue | 46,953 | 46,687 | 90,498 | 85,874 | ||||
Other revenue | 122 | 147 | 191 | 209 | ||||
Total revenues | 47,075 | 46,834 | 90,689 | 86,083 | ||||
Expenses: | ||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||||
Taxes, insurance and lease expense | 5,679 | 6,248 | 11,296 | 11,371 | ||||
Corporate expenses | 2,687 | 2,981 | 6,752 | 6,811 | ||||
Depreciation and amortization | 17,054 | 15,974 | 34,189 | 30,539 | ||||
Impairment | 0 | 0 | ||||||
Other expenses | 294 | (55) | 338 | 127 | ||||
Total operating expenses | 25,714 | 25,148 | 52,575 | 48,848 | ||||
Operating income | 21,361 | 21,686 | 38,114 | 37,235 | ||||
Interest expense, net | (5,315) | (5,709) | (10,383) | (11,453) | ||||
Other gains, net | 100 | 166 | 100 | 166 | ||||
Debt extinguishment | (2,377) | (2,450) | ||||||
Income (loss) before equity in income from unconsolidated entities | 16,146 | 13,766 | 27,831 | 23,498 | ||||
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 before income tax | 16,135 | 13,755 | 27,808 | 23,475 | ||||
Income tax | 0 | 0 | 0 | 0 | ||||
Income from continuing operations before loss on sale of hotels | 16,135 | 13,755 | 23,475 | |||||
Loss from discontinued operations | (83) | (83) | ||||||
Income (Loss) before gain (loss) on sale of hotels | 13,672 | 27,808 | 23,392 | |||||
Gain (loss) on sale of hotels, net | (80) | (439) | (337) | 16,628 | ||||
Net income (loss) and comprehensive income (loss) | 16,055 | 13,233 | 27,471 | 40,020 | ||||
Net income/(loss) attributable to noncontrolling interests | 73 | (4) | 174 | (5,142) | ||||
Preferred distributions - consolidated joint venture | (364) | (359) | (724) | (707) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 15,764 | 12,870 | 26,921 | 34,171 | ||||
Preferred dividends | 0 | 0 | 0 | 0 | ||||
Redemption of Preferred Stock, Value | 0 | 0 | ||||||
Net income (loss) attributable to FelCor LP common unitholders | 15,764 | 12,870 | 26,921 | 34,171 | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 64,559 | 60,750 | ||||||
Investing activities: | ||||||||
Improvements and additions to hotels | (16,809) | (10,145) | ||||||
Net proceeds from asset sales | (205) | 134,174 | ||||||
Hotel development | (21,637) | |||||||
Insurance proceeds | 94 | 0 | ||||||
Change in restricted cash - investing | (2,464) | (1,714) | ||||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | ||||||
Intercompany financing | 0 | 0 | ||||||
Net cash flow provided by (used in) investing activities | (19,384) | 100,678 | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 50,000 | 504,000 | ||||||
Repayment of borrowings | (27,145) | (504,616) | ||||||
Payment of deferred financing fees | (12) | (5,661) | ||||||
Distributions paid to noncontrolling interests | (1) | (15,893) | ||||||
Contributions from noncontrolling interests | 217 | 1,425 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | |||||||
Repurchase of common stock | 0 | |||||||
Distributions paid to preferred unitholders | 0 | 0 | ||||||
Distributions paid to common stockholders | 0 | 0 | ||||||
Net proceeds from common unit issuance | 0 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 597 | 1,746 | ||||||
Intercompany financing | (70,330) | (148,780) | ||||||
Other | (729) | (707) | ||||||
Net cash flow used in financing activities | (47,403) | (168,486) | ||||||
Effect of exchange rate changes on cash | 0 | 0 | ||||||
Change in cash and cash equivalents | (2,228) | (7,058) | ||||||
Cash and cash equivalents at beginning of periods | 4,273 | 8,507 | ||||||
Cash and cash equivalents at end of periods | 2,045 | 1,449 | $ 2,045 | 1,449 | ||||
Total Consolidated [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Percentage of subsidiary guarantor owned by company | 100.00% | |||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 1,692,419 | 1,729,531 | ||||||
Equity investment in consolidated entities | 0 | 0 | ||||||
Investment in unconsolidated entities | 9,422 | 9,575 | ||||||
Cash and cash equivalents | 58,188 | 106,107 | $ 59,786 | 47,147 | 58,188 | 59,786 | 106,107 | 47,147 |
Restricted cash | 23,706 | 17,702 | ||||||
Accounts receivable, net | 38,650 | 28,136 | ||||||
Deferred expenses, net | 5,464 | 6,390 | ||||||
Other assets | 19,547 | 14,792 | ||||||
Total assets | 1,847,396 | 1,865,912 | ||||||
Debt, net | 1,433,703 | 1,409,889 | ||||||
Distributions payable | 14,951 | 15,140 | ||||||
Accrued expenses and other liabilities | 126,949 | 125,274 | ||||||
Total liabilities | 1,575,603 | 1,550,303 | ||||||
Redeemable units | 3,809 | 4,464 | ||||||
Preferred units | 309,337 | 309,337 | ||||||
Common units | (92,984) | (49,184) | ||||||
Total FelCor LP partners' capital | 216,353 | 260,153 | ||||||
Noncontrolling interests | 7,848 | 7,806 | ||||||
Preferred capital in consolidated joint venture | 43,783 | 43,186 | ||||||
Total partners’ capital | 267,984 | 311,145 | 362,345 | 362,867 | ||||
Total liabilities and equity | 1,847,396 | 1,865,912 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 236,761 | 236,049 | 446,218 | 449,334 | ||||
Percentage lease revenue | 0 | 0 | 0 | 0 | ||||
Other revenue | 1,145 | 5,054 | 1,832 | 5,464 | ||||
Total revenues | 237,906 | 241,103 | 448,050 | 454,798 | ||||
Expenses: | ||||||||
Hotel operating expenses | 145,887 | 147,025 | 288,116 | 290,661 | ||||
Taxes, insurance and lease expense | 14,864 | 16,410 | 28,446 | 31,217 | ||||
Corporate expenses | 6,047 | 6,530 | 14,447 | 15,103 | ||||
Depreciation and amortization | 29,177 | 28,750 | 58,360 | 56,522 | ||||
Impairment | 6,333 | 0 | 6,333 | 0 | ||||
Other expenses | 2,142 | 1,411 | 2,970 | 5,639 | ||||
Total operating expenses | 204,450 | 200,126 | 398,672 | 399,142 | ||||
Operating income | 33,456 | 40,977 | 49,378 | 55,656 | ||||
Interest expense, net | (19,907) | (20,278) | (39,627) | (39,759) | ||||
Other gains, net | 100 | 166 | 100 | 166 | ||||
Debt extinguishment | 0 | (30,823) | 0 | (30,896) | ||||
Income (loss) before equity in income from unconsolidated entities | 13,649 | (9,958) | 9,851 | (14,833) | ||||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ||||
Equity in income from unconsolidated entities | 726 | 7,513 | 572 | 7,662 | ||||
Income (loss) from continuing operations before income tax | 14,375 | (2,445) | 10,423 | (7,171) | ||||
Income tax | 25 | (169) | (390) | (338) | ||||
Income from continuing operations before loss on sale of hotels | 14,400 | (2,614) | 10,033 | (7,509) | ||||
Loss from discontinued operations | 0 | (83) | 0 | (79) | ||||
Income (Loss) before gain (loss) on sale of hotels | (2,697) | 10,033 | (7,588) | |||||
Gain (loss) on sale of hotels, net | (630) | (550) | (1,344) | 16,337 | ||||
Net income (loss) and comprehensive income (loss) | 13,770 | (3,247) | 8,689 | 8,749 | ||||
Net income/(loss) attributable to noncontrolling interests | 16 | 247 | 487 | (4,632) | ||||
Preferred distributions - consolidated joint venture | (364) | (359) | (724) | (707) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 13,422 | (3,359) | 8,452 | 3,410 | ||||
Preferred dividends | (6,279) | (7,903) | (12,558) | (17,581) | ||||
Redemption of Preferred Stock, Value | 0 | (6,096) | 0 | (6,096) | ||||
Net income (loss) attributable to FelCor LP common unitholders | 7,143 | (17,358) | (4,106) | (20,267) | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 71,565 | 68,948 | ||||||
Investing activities: | ||||||||
Improvements and additions to hotels | (31,909) | (25,757) | ||||||
Net proceeds from asset sales | (1,461) | 133,878 | ||||||
Hotel development | 0 | (21,637) | ||||||
Insurance proceeds | 94 | 274 | ||||||
Change in restricted cash - investing | (6,004) | (3,064) | ||||||
Distributions from unconsolidated entities in excess of earnings | 386 | 6,303 | ||||||
Intercompany financing | 0 | 0 | ||||||
Net cash flow provided by (used in) investing activities | (38,894) | 89,997 | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 50,000 | 979,000 | ||||||
Repayment of borrowings | (27,145) | (1,050,056) | ||||||
Payment of deferred financing fees | (12) | (13,922) | ||||||
Distributions paid to noncontrolling interests | (1) | (15,978) | ||||||
Contributions from noncontrolling interests | 530 | 1,908 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | (169,986) | ||||||
Repurchase of common stock | (27,427) | 0 | ||||||
Distributions paid to preferred unitholders | (12,558) | (19,847) | ||||||
Distributions paid to common stockholders | (16,848) | (10,765) | ||||||
Net proceeds from common unit issuance | 0 | 198,720 | ||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 597 | 1,746 | ||||||
Intercompany financing | 0 | 0 | ||||||
Other | (1,396) | (762) | ||||||
Net cash flow used in financing activities | (34,260) | (99,942) | ||||||
Effect of exchange rate changes on cash | (9) | (43) | ||||||
Change in cash and cash equivalents | (1,598) | 58,960 | ||||||
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | ||||||
Cash and cash equivalents at end of periods | 58,188 | 106,107 | 58,188 | 106,107 | ||||
Consolidation, Eliminations [Member] | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 0 | 0 | ||||||
Equity investment in consolidated entities | (1,215,589) | (1,260,779) | ||||||
Investment in unconsolidated entities | 0 | 0 | ||||||
Cash and cash equivalents | 0 | 0 | 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 | (1,215,589) | (1,260,779) | ||||||
Debt, net | (39,436) | (39,436) | ||||||
Distributions payable | 0 | 0 | ||||||
Accrued expenses and other liabilities | 0 | 0 | ||||||
Total liabilities | (39,436) | (39,436) | ||||||
Redeemable units | 0 | 0 | ||||||
Preferred units | 0 | 0 | ||||||
Common units | (1,176,153) | (1,221,343) | ||||||
Total FelCor LP partners' capital | (1,176,153) | (1,221,343) | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||
Total partners’ capital | (1,176,153) | (1,221,343) | ||||||
Total liabilities and equity | $ (1,215,589) | $ (1,260,779) | ||||||
Revenues: | ||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||||
Percentage lease revenue | (46,953) | (46,687) | (90,498) | (85,874) | ||||
Other revenue | 0 | 0 | 0 | 0 | ||||
Total revenues | (46,953) | (46,687) | (90,498) | (85,874) | ||||
Expenses: | ||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||||
Taxes, insurance and lease expense | (46,953) | (46,687) | (90,498) | (85,874) | ||||
Corporate expenses | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Impairment | 0 | 0 | ||||||
Other expenses | 0 | 0 | 0 | 0 | ||||
Total operating expenses | (46,953) | (46,687) | (90,498) | (85,874) | ||||
Operating income | 0 | 0 | 0 | 0 | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Other gains, net | 0 | 0 | 0 | 0 | ||||
Debt extinguishment | 0 | 0 | ||||||
Income (loss) before equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | ||||
Equity in income from consolidated entities | (27,974) | (32,380) | (37,841) | (52,738) | ||||
Equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | ||||
Income (loss) from continuing operations before income tax | (27,974) | (32,380) | (37,841) | (52,738) | ||||
Income tax | 0 | 0 | 0 | 0 | ||||
Income from continuing operations before loss on sale of hotels | (27,974) | (32,380) | (52,738) | |||||
Loss from discontinued operations | 0 | 0 | ||||||
Income (Loss) before gain (loss) on sale of hotels | (32,380) | (37,841) | (52,738) | |||||
Gain (loss) on sale of hotels, net | 0 | 0 | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) | (27,974) | (32,380) | (37,841) | (52,738) | ||||
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (27,974) | (32,380) | (37,841) | (52,738) | ||||
Preferred dividends | 0 | 0 | 0 | 0 | ||||
Redemption of Preferred Stock, Value | 0 | 0 | ||||||
Net income (loss) attributable to FelCor LP common unitholders | (27,974) | (32,380) | (37,841) | (52,738) | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 0 | 0 | ||||||
Investing activities: | ||||||||
Improvements and additions to hotels | 0 | 0 | ||||||
Net proceeds from asset sales | 0 | |||||||
Hotel development | 0 | |||||||
Insurance proceeds | 0 | 0 | ||||||
Change in restricted cash - investing | 0 | 0 | ||||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | ||||||
Intercompany financing | (87,950) | (167,009) | ||||||
Net cash flow provided by (used in) investing activities | (87,950) | (167,009) | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 0 | 0 | ||||||
Repayment of borrowings | 0 | 0 | ||||||
Payment of deferred financing fees | 0 | 0 | ||||||
Distributions paid to noncontrolling interests | 0 | 0 | ||||||
Contributions from noncontrolling interests | 0 | 0 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | |||||||
Repurchase of common stock | 0 | |||||||
Distributions paid to preferred unitholders | 0 | 0 | ||||||
Distributions paid to common stockholders | 0 | 0 | ||||||
Net proceeds from common unit issuance | 0 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||||
Intercompany financing | 87,950 | 167,009 | ||||||
Other | 0 | 0 | ||||||
Net cash flow used in financing activities | 87,950 | 167,009 | ||||||
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 |