Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 27, 2016 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 137,788,455 | |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Investment in hotels, net of accumulated depreciation of $912,561 and $899,575 at September 30, 2016 and December 31, 2015, respectively | $ 1,572,082 | $ 1,729,531 |
Investment in unconsolidated entities | 9,405 | 9,575 |
Cash and cash equivalents | 50,350 | 59,786 |
Restricted cash | 22,130 | 17,702 |
Accounts receivable, net of allowance for doubtful accounts of $182 and $204 at September 30, 2016 and December 31, 2015, respectively | 46,745 | 28,136 |
Deferred expenses, net of accumulated amortization of $2,490 and $1,086 at September 30, 2016 and December 31, 2015, respectively | 4,996 | 6,390 |
Other assets | 17,003 | 14,792 |
Total assets | 1,722,711 | 1,865,912 |
Liabilities and Equity | ||
Debt, net of unamortized debt issuance costs of $16,540 and $18,065 at September 30, 2016 and December 31, 2015, respectively | 1,324,425 | 1,409,889 |
Distributions payable | 14,969 | 15,140 |
Accrued expenses and other liabilities | 130,013 | 125,274 |
Total liabilities | 1,469,407 | 1,550,303 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 610 and 611 units issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 3,923 | 4,464 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 137,774 and 141,808 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 1,378 | 1,418 |
Additional paid-in capital | 2,576,895 | 2,567,515 |
Accumulated deficit | (2,689,753) | (2,618,117) |
Total FelCor stockholders’ equity | 197,857 | 260,153 |
Noncontrolling interests in other partnerships | 7,741 | 7,806 |
Preferred equity in consolidated joint venture, liquidation value of $44,638 and $43,954 at September 30, 2016 and December 31, 2015, respectively | 43,783 | 43,186 |
Total equity | 249,381 | 311,145 |
Total liabilities and equity | 1,722,711 | 1,865,912 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $912,561 and $899,575 at September 30, 2016 and December 31, 2015, respectively | 1,572,082 | 1,729,531 |
Investment in unconsolidated entities | 9,405 | 9,575 |
Cash and cash equivalents | 50,350 | 59,786 |
Restricted cash | 22,130 | 17,702 |
Accounts receivable, net of allowance for doubtful accounts of $182 and $204 at September 30, 2016 and December 31, 2015, respectively | 46,745 | 28,136 |
Deferred expenses, net of accumulated amortization of $2,490 and $1,086 at September 30, 2016 and December 31, 2015, respectively | 4,996 | 6,390 |
Other assets | 17,003 | 14,792 |
Total assets | 1,722,711 | 1,865,912 |
Liabilities and Equity | ||
Debt, net of unamortized debt issuance costs of $16,540 and $18,065 at September 30, 2016 and December 31, 2015, respectively | 1,324,425 | 1,409,889 |
Distributions payable | 14,969 | 15,140 |
Accrued expenses and other liabilities | 130,013 | 125,274 |
Total liabilities | 1,469,407 | 1,550,303 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 610 and 611 units issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 3,923 | 4,464 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Preferred equity in consolidated joint venture, liquidation value of $44,638 and $43,954 at September 30, 2016 and December 31, 2015, respectively | 43,783 | 43,186 |
Total liabilities and equity | 1,722,711 | 1,865,912 |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 309,337 |
Common units, 137,774 and 141,808 units issued and outstanding at September 30, 2016 and December 31, 2015, respectively | (111,480) | (49,184) |
Total FelCor LP partners’ capital | 197,857 | 260,153 |
Noncontrolling interests | 7,741 | 7,806 |
Preferred capital in consolidated joint venture | 43,783 | 43,186 |
Total partners’ capital | 249,381 | 311,145 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at September 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 September 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Accumulated depreciation | $ 912,561 | $ 899,575 |
Allowance for doubtful accounts | 182 | 204 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 2,490 | 1,086 |
Debt Issuance Costs, Net | $ 16,540 | $ 18,065 |
Units of noncontrolling interests in FelCor LP issued (in shares) | 610,000 | 611,000 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 610,000 | 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 | 137,774,000 | 141,808,000 |
Joint Venture Liquidation Value | $ 44,638 | $ 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 | 912,561 | 899,575 |
Allowance for doubtful accounts | 182 | 204 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 2,490 | 1,086 |
Debt Issuance Costs, Net | $ 16,540 | $ 18,065 |
Units of redeemable units issued | 610,000 | 611,000 |
Units of redeemable units outstanding | 610,000 | 611,000 |
Common units issued and outstanding | 137,774,000 | 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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Hotel operating revenue | $ 221,172 | $ 223,474 | $ 667,390 | $ 672,808 |
Other revenue | 1,809 | 1,678 | 3,641 | 7,142 |
Total revenues | 222,981 | 225,152 | 671,031 | 679,950 |
Expenses: | ||||
Hotel departmental expenses | 76,079 | 78,514 | 234,896 | 236,202 |
Other property-related costs | 52,875 | 55,893 | 164,448 | 170,579 |
Management and franchise fees | 8,047 | 9,138 | 25,773 | 27,425 |
Taxes, insurance and lease expense | 15,142 | 12,716 | 43,588 | 43,933 |
Corporate expenses | 6,244 | 4,672 | 20,691 | 19,775 |
Depreciation and amortization | 28,280 | 28,988 | 86,640 | 85,510 |
Impairment | 20,126 | 20,861 | 26,459 | 20,861 |
Other expenses | 7,581 | 5,807 | 10,551 | 11,446 |
Total operating expenses | 214,374 | 216,589 | 613,046 | 615,731 |
Operating income | 8,607 | 8,563 | 57,985 | 64,219 |
Interest expense, net | (19,428) | (19,602) | (59,055) | (59,361) |
Debt extinguishment | 0 | (13) | 0 | (30,909) |
Other gains, net | 0 | 0 | 100 | 166 |
Loss before equity in income from unconsolidated entities | (10,821) | (11,052) | (970) | (25,885) |
Equity in income from unconsolidated entities | 814 | 321 | 1,386 | 7,983 |
Income (loss) from continuing operations before income tax | (10,007) | (10,731) | 416 | (17,902) |
Income tax | 246 | (1,054) | (144) | (1,392) |
Income (loss) from continuing operations | (9,761) | (11,785) | 272 | (19,294) |
Income (loss) from discontinued operations | (3,131) | 498 | (3,131) | 419 |
Loss before gain on sale of hotels | (12,892) | (11,287) | (2,859) | (18,875) |
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 |
Net income (loss) and comprehensive income (loss) | (4,894) | (8,133) | 3,795 | 616 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 114 | 227 | 601 | (4,405) |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | 50 | 61 | 67 | 150 |
Preferred distributions - consolidated joint venture | (369) | (363) | (1,093) | (1,070) |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (5,099) | (8,208) | 3,370 | (4,709) |
Preferred dividends | (6,279) | (6,279) | (18,837) | (23,860) |
Redemption of Preferred Stock, Value | 0 | 0 | 0 | (6,096) |
Net loss attributable to FelCor common stockholders | $ (11,378) | $ (14,487) | $ (15,467) | $ (34,665) |
Basic and diluted per common share/unit data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.06) | $ (0.10) | $ (0.09) | $ (0.26) |
Earnings Per Share, Basic and Diluted | $ (0.08) | $ (0.10) | $ (0.11) | $ (0.26) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 137,464 | 142,982 | 138,437 | 136,009 |
FelCor Lodging LP [Member] | ||||
Revenues: | ||||
Hotel operating revenue | $ 221,172 | $ 223,474 | $ 667,390 | $ 672,808 |
Other revenue | 1,809 | 1,678 | 3,641 | 7,142 |
Total revenues | 222,981 | 225,152 | 671,031 | 679,950 |
Expenses: | ||||
Hotel departmental expenses | 76,079 | 78,514 | 234,896 | 236,202 |
Other property-related costs | 52,875 | 55,893 | 164,448 | 170,579 |
Management and franchise fees | 8,047 | 9,138 | 25,773 | 27,425 |
Taxes, insurance and lease expense | 15,142 | 12,716 | 43,588 | 43,933 |
Corporate expenses | 6,244 | 4,672 | 20,691 | 19,775 |
Depreciation and amortization | 28,280 | 28,988 | 86,640 | 85,510 |
Impairment | 20,126 | 20,861 | 26,459 | 20,861 |
Other expenses | 7,581 | 5,807 | 10,551 | 11,446 |
Total operating expenses | 214,374 | 216,589 | 613,046 | 615,731 |
Operating income | 8,607 | 8,563 | 57,985 | 64,219 |
Interest expense, net | (19,428) | (19,602) | (59,055) | (59,361) |
Debt extinguishment | 0 | (13) | 0 | (30,909) |
Other gains, net | 0 | 0 | 100 | 166 |
Loss before equity in income from unconsolidated entities | (10,821) | (11,052) | (970) | (25,885) |
Equity in income from unconsolidated entities | 814 | 321 | 1,386 | 7,983 |
Income (loss) from continuing operations before income tax | (10,007) | (10,731) | 416 | (17,902) |
Income tax | 246 | (1,054) | (144) | (1,392) |
Income (loss) from continuing operations | (9,761) | (11,785) | 272 | (19,294) |
Income (loss) from discontinued operations | (3,131) | 498 | (3,131) | 419 |
Loss before gain on sale of hotels | (12,892) | (11,287) | (2,859) | (18,875) |
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 |
Net income (loss) and comprehensive income (loss) | (4,894) | (8,133) | 3,795 | 616 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 114 | 227 | 601 | (4,405) |
Preferred distributions - consolidated joint venture | (369) | (363) | (1,093) | (1,070) |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (5,149) | (8,269) | 3,303 | (4,859) |
Preferred dividends | (6,279) | (6,279) | (18,837) | (23,860) |
Redemption of Preferred Stock, Value | 0 | 0 | 0 | (6,096) |
Net loss attributable to FelCor LP common unitholders | $ (11,428) | $ (14,548) | $ (15,534) | $ (34,815) |
Basic and diluted per common share/unit data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.06) | $ (0.10) | $ (0.09) | $ (0.26) |
Earnings Per Share, Basic and Diluted | $ (0.08) | $ (0.10) | $ (0.11) | $ (0.26) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 138,075 | 143,594 | 139,048 | 136,621 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands | Total | $1.4625 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$1.4625 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 | $ 362,867,000 | $ 478,749,000 | $ 1,246,000 | $ 2,353,666,000 | $ (2,530,671,000) | $ 18,435,000 | $ 41,442,000 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 18,400 | |||||||||||||||
Stock Issued During Period, Value, New Issues | 198,651,000 | $ 184,000 | 198,467,000 | |||||||||||||
Issuance of stock awards - shares | 379 | |||||||||||||||
Issuance of stock awards - value | 694,000 | $ 4,000 | 690,000 | |||||||||||||
Stock awards - amortization and severance | 5,702,000 | 5,702,000 | ||||||||||||||
Stock compensation withheld - shares | (2) | |||||||||||||||
Stock compensation withheld - value | (8,000) | $ 0 | 0 | (8,000) | ||||||||||||
Redemption of Preferred Stock, Shares | (68) | |||||||||||||||
Redemption of Preferred Stock, Value | (6,096,000) | $ (169,986,000) | $ (169,412,000) | $ 0 | $ 5,522,000 | $ (6,096,000) | ||||||||||
Conversion of Operating Partnership Units Into Common Shares, Value | 0 | |||||||||||||||
Allocation to redeemable noncontrolling interests | 2,076,000 | 2,076,000 | ||||||||||||||
Contribution from noncontrolling interests | 2,544,000 | 2,544,000 | ||||||||||||||
Distribution to noncontrolling interests | (16,294,000) | (16,294,000) | ||||||||||||||
Dividends, Common Stock | $ (17,382,000) | $ (17,382,000) | ||||||||||||||
Preferred dividends | (1,070,000) | $ (18,837,000) | $ (5,023,000) | $ (18,837,000) | $ (5,023,000) | (1,070,000) | ||||||||||
Issuance of preferred equity - consolidated joint venture | 1,744,000 | 1,744,000 | ||||||||||||||
Net income (loss) and comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships) | 766,000 | (4,709,000) | 4,405,000 | 1,070,000 | ||||||||||||
Shares, Issued - ending balance at Sep. 30, 2015 | 12,879 | 143,382 | ||||||||||||||
Stockholders' Equity, ending balance at Sep. 30, 2015 | 346,444,000 | $ 309,337,000 | $ 1,434,000 | 2,566,123,000 | (2,582,726,000) | 9,090,000 | 43,186,000 | |||||||||
Shares, Issued - beginning balance at Dec. 31, 2014 | 12,947 | 124,605 | ||||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2014 | 362,867,000 | $ 478,749,000 | $ 1,246,000 | 2,353,666,000 | (2,530,671,000) | 18,435,000 | 41,442,000 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Stock compensation withheld - value | (2,100,000) | |||||||||||||||
Shares, Issued - ending balance at Dec. 31, 2015 | 12,879 | 141,808 | ||||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2015 | 311,145,000 | $ 309,337,000 | $ 1,418,000 | 2,567,515,000 | (2,618,117,000) | 7,806,000 | 43,186,000 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Stock Repurchased During Period, Shares | (4,610) | |||||||||||||||
Stock Repurchased During Period, Value | (30,462,000) | $ (45,000) | 0 | (30,417,000) | 0 | 0 | ||||||||||
Issuance of stock awards - shares | 673 | |||||||||||||||
Issuance of stock awards - value | 829,000 | $ 6,000 | 823,000 | |||||||||||||
Cumulative effect of change in accounting for stock compensation forfeitures | 0 | 185,000 | (185,000) | |||||||||||||
Stock awards - amortization and severance | 8,008,000 | 8,008,000 | ||||||||||||||
Stock compensation withheld - shares | (98) | |||||||||||||||
Stock compensation withheld - value | (592,000) | $ (1,000) | 0 | (591,000) | ||||||||||||
Redemption of Preferred Stock, Value | 0 | |||||||||||||||
Conversion of Operating Partnership Units Into Common Shares, Shares | 1 | |||||||||||||||
Conversion of Operating Partnership Units Into Common Shares, Value | 9,000 | 9,000 | ||||||||||||||
Allocation to redeemable noncontrolling interests | 355,000 | 355,000 | ||||||||||||||
Contribution from noncontrolling interests | 552,000 | 552,000 | ||||||||||||||
Distribution to noncontrolling interests | (16,000) | (16,000) | ||||||||||||||
Dividends, Common Stock | $ (24,976,000) | $ (24,976,000) | ||||||||||||||
Preferred dividends | (1,093,000) | $ (18,837,000) | 0 | $ (18,837,000) | (1,093,000) | |||||||||||
Issuance of preferred equity - consolidated joint venture | 597,000 | 597,000 | ||||||||||||||
Net income (loss) and comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships) | 3,862,000 | 3,370,000 | (601,000) | 1,093,000 | ||||||||||||
Shares, Issued - ending balance at Sep. 30, 2016 | 12,879 | 137,774 | ||||||||||||||
Stockholders' Equity, ending balance at Sep. 30, 2016 | $ 249,381,000 | $ 309,337,000 | $ 1,378,000 | $ 2,576,895,000 | $ (2,689,753,000) | $ 7,741,000 | $ 43,783,000 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Common Stock, Dividends, Per Share, Declared | $ 0.18 | $ 0.12 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 1.4625 | 1.4625 |
$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 | 198,651 | 198,651 | |||||||||
FelCor restricted stock compensation | 6,388 | 6,388 | |||||||||
Redemption of Preferred Stock, Value | $ (6,096) | (6,096) | $ (169,986) | $ (169,412) | $ (574) | ||||||
Contributions | 2,544 | 2,544 | |||||||||
Distributions | (58,673) | (41,309) | (16,294) | (1,070) | |||||||
Allocation to redeemable units | 2,293 | 2,293 | |||||||||
Issuance of preferred equity - consolidated joint venture | 1,744 | 1,744 | 1,744 | $ 1,744 | |||||||
Net income (loss) and comprehensive income (loss) | 616 | 616 | (4,859) | 4,405 | 1,070 | ||||||
Partners' Capital, Ending Balance at Sep. 30, 2015 | 346,444 | 309,337 | (15,169) | 9,090 | 43,186 | ||||||
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 | (30,462) | (30,462) | (30,462) | 0 | $ (45) | ||||||
FelCor restricted stock compensation | 8,245 | 8,245 | |||||||||
Redemption of Preferred Stock, Value | 0 | 0 | |||||||||
Contributions | 552 | 552 | |||||||||
Distributions | (45,032) | (43,923) | (16) | (1,093) | |||||||
Allocation to redeemable units | 541 | 541 | |||||||||
Issuance of preferred equity - consolidated joint venture | 597 | 597 | 597 | $ 597 | |||||||
Net income (loss) and comprehensive income (loss) | $ 3,795 | 3,795 | 3,303 | (601) | 1,093 | ||||||
Partners' Capital, Ending Balance at Sep. 30, 2016 | $ 249,381 | $ 309,337 | $ (111,480) | $ 7,741 | $ 43,783 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | $ 3,795 | $ 616 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 86,640 | 85,510 |
Gain on sale of hotels and other assets, net | (3,623) | (20,065) |
Amortization of deferred financing fees | 2,932 | 4,085 |
Amortization of fixed stock and directors’ compensation | 5,338 | 5,214 |
Equity based severance | 2,891 | 1,352 |
Equity in income from unconsolidated entities | (1,386) | (7,983) |
Distributions of income from unconsolidated entities | 769 | 5,680 |
Debt extinguishment | 0 | 30,909 |
Impairment | 26,459 | 20,861 |
Changes in assets and liabilities: | ||
Accounts receivable | (13,538) | (9,688) |
Other assets | (2,973) | 1,529 |
Accrued expenses and other liabilities | 6,740 | (3,958) |
Net cash flow provided by operating activities | 114,044 | 114,062 |
Cash flows from investing activities: | ||
Acquisition of land | (8,209) | 0 |
Improvements and additions to hotels | (51,328) | (35,979) |
Hotel development | 0 | (31,599) |
Net proceeds from asset sales | 101,721 | 190,035 |
Change in restricted cash – investing | (4,428) | (4,204) |
Insurance proceeds | 94 | 274 |
Distributions from unconsolidated entities in excess of earnings | 786 | 6,460 |
Net cash flow provided by investing activities | 38,636 | 124,987 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 55,000 | 979,000 |
Repayment of borrowings | (141,989) | (1,166,693) |
Payment of deferred financing fees | (12) | (14,348) |
Distributions paid to noncontrolling interests | (16) | (16,294) |
Contributions from noncontrolling interests | 552 | 2,544 |
Distributions paid to FelCor LP limited partners | (110) | (68) |
Distributions paid to preferred stockholders | (18,837) | (26,125) |
Redemption of preferred stock | 0 | (169,986) |
Repurchase of common stock | (30,462) | 0 |
Stock compensation withholding | (592) | (8) |
Preferred distributions - consolidated joint venture | (1,097) | (1,070) |
Distributions paid to common stockholders | (25,141) | (16,498) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 597 | 1,744 |
Net proceeds from common stock issuance | 0 | 198,651 |
Net cash flow used in financing activities | (162,107) | (229,151) |
Effect of exchange rate changes on cash | (9) | (134) |
Net change in cash and cash equivalents | (9,436) | 9,764 |
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 |
Cash and cash equivalents at end of periods | 50,350 | 56,911 |
Supplemental cash flow information – interest paid, net of capitalized interest | 56,853 | 55,215 |
Supplemental cash flow information – income taxes paid | 575 | 1,483 |
FelCor Lodging LP [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | 3,795 | 616 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 86,640 | 85,510 |
Gain on sale of hotels and other assets, net | (3,623) | (20,065) |
Amortization of deferred financing fees | 2,932 | 4,085 |
Amortization of fixed stock and directors’ compensation | 5,338 | 5,214 |
Equity based severance | 2,891 | 1,352 |
Equity in income from unconsolidated entities | (1,386) | (7,983) |
Distributions of income from unconsolidated entities | 769 | 5,680 |
Debt extinguishment | 0 | 30,909 |
Impairment | 26,459 | 20,861 |
Changes in assets and liabilities: | ||
Accounts receivable | (13,538) | (9,688) |
Other assets | (2,973) | 1,529 |
Accrued expenses and other liabilities | 6,740 | (3,958) |
Net cash flow provided by operating activities | 114,044 | 114,062 |
Cash flows from investing activities: | ||
Acquisition of land | (8,209) | 0 |
Improvements and additions to hotels | (51,328) | (35,979) |
Hotel development | 0 | (31,599) |
Net proceeds from asset sales | 101,721 | 190,035 |
Change in restricted cash – investing | (4,428) | (4,204) |
Insurance proceeds | 94 | 274 |
Distributions from unconsolidated entities in excess of earnings | 786 | 6,460 |
Net cash flow provided by investing activities | 38,636 | 124,987 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 55,000 | 979,000 |
Repayment of borrowings | (141,989) | (1,166,693) |
Payment of deferred financing fees | (12) | (14,348) |
Distributions paid to noncontrolling interests | (16) | (16,294) |
Contributions from noncontrolling interests | 552 | 2,544 |
Distributions paid to FelCor LP limited partners | (110) | (68) |
Distributions paid to preferred stockholders | (18,837) | (26,125) |
Redemption of preferred stock | 0 | (169,986) |
Repurchase of common stock | (30,462) | 0 |
Stock compensation withholding | (592) | (8) |
Preferred distributions - consolidated joint venture | (1,097) | (1,070) |
Distributions paid to common stockholders | (25,141) | (16,498) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 597 | 1,744 |
Net proceeds from common unit issuance | 0 | 198,651 |
Net cash flow used in financing activities | (162,107) | (229,151) |
Effect of exchange rate changes on cash | (9) | (134) |
Net change in cash and cash equivalents | (9,436) | 9,764 |
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 |
Cash and cash equivalents at end of periods | 50,350 | 56,911 |
Supplemental cash flow information – interest paid, net of capitalized interest | 56,853 | 55,215 |
Supplemental cash flow information – income taxes paid | $ 575 | $ 1,483 |
Organization
Organization | 9 Months Ended |
Sep. 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 39 hotels as of September 30, 2016 . At September 30, 2016 , we had an aggregate of 138,384,179 shares and units outstanding, consisting of 137,773,996 shares of FelCor common stock and 610,183 FelCor LP units not owned by FelCor. Of our 39 hotels, as of September 30, 2016 , we owned 100% interests in 36 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 37 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 38 of the 39 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 38 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 37 Consolidated Hotels (we consolidate our real estate interests in these hotels). The following table illustrates the distribution by brand of our 38 Consolidated Hotels at September 30, 2016 : Brand Hotels Rooms Embassy Suites by Hilton ® 18 4,982 Wyndham ® and Wyndham Grand ® 8 2,528 Marriott ® and Renaissance ® 2 761 Holiday Inn ® 1 585 DoubleTree by Hilton ® and Hilton ® 3 802 Sheraton ® 2 673 Fairmont ® 1 383 The Knickerbocker ® 1 330 Morgans ® and Royalton ® 2 285 Total 38 11,329 At September 30, 2016 , our Consolidated Hotels were located in 14 states, with concentrations in California ( 10 hotels), Florida ( six hotels) and Massachusetts ( three hotels). We generated approximately 56% of our revenue from hotels in these three states during the first nine months of 2016 . At September 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 managed four hotels; (iv) subsidiaries of InterContinental Hotels Group managed one hotel; (v) Fairmont, a subsidiary of AccorHotels Group, managed one hotel; (vi) a subsidiary of Highgate Hotels managed one hotel; (vii) a subsidiary of Morgans Hotel Group Corporation managed two hotels; and (viii) Aimbridge Hospitality managed one hotel. 1. Organization — (continued) On January 1, 2016, we adopted accounting guidance under Accounting Standards Update (“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 nine months ended September 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 nine months ended September 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. 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 nine months ended September 30, 2016 are not necessarily indicative of actual operating results for the entire year. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2016 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities At September 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 at these locations. 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): September 30, December 31, 2016 2015 Investment in hotels and other properties, net of accumulated depreciation $ 21,677 $ 23,047 Total assets $ 29,574 $ 29,033 Debt, net of unamortized debt issuance costs $ 22,190 $ 22,563 Total liabilities $ 24,841 $ 24,541 Equity $ 4,733 $ 4,492 Our unconsolidated entities’ debt at September 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total revenues $ 12,214 $ 10,642 $ 27,891 $ 27,622 Net income $ 1,821 $ 836 $ 3,351 $ 22,906 Net income attributable to FelCor $ 911 $ 418 $ 1,676 $ 11,453 Cost in excess of joint venture book value of sold hotel — — — (3,140 ) Depreciation of cost in excess of book value (97 ) (97 ) (290 ) (330 ) Equity in income from unconsolidated entities $ 814 $ 321 $ 1,386 $ 7,983 The following table summarizes the components of our investments in unconsolidated entities (in thousands): September 30, December 31, 2016 2015 Equity basis of hotel joint venture investments $ (4,076 ) $ (4,216 ) Cost of hotel investments in excess of joint venture book value 7,039 7,329 Equity basis of land and condominium joint venture investments 6,442 6,462 Investment in unconsolidated entities $ 9,405 $ 9,575 The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Hotel investments $ 378 $ (63 ) $ 1,405 $ 8,141 Other investments 436 384 (19 ) (158 ) Equity in income from unconsolidated entities $ 814 $ 321 $ 1,386 $ 7,983 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity September 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 120,643 122,237 Mortgage debt 1 4.94 October 2022 30,322 30,717 Line of credit (b) 7 LIBOR + 2.75 June 2019 105,000 190,000 Mortgage debt (c) 1 LIBOR + 3.00 November 2017 85,000 85,000 Total 22 $ 1,340,965 $ 1,427,954 Unamortized debt issuance costs (16,540 ) (18,065 ) Debt, net of unamortized debt issuance costs $ 1,324,425 $ 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. Since adoption of ASU 2015-03, we classify deferred financing costs of $16.5 million and $18.1 million as of September 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 $19.4 million and $19.6 million of interest expense for the three months ended September 30, 2016 and 2015 , respectively, which is net of: (i) interest income of $18,000 and $6,000 and (ii) capitalized interest of $293,000 and $565,000 , respectively. We reported $59.1 million and $59.4 million of interest expense for the nine months ended September 30, 2016 and 2015 , respectively, which is net of: (i) interest income of $46,000 and $18,000 and (ii) capitalized interest of $640,000 and $5.6 million , respectively. |
FelCor Capital Stock_FelCor LP
FelCor Capital Stock/FelCor LP Partners' Capital | 9 Months Ended |
Sep. 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 and retired 4.6 million shares of common stock for $30.5 million (including commissions) for an average price of $6.58 per share during the first nine months of 2016. Since FelCor’s Board of Directors authorized the current $100 million repurchase program, FelCor has repurchased 6.6 million shares of common stock for $44.8 million (including commissions) for an average price of $6.78 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, or the Series C 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 stockholders (unitholders) by $6.1 million for the nine months ended September 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 | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Room revenue $ 174,169 $ 177,378 $ 514,563 $ 521,750 Food and beverage revenue 34,260 34,370 117,489 116,365 Other operating departments 12,743 11,726 35,338 34,693 Total hotel operating revenue $ 221,172 $ 223,474 $ 667,390 $ 672,808 Nearly all of our revenue is comprised of hotel operating revenue. This revenue is 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, except for percentages): Three Months Ended September 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 44,032 19.9 % $ 44,485 19.9 % Food and beverage 28,227 12.8 29,457 13.2 Other operating departments 3,820 1.7 4,572 2.0 Total hotel departmental expenses $ 76,079 34.4 % $ 78,514 35.1 % Nine Months Ended September 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 131,479 19.7 % $ 131,419 19.5 % Food and beverage 91,775 13.8 91,431 13.6 Other operating departments 11,642 1.7 13,352 2.0 Total hotel departmental expenses $ 234,896 35.2 % $ 236,202 35.1 % Other property-related costs were comprised of the following amounts (in thousands, except for percentages): Three Months Ended September 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 19,408 8.8 % $ 19,493 8.7 % Marketing 17,388 7.9 18,595 8.3 Repair and maintenance 8,677 3.9 9,724 4.4 Utilities 7,402 3.3 8,081 3.6 Total other property-related costs $ 52,875 23.9 % $ 55,893 25.0 % 5. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Nine Months Ended September 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 60,908 9.1 % $ 59,388 8.8 % Marketing 55,418 8.3 58,295 8.7 Repair and maintenance 27,773 4.2 29,816 4.4 Utilities 20,349 3.0 23,080 3.5 Total other property-related costs $ 164,448 24.6 % $ 170,579 25.4 % Wyndham guarantees minimum levels of annual net operating income at each of the hotels it manages for us. W e recorded $3.3 million and $1.3 million with respect to the pro rata portions of the projected aggregate full-year guaranties for the nine months ended September 30, 2016 and 2015 , respectively (of which $1.8 million and $258,000 is attributable to the three months ended September 30, 2016 and September 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 | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Hotel lease expense (a) $ 1,488 $ 1,524 $ 3,648 $ 5,762 Land lease expense (b) 3,871 3,892 10,890 10,684 Real estate and other taxes 7,884 5,691 23,243 22,048 Property insurance, general liability insurance and other 1,899 1,609 5,807 5,439 Total taxes, insurance and lease expense $ 15,142 $ 12,716 $ 43,588 $ 43,933 In the third quarter of 2016, we acquired land previously leased for one of our hotels for $8.0 million . (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 $686,000 and $726,000 for the three months ended September 30, 2016 and 2015 , respectively, and $1.2 million and $2.8 million for the nine months ended September 30, 2016 and 2015 , respectively. (b) We include in land lease expense percentage rent of $2.0 million and $1.9 million for the three months ended September 30, 2016 and 2015 , respectively, and $4.6 million for the nine months ended September 30, 2016 and 2015 . |
Impairment
Impairment | 9 Months Ended |
Sep. 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 September 2016, we recorded a $20.1 million impairment charge for a hotel. The impairment charge was primarily based on both third-party offers to purchase the hotel and observable market data on a price per room basis from transactions involving hotels in similar locations (a Level 2 input under authoritative guidance for fair value measurements). In June 2016, we recorded a $6.3 million impairment charge for a hotel subsequently sold in the third quarter of 2016. The impairment charge was based on an accepted third-party offer to purchase the 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. In the third quarter of 2015, we determined that this hotel no longer met our investment criteria, and we recorded a $20.9 million impairment charge for this hotel at that time. The 2015 impairment charge was determined using Level 3 input under authoritative guidance for fair value measurements. For this estimate, we used a discounted cash flow analysis with an estimated stabilized growth rate of 3% , a discounted cash flow term of 5 years , a terminal capitalization rate of 8% , and a discount rate of 11% . 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 | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Hotel Dispositions | Hotel Dispositions During the nine months ended September 30, 2016 , we sold two hotels (both of which were sold in the third quarter), and during the nine months ended September 30, 2015 , we sold eight hotels. We included operations for the sold hotels in income (loss) from continuing operations as shown in the statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2016 and 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. 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. There were no hotels held for sale at September 30, 2016 or December 31, 2015. 8. Hotel Dispositions — (continued) The following table includes condensed financial information primarily related to hotels sold in 2016 and 2015 included in continuing operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Hotel operating revenue $ 4,860 $ 12,520 $ 39,782 $ 73,637 Operating expenses (5,400 ) (34,971 ) (39,922 ) (85,508 ) Operating loss (540 ) (22,451 ) (140 ) (11,871 ) Interest expense, net — — 1 (1,031 ) Debt extinguishment — — — (309 ) Equity in income from unconsolidated entities — 14 — 7,111 Loss from continuing operations (540 ) (22,437 ) (139 ) (6,100 ) Gain on sale of hotels, net 7,998 3,154 6,654 19,491 Net income (loss) 7,458 (19,283 ) 6,515 13,391 Net loss (income) attributable to noncontrolling interests in other partnerships — 45 — (5,147 ) Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP (32 ) 81 (28 ) (34 ) Net income (loss) attributable to FelCor $ 7,426 $ (19,157 ) $ 6,487 $ 8,210 Discontinued operations for all periods presented in the statements of operations and comprehensive income (loss) includes adjustments to gains and losses for hotels sold prior to December 31, 2013. |
Income (Loss) Per Share_Unit
Income (Loss) Per Share/Unit | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Income (loss) Per Share/Unit | Loss Per Share/Unit The following tables set forth the computation of basic and diluted loss per share/unit (in thousands, except per share/unit data): FelCor Loss Per Share Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to FelCor $ (5,099 ) $ (8,208 ) $ 3,370 $ (4,709 ) Discontinued operations attributable to FelCor 3,118 (496 ) 3,118 (425 ) Income (loss) from continuing operations attributable to FelCor (1,981 ) (8,704 ) 6,488 (5,134 ) Less: Preferred dividends (6,279 ) (6,279 ) (18,837 ) (23,860 ) Less: Redemption of preferred stock — — — (6,096 ) Less: Dividends declared on unvested restricted stock (36 ) (13 ) (109 ) (40 ) Numerator for continuing operations attributable to FelCor common stockholders (8,296 ) (14,996 ) (12,458 ) (35,130 ) Discontinued operations attributable to FelCor (3,118 ) 496 (3,118 ) 425 Numerator for basic and diluted loss attributable to FelCor common stockholders $ (11,414 ) $ (14,500 ) $ (15,576 ) $ (34,705 ) Denominator: Denominator for basic and diluted loss per share 137,464 142,982 138,437 136,009 Basic and diluted loss per share data: Loss from continuing operations $ (0.06 ) $ (0.10 ) $ (0.09 ) $ (0.26 ) Discontinued operations $ (0.02 ) $ — $ (0.02 ) $ — Net loss $ (0.08 ) $ (0.10 ) $ (0.11 ) $ (0.26 ) 9. Loss Per Share/Unit — (continued) FelCor LP Loss Per Unit Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to FelCor LP $ (5,149 ) $ (8,269 ) $ 3,303 $ (4,859 ) Discontinued operations attributable to FelCor LP 3,131 (498 ) 3,131 (427 ) Income (loss) from continuing operations attributable to FelCor LP (2,018 ) (8,767 ) 6,434 (5,286 ) Less: Preferred distributions (6,279 ) (6,279 ) (18,837 ) (23,860 ) Less: Redemption of preferred units — — — (6,096 ) Less: Distributions declared on FelCor unvested restricted stock (36 ) (13 ) (109 ) (40 ) Numerator for continuing operations attributable to FelCor LP common unitholders (8,333 ) (15,059 ) (12,512 ) (35,282 ) Discontinued operations attributable to FelCor LP (3,131 ) 498 (3,131 ) 427 Numerator for basic and diluted loss attributable to FelCor common unitholders $ (11,464 ) $ (14,561 ) $ (15,643 ) $ (34,855 ) Denominator: Denominator for basic and diluted loss per unit 138,075 143,594 139,048 136,621 Basic and diluted loss per unit data: Loss from continuing operations $ (0.06 ) $ (0.10 ) $ (0.09 ) $ (0.26 ) Discontinued operations $ (0.02 ) $ — $ (0.02 ) $ — Net loss $ (0.08 ) $ (0.10 ) $ (0.11 ) $ (0.26 ) The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the net gain 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Series A convertible preferred shares/units 9,984 9,984 9,984 9,984 FelCor restricted stock units 504 1,173 436 1,136 9. 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 September 30, 2016 and 2015 , and $18.8 million for the nine months ended September 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 | 9 Months Ended |
Sep. 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 September 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 September 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 $354.3 million and $438.8 million at September 30, 2016 and December 31, 2015 , respectively). The estimated fair value of all our debt was $1.4 billion and $1.5 billion at September 30, 2016 and December 31, 2015 , respectively. The carrying value of our debt was $1.3 billion and $1.4 billion at September 30, 2016 and December 31, 2015 , respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 9 Months Ended |
Sep. 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 September 30, 2016 , we carried 610,183 outstanding limited partnership units at $3.9 million . We base the value of these outstanding units on the closing price of FelCor’s common stock at September 30, 2016 ( $6.43 per share). Changes in redeemable noncontrolling interests (or redeemable units) for the nine months ended September 30, 2016 and 2015 are shown below (in thousands): Nine Months Ended September 30, 2016 2015 Balance at beginning of period $ 4,464 $ 6,616 Conversion of units (9 ) — Redemption value allocation (355 ) (2,076 ) Distributions paid to unitholders (110 ) (67 ) Net loss (67 ) (150 ) Balance at end of period $ 3,923 $ 4,323 |
Consolidated Joint Venture Pref
Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital | 9 Months Ended |
Sep. 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 nine months of 2016 and 2015, respectively. The venture will receive the remaining $600,000 as investors’ visas are approved. |
Commercial Dispute
Commercial Dispute | 9 Months Ended |
Sep. 30, 2016 | |
Commercial Dispute [Abstract] | |
Contingencies Disclosure [Text Block] | Commercial Dispute 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 nine months ended September 30, 2015 . |
Contingency
Contingency | 9 Months Ended |
Sep. 30, 2016 | |
Contingency [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Contingency 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 has assessed $8.3 million in withdrawal liability in connection with the termination of IHG’s 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. Because of the rules and regulations governing the pension trust, we have paid $854,000 to the pension trust for the last three calendar quarters and expect to continue making such payments, on a quarterly basis, while the dispute is ongoing, subject to an overall contribution limit corresponding to the amount sought by the pension trust. While we aggressively oppose the pension trust’s position, we believe that resolution of this matter may take as long as two more years. Accordingly, we have recorded the payments made to date ( $854,000 , in total) and accrued for eight more quarterly payments that would be made if the dispute remains unresolved for another two years (approximately $2.3 million ) as a loss on the sale of hotels included in discontinued operations because it primarily relates to hotels sold prior to 2013. Despite these payments and accruals, we believe that (i) the pension trust was in error in assessing the withdrawal liability in this situation and (ii) even if the pension trust was not in error, we are not responsible for a significant portion (or perhaps any) of the withdrawal liability assessed by the pension trust for other reasons and that we are likely to recover a significant portion (if not all) of what we have paid, and may pay in the future, to the pension trust with respect to its claim. Consequently, we are vigorously disputing the underlying claims and, if appropriate, IHG’s demand for indemnification. The matter involves significant legal, actuarial and factual analysis with respect to each hotel, and we have not determined whether any loss to us is probable or that any such loss is estimable (other than the payments and accrual noted in the previous paragraph, for which we intend to seek recovery). |
Severance
Severance | 9 Months Ended |
Sep. 30, 2016 | |
Severance [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Severance During the three and nine months ended September 30, 2016 and 2015, we recorded severance charges of $6.1 million and $3.6 million , respectively. The charges are included in other expenses and primarily relate to FelCor’s former Chief Executive Officer for 2016 and certain other officers for 2015. |
Recently Issue Accounting Stand
Recently Issue Accounting Standards | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued 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. 16. Recently Issued Accounting Standards — (continued) 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. 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 | 9 Months Ended |
Sep. 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. 17. 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 September 30, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 492,022 $ 1,080,060 $ — $ 1,572,082 Equity investment in consolidated entities 1,204,612 — — (1,204,612 ) — Investment in unconsolidated entities 2,962 5,213 1,230 — 9,405 Cash and cash equivalents 18,989 30,623 738 — 50,350 Restricted cash — 16,897 5,233 — 22,130 Accounts receivable, net 1,741 38,124 6,880 — 46,745 Deferred expenses, net — — 4,996 — 4,996 Other assets 5,284 8,346 3,373 — 17,003 Total assets $ 1,233,588 $ 591,225 $ 1,102,510 $ (1,204,612 ) $ 1,722,711 Debt, net $ 985,372 $ — $ 378,489 $ (39,436 ) $ 1,324,425 Distributions payable 14,849 — 120 — 14,969 Accrued expenses and other liabilities 31,587 86,095 12,331 — 130,013 Total liabilities 1,031,808 86,095 390,940 (39,436 ) 1,469,407 Redeemable units, at redemption value 3,923 — — — 3,923 Preferred units 309,337 — — — 309,337 Common units (111,480 ) 506,062 659,114 (1,165,176 ) (111,480 ) Total FelCor LP partners’ capital 197,857 506,062 659,114 (1,165,176 ) 197,857 Noncontrolling interests — (932 ) 8,673 — 7,741 Preferred capital in consolidated joint venture — — 43,783 — 43,783 Total partners’ capital 197,857 505,130 711,570 (1,165,176 ) 249,381 Total liabilities and partners’ capital $ 1,233,588 $ 591,225 $ 1,102,510 $ (1,204,612 ) $ 1,722,711 17. 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 LOSS For the Three Months Ended September 30, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 221,172 $ — $ — $ 221,172 Percentage lease revenue — — 45,242 (45,242 ) — Other revenue 15 1,622 172 — 1,809 Total revenues 15 222,794 45,414 (45,242 ) 222,981 Expenses: Hotel operating expenses — 137,001 — — 137,001 Taxes, insurance and lease expense 26 54,293 6,065 (45,242 ) 15,142 Corporate expenses — 3,517 2,727 — 6,244 Depreciation and amortization 49 11,285 16,946 — 28,280 Impairment — 20,126 — — 20,126 Other expenses 6,124 1,309 148 — 7,581 Total operating expenses 6,199 227,531 25,886 (45,242 ) 214,374 Operating income (6,184 ) (4,737 ) 19,528 — 8,607 Interest expense, net (14,513 ) 6 (4,921 ) — (19,428 ) Loss before equity in income from unconsolidated entities (20,697 ) (4,731 ) 14,607 — (10,821 ) Equity in income from consolidated entities 17,088 — — (17,088 ) — Equity in income from unconsolidated entities 378 447 (11 ) — 814 Loss from continuing operations before income tax (3,231 ) (4,284 ) 14,596 (17,088 ) (10,007 ) Income tax 576 (484 ) 154 — 246 Loss from continuing operations (2,655 ) (4,768 ) 14,750 (17,088 ) (9,761 ) Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotels (5,786 ) (4,768 ) 14,750 (17,088 ) (12,892 ) Gain on sale of hotels, net 637 7,445 (84 ) — 7,998 Net loss and comprehensive loss (5,149 ) 2,677 14,666 (17,088 ) (4,894 ) Loss attributable to noncontrolling interests — 100 14 — 114 Preferred distributions - consolidated joint venture — — (369 ) — (369 ) Net loss and comprehensive loss attributable to FelCor LP (5,149 ) 2,777 14,311 (17,088 ) (5,149 ) Preferred distributions (6,279 ) — — — (6,279 ) Net loss attributable to FelCor LP common unitholders $ (11,428 ) $ 2,777 $ 14,311 $ (17,088 ) $ (11,428 ) 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS For the Three Months Ended September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 223,474 $ — $ — $ 223,474 Percentage lease revenue — — 44,523 (44,523 ) — Other revenue 3 1,497 178 — 1,678 Total revenues 3 224,971 44,701 (44,523 ) 225,152 Expenses: Hotel operating expenses — 143,545 — — 143,545 Taxes, insurance and lease expense 533 53,272 3,434 (44,523 ) 12,716 Corporate expenses — 2,718 1,954 — 4,672 Depreciation and amortization 49 11,876 17,063 — 28,988 Impairment — 20,861 — — 20,861 Other expenses 3,626 1,311 870 — 5,807 Total operating expenses 4,208 233,583 23,321 (44,523 ) 216,589 Operating income (4,205 ) (8,612 ) 21,380 — 8,563 Interest expense, net (14,302 ) 3 (5,303 ) — (19,602 ) Debt extinguishment (13 ) — — — (13 ) Loss before equity in income from unconsolidated entities (18,520 ) (8,609 ) 16,077 — (11,052 ) Equity in income from consolidated entities 10,069 — — (10,069 ) — Equity in income from unconsolidated entities 417 (85 ) (11 ) — 321 Loss from continuing operations before income tax (8,034 ) (8,694 ) 16,066 (10,069 ) (10,731 ) Income tax (194 ) (860 ) — — (1,054 ) Loss from continuing operations (8,228 ) (9,554 ) 16,066 (10,069 ) (11,785 ) Income from discontinued operations — (2 ) 500 — 498 Loss before gain on sale of hotels (8,228 ) (9,556 ) 16,566 (10,069 ) (11,287 ) Gain on sale of hotels, net (41 ) (31 ) 3,226 — 3,154 Net loss and comprehensive loss (8,269 ) (9,587 ) 19,792 (10,069 ) (8,133 ) Loss attributable to noncontrolling interests — 81 146 — 227 Preferred distributions - consolidated joint venture — — (363 ) — (363 ) Net loss and comprehensive loss attributable to FelCor LP (8,269 ) (9,506 ) 19,575 (10,069 ) (8,269 ) Preferred distributions (6,279 ) — — — (6,279 ) Net loss attributable to FelCor LP common unitholders $ (14,548 ) $ (9,506 ) $ 19,575 $ (10,069 ) $ (14,548 ) 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 667,390 $ — $ — $ 667,390 Percentage lease revenue — — 135,740 (135,740 ) — Other revenue 202 3,076 363 — 3,641 Total revenues 202 670,466 136,103 (135,740 ) 671,031 Expenses: Hotel operating expenses — 425,117 — — 425,117 Taxes, insurance and lease expense 79 161,889 17,360 (135,740 ) 43,588 Corporate expenses — 11,212 9,479 — 20,691 Depreciation and amortization 193 35,312 51,135 — 86,640 Impairment — 26,459 — — 26,459 Other expenses 6,543 3,522 486 — 10,551 Total operating expenses 6,815 663,511 78,460 (135,740 ) 613,046 Operating income (6,613 ) 6,955 57,643 — 57,985 Interest expense, net (43,775 ) 24 (15,304 ) — (59,055 ) Other gains, net — — 100 — 100 Loss before equity in income from unconsolidated entities (50,388 ) 6,979 42,439 — (970 ) Equity in income from consolidated entities 54,930 — — (54,930 ) — Equity in income from unconsolidated entities 1,094 326 (34 ) — 1,386 Income from continuing operations before income tax 5,636 7,305 42,405 (54,930 ) 416 Income tax 411 (709 ) 154 — (144 ) Income from continuing operations 6,047 6,596 42,559 (54,930 ) 272 Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotels 2,916 6,596 42,559 (54,930 ) (2,859 ) Gain on sale of hotels, net 387 6,688 (421 ) — 6,654 Net income and comprehensive income 3,303 13,284 42,138 (54,930 ) 3,795 Loss attributable to noncontrolling interests — 413 188 — 601 Preferred distributions - consolidated joint venture — — (1,093 ) — (1,093 ) Net income and comprehensive income attributable to FelCor LP 3,303 13,697 41,233 (54,930 ) 3,303 Preferred distributions (18,837 ) — — — (18,837 ) Net loss attributable to FelCor LP common unitholders $ (15,534 ) $ 13,697 $ 41,233 $ (54,930 ) $ (15,534 ) 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 672,808 $ — $ — $ 672,808 Percentage lease revenue — — 130,397 (130,397 ) — Other revenue 111 6,645 386 — 7,142 Total revenues 111 679,453 130,783 (130,397 ) 679,950 Expenses: Hotel operating expenses — 434,206 — — 434,206 Taxes, insurance and lease expense 422 159,103 14,805 (130,397 ) 43,933 Corporate expenses — 11,010 8,765 — 19,775 Depreciation and amortization 138 37,770 47,602 — 85,510 Impairment — 20,861 — — 20,861 Other expenses 3,629 6,820 997 — 11,446 Total operating expenses 4,189 669,770 72,169 (130,397 ) 615,731 Operating income (4,078 ) 9,683 58,614 — 64,219 Interest expense, net (42,613 ) 8 (16,756 ) — (59,361 ) Debt extinguishment (28,459 ) — (2,450 ) — (30,909 ) Other gains, net — — 166 — 166 Loss before equity in income from unconsolidated entities (75,150 ) 9,691 39,574 — (25,885 ) Equity in income from consolidated entities 62,807 — — (62,807 ) — Equity in income from unconsolidated entities 8,060 (43 ) (34 ) — 7,983 Loss from continuing operations before income tax (4,283 ) 9,648 39,540 (62,807 ) (17,902 ) Income tax (256 ) (1,136 ) — — (1,392 ) Loss from continuing operations (4,539 ) 8,512 39,540 (62,807 ) (19,294 ) Income from discontinued operations — 2 417 — 419 Loss before gain on sale of hotels (4,539 ) 8,514 39,957 (62,807 ) (18,875 ) Gain on sale of hotels, net (320 ) (44 ) 19,855 — 19,491 Net income and comprehensive income (4,859 ) 8,470 59,812 (62,807 ) 616 Income attributable to noncontrolling interests — 591 (4,996 ) — (4,405 ) Preferred distributions - consolidated joint venture — — (1,070 ) — (1,070 ) Net loss and comprehensive loss attributable to FelCor LP (4,859 ) 9,061 53,746 (62,807 ) (4,859 ) Preferred distributions (23,860 ) — — — (23,860 ) Redemption of preferred units (6,096 ) — — — — (6,096 ) Net loss attributable to FelCor LP common unitholders $ (34,815 ) $ 9,061 $ 53,746 $ (62,807 ) $ (34,815 ) 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (47,665 ) $ 60,960 $ 100,749 $ — $ 114,044 Investing activities: Acquisition of land — — (8,209 ) — (8,209 ) Improvements and additions to hotels (2 ) (23,936 ) (27,390 ) — (51,328 ) Net proceeds from asset sales (1,104 ) 103,077 (252 ) — 101,721 Insurance proceeds — — 94 — 94 Change in restricted cash - investing — (1,456 ) (2,972 ) — (4,428 ) Distributions from unconsolidated entities 786 — — — 786 Intercompany financing 120,897 — — (120,897 ) — Cash flows from investing activities 120,577 77,685 (38,729 ) (120,897 ) 38,636 Financing activities: Proceeds from borrowings — — 55,000 — 55,000 Repayment of borrowings — — (141,989 ) — (141,989 ) Payment of deferred financing fees — — (12 ) — (12 ) Distributions paid to noncontrolling interests — (14 ) (2 ) — (16 ) Contributions from noncontrolling interests — 313 239 — 552 Repurchase of common units (30,462 ) — — — (30,462 ) Distributions paid to preferred unitholders (18,837 ) — — — (18,837 ) Distributions paid to common unitholders (25,141 ) — — — (25,141 ) Net proceeds from issuance of preferred capital - consolidated joint venture — — 597 — 597 Intercompany financing — (142,606 ) 21,709 120,897 — Other (702 ) — (1,097 ) — (1,799 ) Cash flows from financing activities (75,142 ) (142,307 ) (65,555 ) 120,897 (162,107 ) Effect of exchange rate changes on cash — (9 ) — — (9 ) Change in cash and cash equivalents (2,230 ) (3,671 ) (3,535 ) — (9,436 ) Cash and cash equivalents at beginning of period 21,219 34,294 4,273 — 59,786 Cash and cash equivalents at end of period $ 18,989 $ 30,623 $ 738 $ — $ 50,350 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,093 ) $ 59,884 $ 94,271 $ — $ 114,062 Investing activities: Improvements and additions to hotels (13 ) (21,664 ) (14,302 ) — (35,979 ) Hotel development — — (31,599 ) — (31,599 ) Net proceeds from asset sales (429 ) 10 190,454 — 190,035 Insurance proceeds 274 — — — 274 Change in restricted cash - investing — (1,964 ) (2,240 ) — (4,204 ) Distributions from unconsolidated entities 6,460 — — — 6,460 Intercompany financing 139,524 — — (139,524 ) — Cash flows from investing activities 145,816 (23,618 ) 142,313 (139,524 ) 124,987 Financing activities: Proceeds from borrowings 475,000 — 504,000 — 979,000 Repayment of borrowings (545,453 ) — (621,240 ) — (1,166,693 ) Payment of deferred financing fees (8,500 ) — (5,848 ) — (14,348 ) Distributions paid to preferred unitholders (26,125 ) — — — (26,125 ) Distributions paid to common unitholders (16,498 ) — — — (16,498 ) Net proceeds from common unit issuance 198,651 — — — 198,651 Distributions paid to noncontrolling interests — (401 ) (15,893 ) — (16,294 ) Contributions from noncontrolling interests — 513 2,031 — 2,544 Redemption of preferred units (169,986 ) — — — (169,986 ) Net proceeds from issuance of preferred capital- consolidated joint venture — — 1,744 — 1,744 Intercompany financing — (32,703 ) (106,821 ) 139,524 — Other (76 ) — (1,070 ) — (1,146 ) Cash flows from financing activities (92,987 ) (32,591 ) (243,097 ) 139,524 (229,151 ) Effect of exchange rate changes on cash — (134 ) — — (134 ) Change in cash and cash equivalents 12,736 3,541 (6,513 ) — 9,764 Cash and cash equivalents at beginning of period 5,717 32,923 8,507 — 47,147 Cash and cash equivalents at end of period $ 18,453 $ 36,464 $ 1,994 $ — $ 56,911 |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization [Abstract] | |
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution by brand of our 38 Consolidated Hotels at September 30, 2016 : Brand Hotels Rooms Embassy Suites by Hilton ® 18 4,982 Wyndham ® and Wyndham Grand ® 8 2,528 Marriott ® and Renaissance ® 2 761 Holiday Inn ® 1 585 DoubleTree by Hilton ® and Hilton ® 3 802 Sheraton ® 2 673 Fairmont ® 1 383 The Knickerbocker ® 1 330 Morgans ® and Royalton ® 2 285 Total 38 11,329 |
Investment in Unconsolidated 27
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 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): September 30, December 31, 2016 2015 Investment in hotels and other properties, net of accumulated depreciation $ 21,677 $ 23,047 Total assets $ 29,574 $ 29,033 Debt, net of unamortized debt issuance costs $ 22,190 $ 22,563 Total liabilities $ 24,841 $ 24,541 Equity $ 4,733 $ 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total revenues $ 12,214 $ 10,642 $ 27,891 $ 27,622 Net income $ 1,821 $ 836 $ 3,351 $ 22,906 Net income attributable to FelCor $ 911 $ 418 $ 1,676 $ 11,453 Cost in excess of joint venture book value of sold hotel — — — (3,140 ) Depreciation of cost in excess of book value (97 ) (97 ) (290 ) (330 ) Equity in income from unconsolidated entities $ 814 $ 321 $ 1,386 $ 7,983 |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investments in unconsolidated entities (in thousands): September 30, December 31, 2016 2015 Equity basis of hotel joint venture investments $ (4,076 ) $ (4,216 ) Cost of hotel investments in excess of joint venture book value 7,039 7,329 Equity basis of land and condominium joint venture investments 6,442 6,462 Investment in unconsolidated entities $ 9,405 $ 9,575 |
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Hotel investments $ 378 $ (63 ) $ 1,405 $ 8,141 Other investments 436 384 (19 ) (158 ) Equity in income from unconsolidated entities $ 814 $ 321 $ 1,386 $ 7,983 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity September 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 120,643 122,237 Mortgage debt 1 4.94 October 2022 30,322 30,717 Line of credit (b) 7 LIBOR + 2.75 June 2019 105,000 190,000 Mortgage debt (c) 1 LIBOR + 3.00 November 2017 85,000 85,000 Total 22 $ 1,340,965 $ 1,427,954 Unamortized debt issuance costs (16,540 ) (18,065 ) Debt, net of unamortized debt issuance costs $ 1,324,425 $ 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, Depa29
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Room revenue $ 174,169 $ 177,378 $ 514,563 $ 521,750 Food and beverage revenue 34,260 34,370 117,489 116,365 Other operating departments 12,743 11,726 35,338 34,693 Total hotel operating revenue $ 221,172 $ 223,474 $ 667,390 $ 672,808 |
Schedule of Hotel Departmental Expenses | Hotel departmental expenses were comprised of the following (in thousands, except for percentages): Three Months Ended September 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 44,032 19.9 % $ 44,485 19.9 % Food and beverage 28,227 12.8 29,457 13.2 Other operating departments 3,820 1.7 4,572 2.0 Total hotel departmental expenses $ 76,079 34.4 % $ 78,514 35.1 % Nine Months Ended September 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 131,479 19.7 % $ 131,419 19.5 % Food and beverage 91,775 13.8 91,431 13.6 Other operating departments 11,642 1.7 13,352 2.0 Total hotel departmental expenses $ 234,896 35.2 % $ 236,202 35.1 % |
Schedule of Other Property-Related Costs | Other property-related costs were comprised of the following amounts (in thousands, except for percentages): Three Months Ended September 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 19,408 8.8 % $ 19,493 8.7 % Marketing 17,388 7.9 18,595 8.3 Repair and maintenance 8,677 3.9 9,724 4.4 Utilities 7,402 3.3 8,081 3.6 Total other property-related costs $ 52,875 23.9 % $ 55,893 25.0 % 5. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Nine Months Ended September 30, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 60,908 9.1 % $ 59,388 8.8 % Marketing 55,418 8.3 58,295 8.7 Repair and maintenance 27,773 4.2 29,816 4.4 Utilities 20,349 3.0 23,080 3.5 Total other property-related costs $ 164,448 24.6 % $ 170,579 25.4 % |
Taxes, Insurance and Lease Ex30
Taxes, Insurance and Lease Expense (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Hotel lease expense (a) $ 1,488 $ 1,524 $ 3,648 $ 5,762 Land lease expense (b) 3,871 3,892 10,890 10,684 Real estate and other taxes 7,884 5,691 23,243 22,048 Property insurance, general liability insurance and other 1,899 1,609 5,807 5,439 Total taxes, insurance and lease expense $ 15,142 $ 12,716 $ 43,588 $ 43,933 In the third quarter of 2016, we acquired land previously leased for one of our hotels for $8.0 million . (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 $686,000 and $726,000 for the three months ended September 30, 2016 and 2015 , respectively, and $1.2 million and $2.8 million for the nine months ended September 30, 2016 and 2015 , respectively. (b) We include in land lease expense percentage rent of $2.0 million and $1.9 million for the three months ended September 30, 2016 and 2015 , respectively, and $4.6 million for the nine months ended September 30, 2016 and 2015 . |
Hotel Dispositions (Tables)
Hotel Dispositions (Tables) | 9 Months Ended |
Sep. 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 2016 and 2015 included in continuing operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Hotel operating revenue $ 4,860 $ 12,520 $ 39,782 $ 73,637 Operating expenses (5,400 ) (34,971 ) (39,922 ) (85,508 ) Operating loss (540 ) (22,451 ) (140 ) (11,871 ) Interest expense, net — — 1 (1,031 ) Debt extinguishment — — — (309 ) Equity in income from unconsolidated entities — 14 — 7,111 Loss from continuing operations (540 ) (22,437 ) (139 ) (6,100 ) Gain on sale of hotels, net 7,998 3,154 6,654 19,491 Net income (loss) 7,458 (19,283 ) 6,515 13,391 Net loss (income) attributable to noncontrolling interests in other partnerships — 45 — (5,147 ) Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP (32 ) 81 (28 ) (34 ) Net income (loss) attributable to FelCor $ 7,426 $ (19,157 ) $ 6,487 $ 8,210 Discontinued operations for all periods presented in the statements of operations and comprehensive income (loss) includes adjustments to gains and losses for hotels sold prior to December 31, 2013. |
Income (Loss) Per Share_Unit (T
Income (Loss) Per Share/Unit (Tables) | 9 Months Ended |
Sep. 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 loss per share/unit (in thousands, except per share/unit data): FelCor Loss Per Share Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to FelCor $ (5,099 ) $ (8,208 ) $ 3,370 $ (4,709 ) Discontinued operations attributable to FelCor 3,118 (496 ) 3,118 (425 ) Income (loss) from continuing operations attributable to FelCor (1,981 ) (8,704 ) 6,488 (5,134 ) Less: Preferred dividends (6,279 ) (6,279 ) (18,837 ) (23,860 ) Less: Redemption of preferred stock — — — (6,096 ) Less: Dividends declared on unvested restricted stock (36 ) (13 ) (109 ) (40 ) Numerator for continuing operations attributable to FelCor common stockholders (8,296 ) (14,996 ) (12,458 ) (35,130 ) Discontinued operations attributable to FelCor (3,118 ) 496 (3,118 ) 425 Numerator for basic and diluted loss attributable to FelCor common stockholders $ (11,414 ) $ (14,500 ) $ (15,576 ) $ (34,705 ) Denominator: Denominator for basic and diluted loss per share 137,464 142,982 138,437 136,009 Basic and diluted loss per share data: Loss from continuing operations $ (0.06 ) $ (0.10 ) $ (0.09 ) $ (0.26 ) Discontinued operations $ (0.02 ) $ — $ (0.02 ) $ — Net loss $ (0.08 ) $ (0.10 ) $ (0.11 ) $ (0.26 ) |
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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Series A convertible preferred shares/units 9,984 9,984 9,984 9,984 FelCor restricted stock units 504 1,173 436 1,136 |
FelCor Lodging LP [Member] | |
Earnings Per Share/Unit [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Loss Per Unit Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to FelCor LP $ (5,149 ) $ (8,269 ) $ 3,303 $ (4,859 ) Discontinued operations attributable to FelCor LP 3,131 (498 ) 3,131 (427 ) Income (loss) from continuing operations attributable to FelCor LP (2,018 ) (8,767 ) 6,434 (5,286 ) Less: Preferred distributions (6,279 ) (6,279 ) (18,837 ) (23,860 ) Less: Redemption of preferred units — — — (6,096 ) Less: Distributions declared on FelCor unvested restricted stock (36 ) (13 ) (109 ) (40 ) Numerator for continuing operations attributable to FelCor LP common unitholders (8,333 ) (15,059 ) (12,512 ) (35,282 ) Discontinued operations attributable to FelCor LP (3,131 ) 498 (3,131 ) 427 Numerator for basic and diluted loss attributable to FelCor common unitholders $ (11,464 ) $ (14,561 ) $ (15,643 ) $ (34,855 ) Denominator: Denominator for basic and diluted loss per unit 138,075 143,594 139,048 136,621 Basic and diluted loss per unit data: Loss from continuing operations $ (0.06 ) $ (0.10 ) $ (0.09 ) $ (0.26 ) Discontinued operations $ (0.02 ) $ — $ (0.02 ) $ — Net loss $ (0.08 ) $ (0.10 ) $ (0.11 ) $ (0.26 ) |
Redeemable Noncontrolling Int33
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) for the nine months ended September 30, 2016 and 2015 are shown below (in thousands): Nine Months Ended September 30, 2016 2015 Balance at beginning of period $ 4,464 $ 6,616 Conversion of units (9 ) — Redemption value allocation (355 ) (2,076 ) Distributions paid to unitholders (110 ) (67 ) Net loss (67 ) (150 ) Balance at end of period $ 3,923 $ 4,323 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 9 Months Ended | ||||
Sep. 30, 2016HotelsRoomsStatesshares | Apr. 30, 2016Hotels | Dec. 31, 2015Hotelsshares | May 31, 2015Hotels | Sep. 30, 2014 | |
Real Estate Properties [Line Items] | |||||
Ownership percentage by parent | 99.50% | ||||
Aggregate shares and units outstanding (in shares) | shares | 138,384,179 | ||||
Common stock, shares outstanding (in shares) | shares | 137,773,996 | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 610,000 | 611,000 | |||
Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 38 | 1 | |||
UNITED STATES | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of states (in states) | States | 14 | ||||
CALIFORNIA | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 10 | ||||
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 | 56.00% | ||||
Thirty-Seven Hotels [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 37 | ||||
One Hundred Percent Owned [Member] | Thirty-Six Hotels [Member] | Wholly Owned Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
One Hundred Percent Owned [Member] | Thirty-Six Hotels [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 36 | ||||
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 | 38 | ||||
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 | 1 | ||||
AccorHotels Group [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Marriott International Inc. [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 4 | ||||
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 | ||||
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 | 39 | ||||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | |||||
Real Estate Properties [Line Items] | |||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 610,183 |
Organization (Schedule of Distr
Organization (Schedule of Distribution of Consolidated Hotels) (Details) - Consolidated Properties [Member] | Sep. 30, 2016HotelsRooms | Sep. 30, 2014 |
Real Estate Properties [Line Items] | ||
Number of hotels | 38 | 1 |
Number of rooms (in rooms) | 11,329 | |
Embassy Suites by Hilton® | ||
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 | 2 | |
Number of rooms (in rooms) | 761 | |
Holiday Inn® | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 1 | |
Number of rooms (in rooms) | 585 | |
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 36
Investment in Unconsolidated Entities (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
May 31, 2015USD ($)Hotels | Sep. 30, 2016USD ($)Hotels | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Hotels | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Hotels | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale of hotels, net | $ | $ 7,998,000 | $ 3,154,000 | $ 6,654,000 | $ 19,491,000 | ||
Long-term Debt | $ | $ 1,324,425,000 | $ 1,324,425,000 | $ 1,409,889,000 | |||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain 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 37
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $ 21,677 | $ 23,047 |
Total assets | 29,574 | 29,033 |
Debt, net of unamortized debt issuance costs | 22,190 | 22,563 |
Total liabilities | 24,841 | 24,541 |
Equity | $ 4,733 | $ 4,492 |
Investment in Unconsolidated 38
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Real Estate Properties [Line Items] | ||||
Total revenues | $ 12,214 | $ 10,642 | $ 27,891 | $ 27,622 |
Net income | 1,821 | 836 | 3,351 | 22,906 |
Net income attributable to FelCor | 911 | 418 | 1,676 | 11,453 |
Cost in excess of joint venture book value of sold hotel | 0 | 0 | 0 | (3,140) |
Depreciation of cost in excess of book value | (97) | (97) | (290) | (330) |
Equity in income from unconsolidated entities | $ 814 | $ 321 | $ 1,386 | $ 7,983 |
Investment in Unconsolidated 39
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $ 9,405 | $ 9,575 |
Equity basis of hotel joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (4,076) | (4,216) |
Cost of hotel investments in excess of joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7,039 | 7,329 |
Equity basis of land and condominium joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 6,442 | $ 6,462 |
Investment in Unconsolidated 40
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 814 | $ 321 | $ 1,386 | $ 7,983 |
Hotel investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | 378 | (63) | 1,405 | 8,141 |
Other investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 436 | $ 384 | $ (19) | $ (158) |
Debt (Details)
Debt (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Hotels | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Hotels | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 22 | 22 | |||
Long-term Debt | $ 1,324,425,000 | $ 1,324,425,000 | $ 1,409,889,000 | ||
Long-term Debt, Gross | 1,340,965,000 | 1,340,965,000 | 1,427,954,000 | ||
Debt Issuance Costs, Net | (16,540,000) | (16,540,000) | (18,065,000) | ||
Interest expense | 19,428,000 | $ 19,602,000 | 59,055,000 | $ 59,361,000 | |
Interest income | 18,000 | 6,000 | 46,000 | 18,000 | |
Capitalized interest | $ 293,000 | $ 565,000 | $ 640,000 | $ 5,600,000 | |
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 | |||
Long-term Debt | $ 105,000,000 | $ 105,000,000 | 190,000,000 | ||
Variable rate basis | LIBOR | ||||
Variable rate basis spread | 2.75% | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | $ 400,000,000 | |||
Term of debt extension | 1 year | ||||
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 | $ 120,643,000 | $ 120,643,000 | 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 | $ 30,322,000 | $ 30,322,000 | 30,717,000 | ||
Mortgages [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 | |||
Long-term Debt | $ 85,000,000 | $ 85,000,000 | 85,000,000 | ||
Variable rate basis | LIBOR | ||||
Variable rate basis spread | 3.00% | ||||
Term of debt extension | 1 year | ||||
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 L42
FelCor Capital Stock/FelCor LP Partners' Capital (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | |||||
May 31, 2015 | Apr. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||||||
Redemption of Preferred Stock, Value | $ 0 | $ 0 | $ 0 | $ 6,096,000 | |||||
Redemption of preferred stock | 0 | 169,986,000 | |||||||
Net proceeds from common stock issuance | 0 | 198,651,000 | |||||||
Payments for Repurchase of Common Stock | $ 30,462,000 | $ 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 | 137,774 | 143,382 | 137,774 | 143,382 | 137,774 | 141,808 | 124,605 | |
Payments for Repurchase of Common Stock | $ (30,500,000) | $ 44,800,000 | |||||||
Stock Repurchased During Period, Avg Price per Share | $ 6.58 | $ 6.78 | |||||||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||
Stock Repurchased During Period, Shares | 4,610 | 6,600 | |||||||
$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 | ||||||||
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 | $ 6,096,000 |
Hotel Operating Revenue, Depa43
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room revenue | $ 174,169 | $ 177,378 | $ 514,563 | $ 521,750 |
Food and beverage revenue | 34,260 | 34,370 | 117,489 | 116,365 |
Other operating departments | 12,743 | 11,726 | 35,338 | 34,693 |
Total hotel operating revenue | $ 221,172 | $ 223,474 | $ 667,390 | $ 672,808 |
Hotel Operating Revenue, Depa44
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room | $ 44,032 | $ 44,485 | $ 131,479 | $ 131,419 |
Room as a percent of total hotel operating revenue | 19.90% | 19.90% | 19.70% | 19.50% |
Food and beverage | $ 28,227 | $ 29,457 | $ 91,775 | $ 91,431 |
Food and beverage as a percent of total hotel operating revenue | 12.80% | 13.20% | 13.80% | 13.60% |
Other operating departments | $ 3,820 | $ 4,572 | $ 11,642 | $ 13,352 |
Other operating departments as a percent of total hotel operating revenue | 1.70% | 2.00% | 1.70% | 2.00% |
Hotel departmental expenses | $ 76,079 | $ 78,514 | $ 234,896 | $ 236,202 |
Hotel departmental expenses as a percent of total hotel operating revenue | 34.40% | 35.10% | 35.20% | 35.10% |
Hotel Operating Revenue, Depa45
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Other Property-Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 52,875 | $ 55,893 | $ 164,448 | $ 170,579 |
Other property-related costs as a percent of total hotel operating revenue | 23.90% | 25.00% | 24.60% | 25.40% |
Hotel general and administrative expense | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 19,408 | $ 19,493 | $ 60,908 | $ 59,388 |
Other property-related costs as a percent of total hotel operating revenue | 8.80% | 8.70% | 9.10% | 8.80% |
Marketing | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 17,388 | $ 18,595 | $ 55,418 | $ 58,295 |
Other property-related costs as a percent of total hotel operating revenue | 7.90% | 8.30% | 8.30% | 8.70% |
Repair and maintenance | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 8,677 | $ 9,724 | $ 27,773 | $ 29,816 |
Other property-related costs as a percent of total hotel operating revenue | 3.90% | 4.40% | 4.20% | 4.40% |
Utilities | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 7,402 | $ 8,081 | $ 20,349 | $ 23,080 |
Other property-related costs as a percent of total hotel operating revenue | 3.30% | 3.60% | 3.00% | 3.50% |
Hotel Operating Revenue, Depa46
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Management Company NOI Guaranty, Amount Recorded | $ 1,800,000 | $ 258,000 | $ 3,300,000 | $ 1,300,000 |
Taxes, Insurance and Lease Ex47
Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Taxes, Insurance and Lease Expense [Line Items] | ||||
Real estate and other taxes | $ 7,884,000 | $ 5,691,000 | $ 23,243,000 | $ 22,048,000 |
Property insurance, general liability insurance and other | 1,899,000 | 1,609,000 | 5,807,000 | 5,439,000 |
Total taxes, insurance and lease expense | 15,142,000 | 12,716,000 | 43,588,000 | 43,933,000 |
Acquisition of land | 8,209,000 | 0 | ||
Hotel Lease [Member] | ||||
Taxes, Insurance and Lease Expense [Line Items] | ||||
Lease expense | 1,488,000 | 1,524,000 | 3,648,000 | 5,762,000 |
Percentage rent | 686,000 | 726,000 | 1,200,000 | 2,800,000 |
Land Lease [Member] | ||||
Taxes, Insurance and Lease Expense [Line Items] | ||||
Lease expense | $ 3,871,000 | 3,892,000 | $ 10,890,000 | 10,684,000 |
Number of hotels | 1 | 1 | ||
Acquisition of land | $ 8,000,000 | |||
Percentage rent | $ 2,000,000 | $ 1,900,000 | $ 4,600,000 | $ 4,600,000 |
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 | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment | $ 20,126 | $ 20,861 | $ 26,459 | $ 20,861 | ||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment | $ 20,100 | $ 6,300 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment | $ 20,900 | |||||
Discounted Cash Flow Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | |||||
Fair Value Assumptions, Expected Term | 5 years | |||||
Fair Value Inputs, Terminal Capitalization Rate | 8.00% | |||||
Fair Value Inputs, Discount Rate | 11.00% |
Hotel Dispositions (Details)
Hotel Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)Hotels | Sep. 30, 2015USD ($)Hotels | Sep. 30, 2016USD ($)Hotels | Sep. 30, 2015USD ($)Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||
Hotel operating revenue | $ 221,172 | $ 223,474 | $ 667,390 | $ 672,808 |
Operating Expenses | (214,374) | (216,589) | (613,046) | (615,731) |
Operating income | 8,607 | 8,563 | 57,985 | 64,219 |
Interest expense, net | (19,428) | (19,602) | (59,055) | (59,361) |
Debt extinguishment | 0 | 13 | 0 | 30,909 |
Other gains, net | 0 | 0 | 100 | 166 |
Equity in income from unconsolidated entities | 814 | 321 | 1,386 | 7,983 |
Loss from continuing operations | (9,761) | (11,785) | 272 | (19,294) |
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 |
Net income (loss) and comprehensive income (loss) | (4,894) | (8,133) | 3,795 | 616 |
Net loss (income) attributable to noncontrolling interests in other partnerships | (114) | (227) | (601) | 4,405 |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 50 | 61 | 67 | 150 |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (5,099) | (8,208) | 3,370 | (4,709) |
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 | 4,860 | 12,520 | 39,782 | 73,637 |
Operating Expenses | (5,400) | (34,971) | (39,922) | (85,508) |
Operating income | (540) | (22,451) | (140) | (11,871) |
Interest expense, net | 0 | 0 | 1 | (1,031) |
Debt extinguishment | 0 | 0 | 0 | (309) |
Equity in income from unconsolidated entities | 0 | 14 | 0 | 7,111 |
Loss from continuing operations | (540) | (22,437) | (139) | (6,100) |
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 |
Net income (loss) and comprehensive income (loss) | 7,458 | (19,283) | 6,515 | 13,391 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 0 | 45 | 0 | (5,147) |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (32) | 81 | (28) | (34) |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | $ 7,426 | $ (19,157) | $ 6,487 | $ 8,210 |
Number of hotels | Hotels | 2 | 8 | 2 | 8 |
Income (Loss) Per Share_Unit (D
Income (Loss) Per Share/Unit (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2016USD ($)peerincrement$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | |
Numerator: | ||||
Net income (loss) attributable to FelCor | $ (5,099) | $ (8,208) | $ 3,370 | $ (4,709) |
Discontinued operations attributable to FelCor | 3,118 | (496) | 3,118 | (425) |
Income (loss) from continuing operations attributable to FelCor | (1,981) | (8,704) | 6,488 | (5,134) |
Less: Preferred dividends | (6,279) | (6,279) | (18,837) | (23,860) |
Less: Redemption of preferred stock | 0 | 0 | 0 | (6,096) |
Less: Dividends declared on unvested restricted stock | (36) | (13) | (109) | (40) |
Numerator for continuing operations attributable to FelCor common stockholders | (8,296) | (14,996) | (12,458) | (35,130) |
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ (11,414) | $ (14,500) | $ (15,576) | $ (34,705) |
Denominator: [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | shares | 137,464 | 142,982 | 138,437 | 136,009 |
Basic and diluted loss per share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ / shares | $ (0.06) | $ (0.10) | $ (0.09) | $ (0.26) |
Discontinued operations | $ / shares | (0.02) | 0 | (0.02) | 0 |
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.08) | $ (0.10) | $ (0.11) | $ (0.26) |
FelCor Lodging LP [Member] | ||||
Numerator: | ||||
Net income (loss) attributable to FelCor | $ (5,149) | $ (8,269) | $ 3,303 | $ (4,859) |
Discontinued operations attributable to FelCor | 3,131 | (498) | 3,131 | (427) |
Income (loss) from continuing operations attributable to FelCor | (2,018) | (8,767) | 6,434 | (5,286) |
Less: Preferred dividends | (6,279) | (6,279) | (18,837) | (23,860) |
Less: Redemption of preferred stock | 0 | 0 | 0 | (6,096) |
Less: Dividends declared on unvested restricted stock | (36) | (13) | (109) | (40) |
Numerator for continuing operations attributable to FelCor common stockholders | (8,333) | (15,059) | (12,512) | (35,282) |
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ (11,464) | $ (14,561) | $ (15,643) | $ (34,855) |
Denominator: [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | shares | 138,075 | 143,594 | 139,048 | 136,621 |
Basic and diluted loss per share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ / shares | $ (0.06) | $ (0.10) | $ (0.09) | $ (0.26) |
Discontinued operations | $ / shares | (0.02) | 0 | (0.02) | 0 |
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.08) | $ (0.10) | $ (0.11) | $ (0.26) |
SeriesA Preferred Shares / Units [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Dividends excluded from computation of earnings per share/unit | $ 6,300 | $ 6,300 | $ 18,800 | $ 18,800 |
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 | 504 | 1,173 | 436 | 1,136 |
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 Instr51
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 1,324,425 | $ 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 | 1,400,000 | 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 | $ 354,300 | $ 438,800 |
Redeemable Noncontrolling Int52
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 610,000 | 611,000 | ||
Redeemable units | $ 3,923 | $ 4,464 | $ 4,323 | $ 6,616 |
FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units | $ 3,923 | $ 4,464 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 610,183 | |||
Redeemable units | $ 3,900 | |||
Closing price of common stock | $ 6.43 |
Redeemable Noncontrolling Int53
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | $ 4,464 | $ 6,616 | ||
Conversion of Operating Partnership Units Into Common Shares, Value | (9) | 0 | ||
Redemption value allocation | (355) | (2,076) | ||
Distributions paid to unitholders | (110) | (67) | ||
Net loss attributable to redeemable noncontrolling interests in FelCor LP | $ (50) | $ (61) | (67) | (150) |
Balance at end of period | 3,923 | $ 4,323 | 3,923 | $ 4,323 |
FelCor Lodging LP [Member] | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | 4,464 | |||
Balance at end of period | 3,923 | 3,923 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at end of period | $ 3,900 | $ 3,900 |
Consolidated Joint Venture Pr54
Consolidated Joint Venture Preferred Equity/Capital (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 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) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014USD ($) | Sep. 30, 2016USD ($)Rooms | Sep. 30, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Loss in Period | $ 854,000 | ||
Gain (Loss) Related to Litigation Settlement | $ 3,700,000 | ||
Other Expense [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Loss in Period | $ 5,900,000 | ||
Consolidated Properties [Member] | |||
Loss Contingencies [Line Items] | |||
Number of hotels | 1 | 38 |
Contingency (Details)
Contingency (Details) | 1 Months Ended | 9 Months Ended |
Apr. 30, 2016USD ($)Hotels | Sep. 30, 2016USD ($)increment | |
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Sought, Value | $ | $ 8,300,000 | |
Loss Contingency, Loss in Period | $ | $ 854,000 | |
Estimated Number of Quarterly Payments | increment | 8 | |
Expected Resolution Term | 2 years | |
Loss Contingency Accrual | $ | $ 2,300,000 | |
InterContinental Hotels Group [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hotels | Hotels | 3 | |
InterContinental Hotels Group [Member] | Disposal Group, Disposed of by Sale | ||
Loss Contingencies [Line Items] | ||
Number of hotels | Hotels | 2 | |
Wyndham Hotel Group [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hotels | Hotels | 1 |
Severance (Details)
Severance (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Severance [Abstract] | ||||
Severance Costs | $ 6.1 | $ 3.6 | $ 6.1 | $ 3.6 |
Recently Issue Accounting Sta58
Recently Issue Accounting Standards Recently Issued Accounting Standards (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 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 | |||
Stock compensation withheld - value | 592,000 | $ 8,000 | $ 2,100,000 | $ 3,100,000 |
Retained Earnings [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of change in accounting for stock compensation forfeitures | 185,000 | |||
Stock compensation withheld - value | $ 591,000 | $ 8,000 |
FelCor LP's Consolidating Fin59
FelCor LP's Consolidating Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | $ 1,572,082 | $ 1,729,531 | ||||||
Investment in unconsolidated entities | 9,405 | 9,575 | ||||||
Cash and cash equivalents | $ 50,350 | $ 56,911 | $ 59,786 | $ 47,147 | 50,350 | 59,786 | $ 56,911 | $ 47,147 |
Restricted cash | 22,130 | 17,702 | ||||||
Accounts receivable, net | 46,745 | 28,136 | ||||||
Deferred expenses, net | 4,996 | 6,390 | ||||||
Other assets | 17,003 | 14,792 | ||||||
Total assets | 1,722,711 | 1,865,912 | ||||||
Debt, net | 1,324,425 | 1,409,889 | ||||||
Distributions payable | 14,969 | 15,140 | ||||||
Accrued expenses and other liabilities | 130,013 | 125,274 | ||||||
Total liabilities | 1,469,407 | 1,550,303 | ||||||
Redeemable units | 3,923 | 4,464 | 4,323 | 6,616 | ||||
Preferred capital in consolidated joint venture | 43,783 | 43,186 | ||||||
Total liabilities and equity | 1,722,711 | 1,865,912 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 221,172 | 223,474 | 667,390 | 672,808 | ||||
Other revenue | 1,809 | 1,678 | 3,641 | 7,142 | ||||
Total revenues | 222,981 | 225,152 | 671,031 | 679,950 | ||||
Expenses: | ||||||||
Taxes, insurance and lease expense | 15,142 | 12,716 | 43,588 | 43,933 | ||||
Corporate expenses | 6,244 | 4,672 | 20,691 | 19,775 | ||||
Depreciation and amortization | 28,280 | 28,988 | 86,640 | 85,510 | ||||
Impairment | 20,126 | 20,861 | 26,459 | 20,861 | ||||
Other expenses | 7,581 | 5,807 | 10,551 | 11,446 | ||||
Total operating expenses | 214,374 | 216,589 | 613,046 | 615,731 | ||||
Operating income | 8,607 | 8,563 | 57,985 | 64,219 | ||||
Interest expense, net | (19,428) | (19,602) | (59,055) | (59,361) | ||||
Other gains, net | 0 | 0 | 100 | 166 | ||||
Debt extinguishment | 0 | (13) | 0 | (30,909) | ||||
Loss before equity in income from unconsolidated entities | (10,821) | (11,052) | (970) | (25,885) | ||||
Equity in income from unconsolidated entities | 814 | 321 | 1,386 | 7,983 | ||||
Income (loss) from continuing operations before income tax | (10,007) | (10,731) | 416 | (17,902) | ||||
Income tax | 246 | (1,054) | (144) | (1,392) | ||||
Loss from continuing operations | (9,761) | (11,785) | 272 | (19,294) | ||||
Income (loss) from discontinued operations | (3,131) | 498 | (3,131) | 419 | ||||
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 | ||||
Net income (loss) and comprehensive income (loss) | (4,894) | (8,133) | 3,795 | 616 | ||||
Preferred distributions - consolidated joint venture | (369) | (363) | (1,093) | (1,070) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (5,099) | (8,208) | 3,370 | (4,709) | ||||
Preferred dividends | (6,279) | (6,279) | (18,837) | (23,860) | ||||
Redemption of Preferred Stock, Value | 0 | 0 | 0 | (6,096) | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 114,044 | 114,062 | ||||||
Investing activities: | ||||||||
Acquisition of land | (8,209) | 0 | ||||||
Improvements and additions to hotels | (51,328) | (35,979) | ||||||
Net proceeds from asset sales | 101,721 | 190,035 | ||||||
Hotel development | 0 | (31,599) | ||||||
Insurance proceeds | 94 | 274 | ||||||
Change in restricted cash - investing | (4,428) | (4,204) | ||||||
Distributions from unconsolidated entities in excess of earnings | 786 | 6,460 | ||||||
Net cash flow provided by investing activities | 38,636 | 124,987 | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 55,000 | 979,000 | ||||||
Repayment of borrowings | (141,989) | (1,166,693) | ||||||
Payment of deferred financing fees | (12) | (14,348) | ||||||
Distributions paid to noncontrolling interests | (16) | (16,294) | ||||||
Contributions from noncontrolling interests | 552 | 2,544 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | (169,986) | ||||||
Repurchase of common stock | (30,462) | 0 | ||||||
Distributions paid to common stockholders | (25,141) | (16,498) | ||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 597 | 1,744 | ||||||
Net cash flow used in financing activities | (162,107) | (229,151) | ||||||
Effect of exchange rate changes on cash | (9) | (134) | ||||||
Change in cash and cash equivalents | (9,436) | 9,764 | ||||||
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | ||||||
Cash and cash equivalents at end of periods | 50,350 | 56,911 | 50,350 | 56,911 | ||||
FelCor Lodging LP [Member] | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 0 | 0 | ||||||
Equity investment in consolidated entities | 1,204,612 | 1,260,779 | ||||||
Investment in unconsolidated entities | 2,962 | 4,440 | ||||||
Cash and cash equivalents | 18,989 | 18,453 | 21,219 | 5,717 | 18,989 | 21,219 | 18,453 | 5,717 |
Restricted cash | 0 | 0 | ||||||
Accounts receivable, net | 1,741 | 644 | ||||||
Deferred expenses, net | 0 | 0 | ||||||
Other assets | 5,284 | 3,587 | ||||||
Total assets | 1,233,588 | 1,290,669 | ||||||
Debt, net | 985,372 | 984,226 | ||||||
Distributions payable | 14,849 | 15,016 | ||||||
Accrued expenses and other liabilities | 31,587 | 26,810 | ||||||
Total liabilities | 1,031,808 | 1,026,052 | ||||||
Redeemable units | 3,923 | 4,464 | ||||||
Preferred units | 309,337 | 309,337 | ||||||
Common units | (111,480) | (49,184) | ||||||
Total FelCor LP partners' capital | 197,857 | 260,153 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||
Total partners’ capital | 197,857 | 260,153 | ||||||
Total liabilities and equity | 1,233,588 | 1,290,669 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||||
Percentage lease revenue | 0 | 0 | 0 | 0 | ||||
Other revenue | 15 | 3 | 202 | 111 | ||||
Total revenues | 15 | 3 | 202 | 111 | ||||
Expenses: | ||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||||
Taxes, insurance and lease expense | 26 | 533 | 79 | 422 | ||||
Corporate expenses | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 49 | 49 | 193 | 138 | ||||
Impairment | 0 | 0 | 0 | 0 | ||||
Other expenses | 6,124 | 3,626 | 6,543 | 3,629 | ||||
Total operating expenses | 6,199 | 4,208 | 6,815 | 4,189 | ||||
Operating income | (6,184) | (4,205) | (6,613) | (4,078) | ||||
Interest expense, net | (14,513) | (14,302) | (43,775) | (42,613) | ||||
Other gains, net | 0 | 0 | ||||||
Debt extinguishment | (13) | (28,459) | ||||||
Loss before equity in income from unconsolidated entities | (20,697) | (18,520) | (50,388) | (75,150) | ||||
Equity in income from consolidated entities | 17,088 | 10,069 | 54,930 | 62,807 | ||||
Equity in income from unconsolidated entities | 378 | 417 | 1,094 | 8,060 | ||||
Income (loss) from continuing operations before income tax | (3,231) | (8,034) | 5,636 | (4,283) | ||||
Income tax | 576 | (194) | 411 | (256) | ||||
Loss from continuing operations | (2,655) | (8,228) | 6,047 | (4,539) | ||||
Income (loss) from discontinued operations | (3,131) | 0 | (3,131) | 0 | ||||
Income (Loss) before gain (loss) on sale of hotels | (5,786) | (8,228) | 2,916 | (4,539) | ||||
Gain on sale of hotels, net | 637 | (41) | 387 | (320) | ||||
Net income (loss) and comprehensive income (loss) | (5,149) | (8,269) | 3,303 | (4,859) | ||||
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 | (5,149) | (8,269) | 3,303 | (4,859) | ||||
Preferred dividends | (6,279) | (6,279) | (18,837) | (23,860) | ||||
Redemption of Preferred Stock, Value | (6,096) | |||||||
Net loss attributable to FelCor LP common unitholders | (11,428) | (14,548) | (15,534) | (34,815) | ||||
Operating activities: | ||||||||
Cash flows from operating activities | (47,665) | (40,093) | ||||||
Investing activities: | ||||||||
Acquisition of land | 0 | |||||||
Improvements and additions to hotels | (2) | (13) | ||||||
Net proceeds from asset sales | (1,104) | (429) | ||||||
Hotel development | 0 | |||||||
Insurance proceeds | 0 | 274 | ||||||
Change in restricted cash - investing | 0 | 0 | ||||||
Distributions from unconsolidated entities in excess of earnings | 786 | 6,460 | ||||||
Intercompany financing | 120,897 | 139,524 | ||||||
Net cash flow provided by investing activities | 120,577 | 145,816 | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 0 | 475,000 | ||||||
Repayment of borrowings | 0 | (545,453) | ||||||
Payment of deferred financing fees | 0 | (8,500) | ||||||
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 | (30,462) | |||||||
Distributions paid to preferred unitholders | (18,837) | (26,125) | ||||||
Distributions paid to common stockholders | (25,141) | (16,498) | ||||||
Net proceeds from common unit issuance | 198,651 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||||
Intercompany financing | 0 | 0 | ||||||
Other | (702) | (76) | ||||||
Net cash flow used in financing activities | (75,142) | (92,987) | ||||||
Effect of exchange rate changes on cash | 0 | 0 | ||||||
Change in cash and cash equivalents | (2,230) | 12,736 | ||||||
Cash and cash equivalents at beginning of periods | 21,219 | 5,717 | ||||||
Cash and cash equivalents at end of periods | 18,989 | 18,453 | 18,989 | 18,453 | ||||
Guarantor Subsidiaries [Member] | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 492,022 | 625,835 | ||||||
Equity investment in consolidated entities | 0 | 0 | ||||||
Investment in unconsolidated entities | 5,213 | 3,871 | ||||||
Cash and cash equivalents | 30,623 | 36,464 | 34,294 | 32,923 | 30,623 | 34,294 | 36,464 | 32,923 |
Restricted cash | 16,897 | 15,442 | ||||||
Accounts receivable, net | 38,124 | 25,575 | ||||||
Deferred expenses, net | 0 | 0 | ||||||
Other assets | 8,346 | 8,786 | ||||||
Total assets | 591,225 | 713,803 | ||||||
Debt, net | 0 | 0 | ||||||
Distributions payable | 0 | 0 | ||||||
Accrued expenses and other liabilities | 86,095 | 83,787 | ||||||
Total liabilities | 86,095 | 83,787 | ||||||
Redeemable units | 0 | 0 | ||||||
Preferred units | 0 | 0 | ||||||
Common units | 506,062 | 630,833 | ||||||
Total FelCor LP partners' capital | 506,062 | 630,833 | ||||||
Noncontrolling interests | (932) | (817) | ||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||
Total partners’ capital | 505,130 | 630,016 | ||||||
Total liabilities and equity | 591,225 | 713,803 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 221,172 | 223,474 | 667,390 | 672,808 | ||||
Percentage lease revenue | 0 | 0 | 0 | 0 | ||||
Other revenue | 1,622 | 1,497 | 3,076 | 6,645 | ||||
Total revenues | 222,794 | 224,971 | 670,466 | 679,453 | ||||
Expenses: | ||||||||
Hotel operating expenses | 137,001 | 143,545 | 425,117 | 434,206 | ||||
Taxes, insurance and lease expense | 54,293 | 53,272 | 161,889 | 159,103 | ||||
Corporate expenses | 3,517 | 2,718 | 11,212 | 11,010 | ||||
Depreciation and amortization | 11,285 | 11,876 | 35,312 | 37,770 | ||||
Impairment | 20,126 | 20,861 | 26,459 | 20,861 | ||||
Other expenses | 1,309 | 1,311 | 3,522 | 6,820 | ||||
Total operating expenses | 227,531 | 233,583 | 663,511 | 669,770 | ||||
Operating income | (4,737) | (8,612) | 6,955 | 9,683 | ||||
Interest expense, net | 6 | 3 | 24 | 8 | ||||
Other gains, net | 0 | 0 | ||||||
Debt extinguishment | 0 | 0 | ||||||
Loss before equity in income from unconsolidated entities | (4,731) | (8,609) | 6,979 | 9,691 | ||||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ||||
Equity in income from unconsolidated entities | 447 | (85) | 326 | (43) | ||||
Income (loss) from continuing operations before income tax | (4,284) | (8,694) | 7,305 | 9,648 | ||||
Income tax | (484) | (860) | (709) | (1,136) | ||||
Loss from continuing operations | (4,768) | (9,554) | 6,596 | 8,512 | ||||
Income (loss) from discontinued operations | 0 | (2) | 0 | 2 | ||||
Income (Loss) before gain (loss) on sale of hotels | (4,768) | (9,556) | 6,596 | 8,514 | ||||
Gain on sale of hotels, net | 7,445 | (31) | 6,688 | (44) | ||||
Net income (loss) and comprehensive income (loss) | 2,677 | (9,587) | 13,284 | 8,470 | ||||
Net income/(loss) attributable to noncontrolling interests | 100 | 81 | 413 | 591 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 2,777 | (9,506) | 13,697 | 9,061 | ||||
Preferred dividends | 0 | 0 | 0 | 0 | ||||
Redemption of Preferred Stock, Value | 0 | |||||||
Net loss attributable to FelCor LP common unitholders | 2,777 | (9,506) | 13,697 | 9,061 | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 60,960 | 59,884 | ||||||
Investing activities: | ||||||||
Acquisition of land | 0 | |||||||
Improvements and additions to hotels | (23,936) | (21,664) | ||||||
Net proceeds from asset sales | 103,077 | 10 | ||||||
Hotel development | 0 | |||||||
Insurance proceeds | 0 | 0 | ||||||
Change in restricted cash - investing | (1,456) | (1,964) | ||||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | ||||||
Intercompany financing | 0 | 0 | ||||||
Net cash flow provided by investing activities | 77,685 | (23,618) | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 0 | 0 | ||||||
Repayment of borrowings | 0 | 0 | ||||||
Payment of deferred financing fees | 0 | 0 | ||||||
Distributions paid to noncontrolling interests | (14) | (401) | ||||||
Contributions from noncontrolling interests | 313 | 513 | ||||||
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 | (142,606) | (32,703) | ||||||
Other | 0 | 0 | ||||||
Net cash flow used in financing activities | (142,307) | (32,591) | ||||||
Effect of exchange rate changes on cash | (9) | (134) | ||||||
Change in cash and cash equivalents | (3,671) | 3,541 | ||||||
Cash and cash equivalents at beginning of periods | 34,294 | 32,923 | ||||||
Cash and cash equivalents at end of periods | 30,623 | 36,464 | 30,623 | 36,464 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 1,080,060 | 1,103,696 | ||||||
Equity investment in consolidated entities | 0 | 0 | ||||||
Investment in unconsolidated entities | 1,230 | 1,264 | ||||||
Cash and cash equivalents | 738 | 1,994 | 4,273 | 8,507 | 738 | 4,273 | 1,994 | 8,507 |
Restricted cash | 5,233 | 2,260 | ||||||
Accounts receivable, net | 6,880 | 1,917 | ||||||
Deferred expenses, net | 4,996 | 6,390 | ||||||
Other assets | 3,373 | 2,419 | ||||||
Total assets | 1,102,510 | 1,122,219 | ||||||
Debt, net | 378,489 | 465,099 | ||||||
Distributions payable | 120 | 124 | ||||||
Accrued expenses and other liabilities | 12,331 | 14,677 | ||||||
Total liabilities | 390,940 | 479,900 | ||||||
Redeemable units | 0 | 0 | ||||||
Preferred units | 0 | 0 | ||||||
Common units | 659,114 | 590,510 | ||||||
Total FelCor LP partners' capital | 659,114 | 590,510 | ||||||
Noncontrolling interests | 8,673 | 8,623 | ||||||
Preferred capital in consolidated joint venture | 43,783 | 43,186 | ||||||
Total partners’ capital | 711,570 | 642,319 | ||||||
Total liabilities and equity | 1,102,510 | 1,122,219 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||||
Percentage lease revenue | 45,242 | 44,523 | 135,740 | 130,397 | ||||
Other revenue | 172 | 178 | 363 | 386 | ||||
Total revenues | 45,414 | 44,701 | 136,103 | 130,783 | ||||
Expenses: | ||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||||
Taxes, insurance and lease expense | 6,065 | 3,434 | 17,360 | 14,805 | ||||
Corporate expenses | 2,727 | 1,954 | 9,479 | 8,765 | ||||
Depreciation and amortization | 16,946 | 17,063 | 51,135 | 47,602 | ||||
Impairment | 0 | 0 | 0 | 0 | ||||
Other expenses | 148 | 870 | 486 | 997 | ||||
Total operating expenses | 25,886 | 23,321 | 78,460 | 72,169 | ||||
Operating income | 19,528 | 21,380 | 57,643 | 58,614 | ||||
Interest expense, net | (4,921) | (5,303) | (15,304) | (16,756) | ||||
Other gains, net | 100 | 166 | ||||||
Debt extinguishment | 0 | (2,450) | ||||||
Loss before equity in income from unconsolidated entities | 14,607 | 16,077 | 42,439 | 39,574 | ||||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ||||
Equity in income from unconsolidated entities | (11) | (11) | (34) | (34) | ||||
Income (loss) from continuing operations before income tax | 14,596 | 16,066 | 42,405 | 39,540 | ||||
Income tax | 154 | 0 | 154 | 0 | ||||
Loss from continuing operations | 14,750 | 16,066 | 42,559 | 39,540 | ||||
Income (loss) from discontinued operations | 0 | 500 | 0 | 417 | ||||
Income (Loss) before gain (loss) on sale of hotels | 14,750 | 16,566 | 42,559 | 39,957 | ||||
Gain on sale of hotels, net | (84) | 3,226 | (421) | 19,855 | ||||
Net income (loss) and comprehensive income (loss) | 14,666 | 19,792 | 42,138 | 59,812 | ||||
Net income/(loss) attributable to noncontrolling interests | 14 | 146 | 188 | (4,996) | ||||
Preferred distributions - consolidated joint venture | (369) | (363) | (1,093) | (1,070) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 14,311 | 19,575 | 41,233 | 53,746 | ||||
Preferred dividends | 0 | 0 | 0 | 0 | ||||
Redemption of Preferred Stock, Value | 0 | |||||||
Net loss attributable to FelCor LP common unitholders | 14,311 | 19,575 | 41,233 | 53,746 | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 100,749 | 94,271 | ||||||
Investing activities: | ||||||||
Acquisition of land | (8,209) | |||||||
Improvements and additions to hotels | (27,390) | (14,302) | ||||||
Net proceeds from asset sales | (252) | 190,454 | ||||||
Hotel development | (31,599) | |||||||
Insurance proceeds | 94 | 0 | ||||||
Change in restricted cash - investing | (2,972) | (2,240) | ||||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | ||||||
Intercompany financing | 0 | 0 | ||||||
Net cash flow provided by investing activities | (38,729) | 142,313 | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 55,000 | 504,000 | ||||||
Repayment of borrowings | (141,989) | (621,240) | ||||||
Payment of deferred financing fees | (12) | (5,848) | ||||||
Distributions paid to noncontrolling interests | (2) | (15,893) | ||||||
Contributions from noncontrolling interests | 239 | 2,031 | ||||||
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 | 1,744 | ||||||
Intercompany financing | 21,709 | (106,821) | ||||||
Other | (1,097) | (1,070) | ||||||
Net cash flow used in financing activities | (65,555) | (243,097) | ||||||
Effect of exchange rate changes on cash | 0 | 0 | ||||||
Change in cash and cash equivalents | (3,535) | (6,513) | ||||||
Cash and cash equivalents at beginning of periods | 4,273 | 8,507 | ||||||
Cash and cash equivalents at end of periods | 738 | 1,994 | $ 738 | 1,994 | ||||
Total Consolidated [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Percentage of subsidiary guarantor owned by company | 100.00% | |||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 1,572,082 | 1,729,531 | ||||||
Equity investment in consolidated entities | 0 | 0 | ||||||
Investment in unconsolidated entities | 9,405 | 9,575 | ||||||
Cash and cash equivalents | 50,350 | 56,911 | $ 59,786 | 47,147 | 50,350 | 59,786 | 56,911 | 47,147 |
Restricted cash | 22,130 | 17,702 | ||||||
Accounts receivable, net | 46,745 | 28,136 | ||||||
Deferred expenses, net | 4,996 | 6,390 | ||||||
Other assets | 17,003 | 14,792 | ||||||
Total assets | 1,722,711 | 1,865,912 | ||||||
Debt, net | 1,324,425 | 1,409,889 | ||||||
Distributions payable | 14,969 | 15,140 | ||||||
Accrued expenses and other liabilities | 130,013 | 125,274 | ||||||
Total liabilities | 1,469,407 | 1,550,303 | ||||||
Redeemable units | 3,923 | 4,464 | ||||||
Preferred units | 309,337 | 309,337 | ||||||
Common units | (111,480) | (49,184) | ||||||
Total FelCor LP partners' capital | 197,857 | 260,153 | ||||||
Noncontrolling interests | 7,741 | 7,806 | ||||||
Preferred capital in consolidated joint venture | 43,783 | 43,186 | ||||||
Total partners’ capital | 249,381 | 311,145 | 346,444 | 362,867 | ||||
Total liabilities and equity | 1,722,711 | 1,865,912 | ||||||
Revenues: | ||||||||
Hotel operating revenue | 221,172 | 223,474 | 667,390 | 672,808 | ||||
Percentage lease revenue | 0 | 0 | 0 | 0 | ||||
Other revenue | 1,809 | 1,678 | 3,641 | 7,142 | ||||
Total revenues | 222,981 | 225,152 | 671,031 | 679,950 | ||||
Expenses: | ||||||||
Hotel operating expenses | 137,001 | 143,545 | 425,117 | 434,206 | ||||
Taxes, insurance and lease expense | 15,142 | 12,716 | 43,588 | 43,933 | ||||
Corporate expenses | 6,244 | 4,672 | 20,691 | 19,775 | ||||
Depreciation and amortization | 28,280 | 28,988 | 86,640 | 85,510 | ||||
Impairment | 20,126 | 20,861 | 26,459 | 20,861 | ||||
Other expenses | 7,581 | 5,807 | 10,551 | 11,446 | ||||
Total operating expenses | 214,374 | 216,589 | 613,046 | 615,731 | ||||
Operating income | 8,607 | 8,563 | 57,985 | 64,219 | ||||
Interest expense, net | (19,428) | (19,602) | (59,055) | (59,361) | ||||
Other gains, net | 0 | 0 | 100 | 166 | ||||
Debt extinguishment | 0 | (13) | 0 | (30,909) | ||||
Loss before equity in income from unconsolidated entities | (10,821) | (11,052) | (970) | (25,885) | ||||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ||||
Equity in income from unconsolidated entities | 814 | 321 | 1,386 | 7,983 | ||||
Income (loss) from continuing operations before income tax | (10,007) | (10,731) | 416 | (17,902) | ||||
Income tax | 246 | (1,054) | (144) | (1,392) | ||||
Loss from continuing operations | (9,761) | (11,785) | 272 | (19,294) | ||||
Income (loss) from discontinued operations | (3,131) | 498 | (3,131) | 419 | ||||
Income (Loss) before gain (loss) on sale of hotels | (12,892) | (11,287) | (2,859) | (18,875) | ||||
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 | ||||
Net income (loss) and comprehensive income (loss) | (4,894) | (8,133) | 3,795 | 616 | ||||
Net income/(loss) attributable to noncontrolling interests | 114 | 227 | 601 | (4,405) | ||||
Preferred distributions - consolidated joint venture | (369) | (363) | (1,093) | (1,070) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (5,149) | (8,269) | 3,303 | (4,859) | ||||
Preferred dividends | (6,279) | (6,279) | (18,837) | (23,860) | ||||
Redemption of Preferred Stock, Value | 0 | 0 | 0 | (6,096) | ||||
Net loss attributable to FelCor LP common unitholders | (11,428) | (14,548) | (15,534) | (34,815) | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 114,044 | 114,062 | ||||||
Investing activities: | ||||||||
Acquisition of land | (8,209) | 0 | ||||||
Improvements and additions to hotels | (51,328) | (35,979) | ||||||
Net proceeds from asset sales | 101,721 | 190,035 | ||||||
Hotel development | 0 | (31,599) | ||||||
Insurance proceeds | 94 | 274 | ||||||
Change in restricted cash - investing | (4,428) | (4,204) | ||||||
Distributions from unconsolidated entities in excess of earnings | 786 | 6,460 | ||||||
Intercompany financing | 0 | 0 | ||||||
Net cash flow provided by investing activities | 38,636 | 124,987 | ||||||
Financing activities: | ||||||||
Proceeds from borrowings | 55,000 | 979,000 | ||||||
Repayment of borrowings | (141,989) | (1,166,693) | ||||||
Payment of deferred financing fees | (12) | (14,348) | ||||||
Distributions paid to noncontrolling interests | (16) | (16,294) | ||||||
Contributions from noncontrolling interests | 552 | 2,544 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | (169,986) | ||||||
Repurchase of common stock | (30,462) | 0 | ||||||
Distributions paid to preferred unitholders | (18,837) | (26,125) | ||||||
Distributions paid to common stockholders | (25,141) | (16,498) | ||||||
Net proceeds from common unit issuance | 0 | 198,651 | ||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 597 | 1,744 | ||||||
Intercompany financing | 0 | 0 | ||||||
Other | (1,799) | (1,146) | ||||||
Net cash flow used in financing activities | (162,107) | (229,151) | ||||||
Effect of exchange rate changes on cash | (9) | (134) | ||||||
Change in cash and cash equivalents | (9,436) | 9,764 | ||||||
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | ||||||
Cash and cash equivalents at end of periods | 50,350 | 56,911 | 50,350 | 56,911 | ||||
Consolidation, Eliminations [Member] | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||
Net investment in hotels | 0 | 0 | ||||||
Equity investment in consolidated entities | (1,204,612) | (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 | (1,204,612) | (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 | (1,165,176) | (1,221,343) | ||||||
Total FelCor LP partners' capital | (1,165,176) | (1,221,343) | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||
Total partners’ capital | (1,165,176) | (1,221,343) | ||||||
Total liabilities and equity | $ (1,204,612) | $ (1,260,779) | ||||||
Revenues: | ||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | ||||
Percentage lease revenue | (45,242) | (44,523) | (135,740) | (130,397) | ||||
Other revenue | 0 | 0 | 0 | 0 | ||||
Total revenues | (45,242) | (44,523) | (135,740) | (130,397) | ||||
Expenses: | ||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | ||||
Taxes, insurance and lease expense | (45,242) | (44,523) | (135,740) | (130,397) | ||||
Corporate expenses | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Impairment | 0 | 0 | 0 | 0 | ||||
Other expenses | 0 | 0 | 0 | 0 | ||||
Total operating expenses | (45,242) | (44,523) | (135,740) | (130,397) | ||||
Operating income | 0 | 0 | 0 | 0 | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Other gains, net | 0 | 0 | ||||||
Debt extinguishment | 0 | 0 | ||||||
Loss before equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | ||||
Equity in income from consolidated entities | (17,088) | (10,069) | (54,930) | (62,807) | ||||
Equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | ||||
Income (loss) from continuing operations before income tax | (17,088) | (10,069) | (54,930) | (62,807) | ||||
Income tax | 0 | 0 | 0 | 0 | ||||
Loss from continuing operations | (17,088) | (10,069) | (54,930) | (62,807) | ||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||||
Income (Loss) before gain (loss) on sale of hotels | (17,088) | (10,069) | (54,930) | (62,807) | ||||
Gain on sale of hotels, net | 0 | 0 | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) | (17,088) | (10,069) | (54,930) | (62,807) | ||||
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 | (17,088) | (10,069) | (54,930) | (62,807) | ||||
Preferred dividends | 0 | 0 | 0 | 0 | ||||
Redemption of Preferred Stock, Value | 0 | |||||||
Net loss attributable to FelCor LP common unitholders | (17,088) | (10,069) | (54,930) | (62,807) | ||||
Operating activities: | ||||||||
Cash flows from operating activities | 0 | 0 | ||||||
Investing activities: | ||||||||
Acquisition of land | 0 | |||||||
Improvements and additions to hotels | 0 | 0 | ||||||
Net proceeds from asset sales | 0 | 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 | (120,897) | (139,524) | ||||||
Net cash flow provided by investing activities | (120,897) | (139,524) | ||||||
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 | 120,897 | 139,524 | ||||||
Other | 0 | 0 | ||||||
Net cash flow used in financing activities | 120,897 | 139,524 | ||||||
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 |