Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 20, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FCH | ||
Entity Registrant Name | FelCor Lodging Trust Incorporated | ||
Entity Central Index Key | 923,603 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 138,103,326 | ||
Entity Public Float | $ 836,902,801 | ||
FelCor Lodging LP [Member] | |||
Document and Entity Information [Line Items] | |||
Entity Registrant Name | FelCor Lodging LP | ||
Entity Central Index Key | 1,048,789 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Investment in hotels, net of accumulated depreciation of $932,886 and $899,575 at December 31, 2016 and 2015, respectively | $ 1,566,823 | $ 1,729,531 |
Investment in unconsolidated entities | 8,312 | 9,575 |
Cash and cash equivalents | 47,317 | 59,786 |
Restricted cash | 19,491 | 17,702 |
Accounts receivable, net of allowance for doubtful accounts of $177 and $204 at December 31, 2016 and 2015, respectively | 42,080 | 28,136 |
Deferred expenses, net of accumulated amortization of $2,959 and $1,086 at December 31, 2016 and 2015, respectively | 4,527 | 6,390 |
Other assets | 18,542 | 14,792 |
Total assets | 1,707,092 | 1,865,912 |
Liabilities and Equity | ||
Debt, net of unamortized debt issuance costs of $15,967 and $18,065 at December 31, 2016 and 2015, respectively | 1,338,326 | 1,409,889 |
Distributions payable | 14,858 | 15,140 |
Accrued expenses and other liabilities | 116,437 | 125,274 |
Total liabilities | 1,469,621 | 1,550,303 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 610 and 611 units issued and outstanding at December 31, 2016 and 2015, respectively | 4,888 | 4,464 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 137,990 and 141,808 shares issued and outstanding at December 31, 2016 and 2015, respectively | 1,380 | 1,418 |
Additional paid-in capital | 2,576,988 | 2,567,515 |
Accumulated deficit | (2,706,408) | (2,618,117) |
Total FelCor stockholders’ equity | 181,297 | 260,153 |
Noncontrolling interests in other partnerships | 7,503 | 7,806 |
Preferred equity in consolidated joint venture, liquidation value of $44,667 and $43,954 at December 31, 2016 and 2015, respectively | 43,783 | 43,186 |
Total equity | 232,583 | 311,145 |
Total liabilities and equity | 1,707,092 | 1,865,912 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $932,886 and $899,575 at December 31, 2016 and 2015, respectively | 1,566,823 | 1,729,531 |
Investment in unconsolidated entities | 8,312 | 9,575 |
Cash and cash equivalents | 47,317 | 59,786 |
Restricted cash | 19,491 | 17,702 |
Accounts receivable, net of allowance for doubtful accounts of $177 and $204 at December 31, 2016 and 2015, respectively | 42,080 | 28,136 |
Deferred expenses, net of accumulated amortization of $2,959 and $1,086 at December 31, 2016 and 2015, respectively | 4,527 | 6,390 |
Other assets | 18,542 | 14,792 |
Total assets | 1,707,092 | 1,865,912 |
Liabilities and Equity | ||
Debt, net of unamortized debt issuance costs of $15,967 and $18,065 at December 31, 2016 and 2015, respectively | 1,338,326 | 1,409,889 |
Distributions payable | 14,858 | 15,140 |
Accrued expenses and other liabilities | 116,437 | 125,274 |
Total liabilities | 1,469,621 | 1,550,303 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 610 and 611 units issued and outstanding at December 31, 2016 and 2015, respectively | 4,888 | 4,464 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Preferred equity in consolidated joint venture, liquidation value of $44,667 and $43,954 at December 31, 2016 and 2015, respectively | 43,783 | 43,186 |
Total liabilities and equity | 1,707,092 | 1,865,912 |
Preferred units: | ||
Preferred units, contributed capital | 309,337 | 309,337 |
Common units, 137,990 and 141,808 units issued and outstanding at December 31, 2016 and 2015, respectively | (128,040) | (49,184) |
Total FelCor LP partners’ capital | 181,297 | 260,153 |
Noncontrolling interests | 7,503 | 7,806 |
Preferred capital in consolidated joint venture | 43,783 | 43,186 |
Total partners’ capital | 232,583 | 311,145 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at December 31, 2016 and 2015 | ||
Preferred units: | ||
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 December 31, 2016 and 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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated depreciation | $ 932,886 | $ 899,575 |
Allowance for doubtful accounts | 177 | 204 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 2,959 | 1,086 |
Debt Issuance Costs, Net | $ 15,967 | $ 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 (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued and outstanding (in shares) | 137,990,000 | 141,808,000 |
Joint Venture Preferred Equity Liquidation Value | $ 44,667 | $ 43,954 |
Series A Preferred Stock [Member] | ||
Preferred stock, dividend rate, (in dollars per share/unit) | $ 1.95 | $ 1.95 |
Preferred stock, shares issued (in shares) | 12,879,000 | 12,879,000 |
Preferred stock, shares outstanding (in shares) | 12,879,000 | 12,879,000 |
Preferred stock, liquidation value | $ 321,987 | $ 321,987 |
Series C Preferred Stock [Member] | ||
Preferred stock, dividend rate, (in dollars per share/unit) | $ 0 | $ 2 |
FelCor Lodging LP [Member] | ||
Accumulated depreciation | $ 932,886 | $ 899,575 |
Allowance for doubtful accounts | 177 | 204 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 2,959 | 1,086 |
Debt Issuance Costs, Net | $ 15,967 | $ 18,065 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 610,183 | |
Units of redeemable units issued (in shares) | 610,000 | 611,000 |
Units of redeemable units outstanding (in shares) | 610,000 | 611,000 |
Common units issued and outstanding (in shares) | 137,990,000 | 141,808,000 |
FelCor Lodging LP [Member] | Series A Preferred Units [Member] | ||
Series A cumulative convertible preferred units issued (in shares) | 12,879,000 | 12,879,000 |
Series A cumulative convertible preferred units outstanding (in shares) | 12,879,000 | 12,879,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Hotel operating revenue | $ 862,818,000 | $ 878,371,000 | $ 917,981,000 |
Other revenue | 4,136,000 | 7,883,000 | 3,606,000 |
Total revenues | 866,954,000 | 886,254,000 | 921,587,000 |
Expenses: | |||
Hotel departmental expenses | 306,050,000 | 313,141,000 | 331,876,000 |
Other property-related costs | 212,180,000 | 223,546,000 | 238,170,000 |
Management and franchise fees | 32,935,000 | 35,572,000 | 36,067,000 |
Taxes, insurance and lease expense | 57,317,000 | 59,207,000 | 84,266,000 |
Corporate expenses | 27,037,000 | 27,283,000 | 29,585,000 |
Depreciation and amortization | 114,054,000 | 114,452,000 | 115,819,000 |
Impairment | 26,459,000 | 20,861,000 | 0 |
Other expenses | 12,740,000 | 12,479,000 | 17,952,000 |
Total operating expenses | 788,772,000 | 806,541,000 | 853,735,000 |
Operating income | 78,182,000 | 79,713,000 | 67,852,000 |
Interest expense, net | (78,182,000) | (79,118,000) | (90,695,000) |
Debt extinguishment | 0 | (30,909,000) | (4,770,000) |
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | 30,176,000 |
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | 20,737,000 |
Other gains, net | 342,000 | 166,000 | 100,000 |
Income (loss) before equity in income from unconsolidated entities | 342,000 | (30,148,000) | 23,400,000 |
Equity in income from unconsolidated entities | 1,533,000 | 7,833,000 | 5,010,000 |
Income (loss) from continuing operations before income tax expense | 1,875,000 | (22,315,000) | 28,410,000 |
Income tax expense | (873,000) | (1,245,000) | (660,000) |
Income (loss) from continuing operations | 1,002,000 | (23,560,000) | 27,750,000 |
Income (loss) from discontinued operations | (3,131,000) | 669,000 | (360,000) |
Income (loss) before gain on sale of hotels | (2,129,000) | (22,891,000) | 27,390,000 |
Gain on sale of hotels, net | 6,322,000 | 19,426,000 | 66,762,000 |
Net income (loss) | 4,193,000 | (3,465,000) | 94,152,000 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 673,000 | (4,157,000) | (697,000) |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 93,000 | 194,000 | (137,000) |
Preferred distributions - consolidated joint venture | (1,461,000) | (1,437,000) | (1,219,000) |
Net income (loss) attributable to reporting entity | 3,498,000 | (8,865,000) | 92,099,000 |
Preferred dividends | (25,115,000) | (30,138,000) | (38,712,000) |
Redemption of Preferred Stock - Value | 0 | (6,096,000) | 0 |
Net income (loss) attributable to FelCor common stockholders | $ (21,617,000) | $ (45,099,000) | $ 53,387,000 |
Basic and diluted per common share/unit data: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.13) | $ (0.33) | $ 0.43 |
Net income (loss) (in dollars per share) | $ (0.16) | $ (0.33) | $ 0.43 |
Basic weighted average common shares/units outstanding (in shares) | 138,128 | 137,730 | 124,158 |
Diluted weighted average common shares/units outstanding (in shares) | 138,128 | 137,730 | 124,892 |
FelCor Lodging LP [Member] | |||
Revenues: | |||
Hotel operating revenue | $ 862,818,000 | $ 878,371,000 | $ 917,981,000 |
Other revenue | 4,136,000 | 7,883,000 | 3,606,000 |
Total revenues | 866,954,000 | 886,254,000 | 921,587,000 |
Expenses: | |||
Hotel departmental expenses | 306,050,000 | 313,141,000 | 331,876,000 |
Other property-related costs | 212,180,000 | 223,546,000 | 238,170,000 |
Management and franchise fees | 32,935,000 | 35,572,000 | 36,067,000 |
Taxes, insurance and lease expense | 57,317,000 | 59,207,000 | 84,266,000 |
Corporate expenses | 27,037,000 | 27,283,000 | 29,585,000 |
Depreciation and amortization | 114,054,000 | 114,452,000 | 115,819,000 |
Impairment | 26,459,000 | 20,861,000 | 0 |
Other expenses | 12,740,000 | 12,479,000 | 17,952,000 |
Total operating expenses | 788,772,000 | 806,541,000 | 853,735,000 |
Operating income | 78,182,000 | 79,713,000 | 67,852,000 |
Interest expense, net | (78,182,000) | (79,118,000) | (90,695,000) |
Debt extinguishment | 0 | (30,909,000) | (4,770,000) |
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | 30,176,000 |
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | 20,737,000 |
Other gains, net | 342,000 | 166,000 | 100,000 |
Income (loss) before equity in income from unconsolidated entities | 342,000 | (30,148,000) | 23,400,000 |
Equity in income from unconsolidated entities | 1,533,000 | 7,833,000 | 5,010,000 |
Income (loss) from continuing operations before income tax expense | 1,875,000 | (22,315,000) | 28,410,000 |
Income tax expense | (873,000) | (1,245,000) | (660,000) |
Income (loss) from continuing operations | 1,002,000 | (23,560,000) | 27,750,000 |
Income (loss) from discontinued operations | (3,131,000) | 669,000 | (360,000) |
Income (loss) before gain on sale of hotels | (2,129,000) | (22,891,000) | 27,390,000 |
Gain on sale of hotels, net | 6,322,000 | 19,426,000 | 66,762,000 |
Net income (loss) | 4,193,000 | (3,465,000) | 94,152,000 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 673,000 | (4,157,000) | (697,000) |
Preferred distributions - consolidated joint venture | (1,461,000) | (1,437,000) | (1,219,000) |
Net income (loss) attributable to reporting entity | 3,405,000 | (9,059,000) | 92,236,000 |
Preferred dividends | (25,115,000) | (30,138,000) | (38,712,000) |
Redemption of Preferred Stock - Value | 0 | (6,096,000) | 0 |
Net income (loss) attributable to FelCor LP common unitholders | $ (21,710,000) | $ (45,293,000) | $ 53,524,000 |
Basic and diluted per common share/unit data: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.13) | $ (0.33) | $ 0.43 |
Net income (loss) (in dollars per share) | $ (0.16) | $ (0.33) | $ 0.43 |
Basic weighted average common shares/units outstanding (in shares) | 138,739 | 138,341 | 124,772 |
Diluted weighted average common shares/units outstanding (in shares) | 138,739 | 138,341 | 125,511 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 4,193 | $ (3,465) | $ 94,152 |
Foreign currency translation adjustment | 0 | 0 | (490) |
Reclassification of foreign currency translation to gain | 0 | 0 | (24,448) |
Comprehensive income (loss) | 4,193 | (3,465) | 69,214 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | 673 | (4,157) | (697) |
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 93 | 194 | (136) |
Preferred distributions - consolidated joint venture | (1,461) | (1,437) | (1,219) |
Comprehensive income (loss) attributable to reporting entity | 3,498 | (8,865) | 67,162 |
FelCor Lodging LP [Member] | |||
Net income (loss) | 4,193 | (3,465) | 94,152 |
Foreign currency translation adjustment | 0 | 0 | (490) |
Reclassification of foreign currency translation to gain | 0 | 0 | (24,553) |
Comprehensive income (loss) | 4,193 | (3,465) | 69,109 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | 673 | (4,157) | (697) |
Preferred distributions - consolidated joint venture | (1,461) | (1,437) | (1,219) |
Comprehensive income (loss) attributable to reporting entity | $ 3,405 | $ (9,059) | $ 67,193 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Dividend per common share | $1.95 per Series A preferred share | $2.00 per Series C depositary preferred share | Preferred Stock | Preferred Stock$2.00 per Series C depositary preferred share | Common Stock [Member] | Common Stock [Member]$2.00 per Series C depositary preferred share | Additional Paid-in Capital | Additional Paid-in Capital$2.00 per Series C depositary preferred share | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitDividend per common share | Accumulated Deficit$1.95 per Series A preferred share | Accumulated Deficit$2.00 per Series C depositary preferred share | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Comprehensive Income |
Shares, Issued - beginning balance at Dec. 31, 2013 | 12,948,000 | 124,051,000 | ||||||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2013 | $ 314,230,000 | $ 478,774,000 | $ 1,240,000 | $ 2,354,328,000 | $ 24,937,000 | $ (2,568,350,000) | $ 23,301,000 | $ 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Conversion of Preferred Stock, Shares Issued upon Conversion | 0 | (1,000) | ||||||||||||||||
Conversion of Preferred Stock, Amount Converted | $ 0 | $ (25,000) | 25,000 | |||||||||||||||
Issuance of stock awards - shares | 864,000 | |||||||||||||||||
Issuance of stock awards - value | 0 | $ 9,000 | (9,000) | |||||||||||||||
Stock awards - amortization and severance | 4,319,000 | 4,319,000 | ||||||||||||||||
Stock Compensation Shares Withheld - Shares | (316,000) | |||||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | (3,117,000) | $ (3,000) | 0 | (3,114,000) | ||||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (3,066,000) | |||||||||||||||||
Redemption of Preferred Stock - Value | $ 0 | |||||||||||||||||
Conversion of operating partnership units into common shares - shares | 6,080 | 6,000 | ||||||||||||||||
Conversion of Operating Partnership Units Into Common Shares, Value | $ 56,000 | 56,000 | ||||||||||||||||
Allocation to redeemable noncontrolling interests | (1,545,000) | (1,545,000) | ||||||||||||||||
Contributions from noncontrolling interests | 6,375,000 | 6,375,000 | ||||||||||||||||
Distribution to noncontrolling interests | (9,596,000) | (9,596,000) | ||||||||||||||||
Acquisition of noncontrolling interest | (5,850,000) | (3,508,000) | 0 | (2,342,000) | ||||||||||||||
Dividends declared: | ||||||||||||||||||
Dividends, Common Stock | $ (12,594,000) | $ (12,594,000) | ||||||||||||||||
Dividends, Preferred Stock | (1,219,000) | $ (25,116,000) | $ (13,596,000) | $ (25,116,000) | $ (13,596,000) | (1,219,000) | ||||||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 41,442,000 | 41,442,000 | ||||||||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | ||||||||||||||||||
Foreign exchange translation | (489,000) | $ (489,000) | ||||||||||||||||
Reclassification of foreign currency translation to gain | (24,448,000) | (24,448,000) | ||||||||||||||||
Net income (loss) | 92,099,000 | 697,000 | 1,219,000 | 94,015,000 | ||||||||||||||
Comprehensive income (loss) | 69,078,000 | 69,078,000 | ||||||||||||||||
Shares, Issued - ending balance at Dec. 31, 2014 | 12,947,000 | 124,605,000 | ||||||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2014 | 362,867,000 | $ 478,749,000 | $ 1,246,000 | 2,353,666,000 | 0 | (2,530,671,000) | 18,435,000 | 41,442,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 18,400,000 | |||||||||||||||||
Stock Issued During Period, Value, New Issues | 198,648,000 | $ 184,000 | 198,464,000 | |||||||||||||||
Issuance of stock awards - shares | 1,050,000 | |||||||||||||||||
Issuance of stock awards - value | 738,000 | $ 11,000 | 727,000 | |||||||||||||||
Stock Repurchased During Period, Shares | (1,971,000) | |||||||||||||||||
Stock Repurchased During Period, Value | (14,362,000) | $ (20,000) | (14,342,000) | |||||||||||||||
Stock awards - amortization and severance | 7,271,000 | 7,271,000 | ||||||||||||||||
Stock Compensation Shares Withheld - Shares | (276,000) | |||||||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (2,054,000) | $ (3,000) | 0 | (2,051,000) | ||||||||||||||
Redemption of Preferred Stock - Shares | (68,000) | 0 | ||||||||||||||||
Redemption of Preferred Stock - Value | (6,096,000) | (169,986,000) | $ (169,412,000) | $ 5,522,000 | (6,096,000) | |||||||||||||
Conversion of Operating Partnership Units Into Common Shares, Value | 0 | |||||||||||||||||
Allocation to redeemable noncontrolling interests | 1,865,000 | 1,865,000 | ||||||||||||||||
Contributions from noncontrolling interests | 2,809,000 | 2,809,000 | ||||||||||||||||
Distribution to noncontrolling interests | (17,595,000) | (17,595,000) | ||||||||||||||||
Dividends declared: | ||||||||||||||||||
Dividends, Common Stock | (25,954,000) | (25,954,000) | ||||||||||||||||
Dividends, Preferred Stock | (1,437,000) | (25,115,000) | $ (5,023,000) | (25,115,000) | $ (5,023,000) | (1,437,000) | ||||||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 1,744,000 | 1,744,000 | ||||||||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | ||||||||||||||||||
Net income (loss) | (8,865,000) | 4,157,000 | 1,437,000 | (3,271,000) | ||||||||||||||
Comprehensive income (loss) | (3,271,000) | (3,271,000) | ||||||||||||||||
Shares, Issued - ending balance at Dec. 31, 2015 | 12,879,000 | 141,808,000 | ||||||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2015 | 311,145,000 | $ 309,337,000 | $ 1,418,000 | 2,567,515,000 | 0 | (2,618,117,000) | 7,806,000 | 43,186,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Issuance of stock awards - shares | 1,157,000 | |||||||||||||||||
Issuance of stock awards - value | 922,000 | $ 11,000 | 911,000 | |||||||||||||||
Stock Repurchased During Period, Shares | (4,610,000) | |||||||||||||||||
Stock Repurchased During Period, Value | (30,462,000) | $ (45,000) | (30,417,000) | |||||||||||||||
Cumulative effect of change in accounting for stock compensation forfeitures | 0 | 185,000 | (185,000) | |||||||||||||||
Stock awards - amortization and severance | 9,041,000 | 9,041,000 | ||||||||||||||||
Stock Compensation Shares Withheld - Shares | (366,000) | |||||||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (2,750,000) | $ (4,000) | 0 | (2,746,000) | ||||||||||||||
Redemption of Preferred Stock - Value | $ 0 | |||||||||||||||||
Conversion of operating partnership units into common shares - shares | 1,279 | 1,000 | ||||||||||||||||
Conversion of Operating Partnership Units Into Common Shares, Value | $ 9,000 | 9,000 | ||||||||||||||||
Allocation to redeemable noncontrolling interests | (673,000) | (673,000) | ||||||||||||||||
Contributions from noncontrolling interests | 636,000 | 636,000 | ||||||||||||||||
Distribution to noncontrolling interests | (266,000) | (266,000) | ||||||||||||||||
Dividends declared: | ||||||||||||||||||
Dividends, Common Stock | $ (33,326,000) | $ (33,326,000) | ||||||||||||||||
Dividends, Preferred Stock | (1,461,000) | $ (25,115,000) | $ (25,115,000) | (1,461,000) | ||||||||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 597,000 | 597,000 | ||||||||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | ||||||||||||||||||
Net income (loss) | 3,498,000 | (673,000) | 1,461,000 | 4,286,000 | ||||||||||||||
Comprehensive income (loss) | 4,286,000 | $ 4,286,000 | ||||||||||||||||
Shares, Issued - ending balance at Dec. 31, 2016 | 12,879,000 | 137,990,000 | ||||||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2016 | $ 232,583,000 | $ 309,337,000 | $ 1,380,000 | $ 2,576,988,000 | $ 0 | $ (2,706,408,000) | $ 7,503,000 | $ 43,783,000 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.18 | $ 0.10 |
Series A Preferred Stock [Member] | |||
Preferred stock, dividend rate, (in dollars per share/unit) | 1.95 | 1.95 | 1.95 |
Series C Preferred Stock [Member] | |||
Preferred stock, dividend rate, (in dollars per share/unit) | $ 0 | $ 2 | $ 2 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) shares in Thousands, $ in Thousands | Total | FelCor Lodging LP [Member] | FelCor Lodging LP [Member]Preferred Units | FelCor Lodging LP [Member]Common Units | FelCor Lodging LP [Member]Accumulated Other Comprehensive Income (Loss) | FelCor Lodging LP [Member]Noncontrolling Interests | FelCor Lodging LP [Member]Preferred Capital in Consolidated Joint Venture [Member] | FelCor Lodging LP [Member]Comprehensive Income | Series C Preferred Units [Member]FelCor Lodging LP [Member] | Series C Preferred Units [Member]FelCor Lodging LP [Member]Preferred Units | Series C Preferred Units [Member]FelCor Lodging LP [Member]Common Units |
Partners' Capital, Beginning Balance at Dec. 31, 2013 | $ 314,230 | $ 478,774 | $ (212,888) | $ 25,043 | $ 23,301 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Conversion of preferred units into common units | 0 | (25) | 25 | ||||||||
Conversion of Preferred Stock, Amount Converted | $ 0 | ||||||||||
FelCor restricted stock compensation | 1,202 | $ 1,202 | |||||||||
Redemption of Preferred Stock - Value | 0 | 0 | |||||||||
Contributions | 6,375 | 6,375 | |||||||||
Distributions | (62,121) | (51,306) | (9,596) | $ (1,219) | |||||||
Allocation to redeemable units | (1,520) | (1,520) | |||||||||
Acquisition of noncontrolling interest | (5,850) | (5,850) | (3,508) | (2,342) | |||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 41,442 | 41,442 | 41,442 | ||||||||
Comprehensive Income (loss): | |||||||||||
Foreign exchange translation | (490) | (490) | (490) | $ (490) | |||||||
Reclassification of foreign currency translation to gain | (24,553) | (24,553) | |||||||||
Net income (loss) | 94,152 | 94,152 | 92,236 | 697 | 1,219 | 94,152 | |||||
Comprehensive income (loss) | 69,214 | 69,109 | 69,109 | ||||||||
Partners' Capital, Ending Balance at Dec. 31, 2014 | 362,867 | $ 478,749 | (175,759) | 0 | 18,435 | 41,442 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Stock Issued During Period, Value, New Issues | 198,648 | 198,648 | |||||||||
FelCor restricted stock compensation | 5,955 | 5,955 | |||||||||
Stock Repurchased During Period, Value | (14,362) | (14,362) | (14,362) | ||||||||
Redemption of Preferred Stock - Value | (6,096) | (6,096) | $ (169,986) | $ (169,412) | $ (574) | ||||||
Contributions | 2,809 | 2,809 | |||||||||
Distributions | (75,217) | (56,185) | (17,595) | (1,437) | |||||||
Allocation to redeemable units | 2,152 | 2,152 | |||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 1,744 | 1,744 | 1,744 | ||||||||
Comprehensive Income (loss): | |||||||||||
Foreign exchange translation | 0 | 0 | |||||||||
Net income (loss) | (3,465) | (3,465) | (9,059) | 4,157 | 1,437 | (3,465) | |||||
Comprehensive income (loss) | (3,465) | (3,465) | (3,465) | ||||||||
Partners' Capital, Ending Balance at Dec. 31, 2015 | 311,145 | 309,337 | (49,184) | 0 | 7,806 | 43,186 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
FelCor restricted stock compensation | 7,213 | 7,213 | |||||||||
Stock Repurchased During Period, Value | (30,462) | (30,462) | (30,462) | ||||||||
Redemption of Preferred Stock - Value | 0 | 0 | |||||||||
Contributions | 636 | 636 | |||||||||
Distributions | (60,315) | (58,588) | (266) | (1,461) | |||||||
Allocation to redeemable units | (424) | (424) | |||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 597 | 597 | 597 | ||||||||
Comprehensive Income (loss): | |||||||||||
Foreign exchange translation | 0 | 0 | |||||||||
Net income (loss) | 4,193 | 4,193 | 3,405 | (673) | 1,461 | 4,193 | |||||
Comprehensive income (loss) | $ 4,193 | 4,193 | $ 4,193 | ||||||||
Partners' Capital, Ending Balance at Dec. 31, 2016 | $ 232,583 | $ 309,337 | $ (128,040) | $ 0 | $ 7,503 | $ 43,783 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 4,193 | $ (3,465) | $ 94,152 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 114,054 | 114,452 | 115,819 |
Gain on sale of hotels and other assets, net | (3,534) | (20,250) | (66,760) |
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | (30,176) |
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | (20,737) |
Amortization of deferred financing fees and debt discount | 3,973 | 5,425 | 9,558 |
Amortization of fixed stock and directors’ compensation | 6,638 | 7,121 | 6,122 |
Equity based severance | 2,891 | 1,352 | 0 |
Equity in income from unconsolidated entities | (1,533) | (7,833) | (5,010) |
Distributions of income from unconsolidated entities | 1,209 | 6,051 | 4,128 |
Debt extinguishment | 0 | 30,909 | 5,015 |
Impairment | 26,459 | 20,861 | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | (9,066) | (944) | 7,941 |
Other assets | (4,758) | 3,194 | (6,975) |
Accrued expenses and other liabilities | (5,606) | (10,210) | (5,193) |
Net cash flow provided by operating activities | 134,920 | 146,663 | 107,884 |
Cash flows from investing activities: | |||
Acquisition of land | (8,226) | 0 | 0 |
Improvements and additions to hotels | (74,264) | (48,436) | (83,664) |
Hotel development | 0 | (33,525) | (86,565) |
Net proceeds from asset sales | 100,970 | 187,949 | 163,618 |
Proceeds from unconsolidated joint venture transaction | 0 | 0 | 4,032 |
Change in restricted cash - investing | (1,789) | 2,794 | 56,731 |
Insurance proceeds | 341 | 477 | 521 |
Distributions from unconsolidated entities in excess of earnings | 1,586 | 7,317 | 12,828 |
Contributions to unconsolidated entities | 0 | (15) | (7) |
Net cash flow provided by investing activities | 18,618 | 116,561 | 67,494 |
Cash flows from financing activities: | |||
Proceeds from borrowings | 85,000 | 1,025,438 | 473,062 |
Repayment of borrowings | (158,662) | (1,203,809) | (623,106) |
Payment of deferred financing costs | (12) | (14,952) | (3,215) |
Acquisition of noncontrolling interest | 0 | 0 | (5,850) |
Distributions paid to noncontrolling interests | (16) | (17,595) | (9,596) |
Contributions from noncontrolling interests | 636 | 2,809 | 6,375 |
Distributions paid to FelCor LP limited partners | (147) | (93) | (42) |
Distributions paid to preferred stockholders | (25,115) | (32,404) | (38,712) |
Redemption of preferred stock | 0 | (169,986) | 0 |
Repurchase of common stock | (30,462) | (14,362) | 0 |
Stock Compensation Shares Withheld - Value | (2,750) | (2,054) | (3,066) |
Preferred distributions - consolidated joint venture | (1,461) | (1,431) | (1,102) |
Distributions paid to common stockholders | (33,606) | (22,385) | (9,981) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 597 | 1,744 | 41,442 |
Net proceeds from common stock issuance | 0 | 198,648 | 0 |
Net cash flow used in financing activities | (165,998) | (250,432) | (173,791) |
Effect of exchange rate changes on cash | (9) | (153) | (85) |
Net change in cash and cash equivalents | (12,469) | 12,639 | 1,502 |
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | 45,645 |
Cash and cash equivalents at end of periods | 47,317 | 59,786 | 47,147 |
Supplemental cash flow information — interest paid, net of capitalized interest | 74,499 | 74,585 | 86,734 |
Supplemental cash flow information — income taxes paid | 332 | 1,187 | 660 |
FelCor Lodging LP [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | 4,193 | (3,465) | 94,152 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 114,054 | 114,452 | 115,819 |
Gain on sale of hotels and other assets, net | (3,534) | (20,250) | (66,760) |
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | (30,176) |
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | (20,737) |
Amortization of deferred financing fees and debt discount | 3,973 | 5,425 | 9,558 |
Amortization of fixed stock and directors’ compensation | 6,638 | 7,121 | 6,122 |
Equity based severance | 2,891 | 1,352 | 0 |
Equity in income from unconsolidated entities | (1,533) | (7,833) | (5,010) |
Distributions of income from unconsolidated entities | 1,209 | 6,051 | 4,128 |
Debt extinguishment | 0 | 30,909 | 5,015 |
Impairment | 26,459 | 20,861 | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | (9,066) | (944) | 7,941 |
Other assets | (4,758) | 3,194 | (6,975) |
Accrued expenses and other liabilities | (5,606) | (10,210) | (5,193) |
Net cash flow provided by operating activities | 134,920 | 146,663 | 107,884 |
Cash flows from investing activities: | |||
Acquisition of land | (8,226) | 0 | 0 |
Improvements and additions to hotels | (74,264) | (48,436) | (83,664) |
Hotel development | 0 | (33,525) | (86,565) |
Net proceeds from asset sales | 100,970 | 187,949 | 163,618 |
Proceeds from unconsolidated joint venture transaction | 0 | 0 | 4,032 |
Change in restricted cash - investing | (1,789) | 2,794 | 56,731 |
Insurance proceeds | 341 | 477 | 521 |
Distributions from unconsolidated entities in excess of earnings | 1,586 | 7,317 | 12,828 |
Contributions to unconsolidated entities | 0 | (15) | (7) |
Net cash flow provided by investing activities | 18,618 | 116,561 | 67,494 |
Cash flows from financing activities: | |||
Proceeds from borrowings | 85,000 | 1,025,438 | 473,062 |
Repayment of borrowings | (158,662) | (1,203,809) | (623,106) |
Payment of deferred financing costs | (12) | (14,952) | (3,215) |
Acquisition of noncontrolling interest | 0 | 0 | (5,850) |
Distributions paid to noncontrolling interests | (16) | (17,595) | (9,596) |
Contributions from noncontrolling interests | 636 | 2,809 | 6,375 |
Distributions paid to FelCor LP limited partners | (147) | (93) | (42) |
Distributions paid to preferred stockholders | (25,115) | (32,404) | (38,712) |
Redemption of preferred stock | 0 | (169,986) | 0 |
Repurchase of common stock | (30,462) | (14,362) | 0 |
Stock Compensation Shares Withheld - Value | (2,750) | (2,054) | (3,066) |
Preferred distributions - consolidated joint venture | (1,461) | (1,431) | (1,102) |
Distributions paid to common stockholders | (33,606) | (22,385) | (9,981) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 597 | 1,744 | 41,442 |
Net proceeds from common unit issuance | 0 | 198,648 | 0 |
Net cash flow used in financing activities | (165,998) | (250,432) | (173,791) |
Effect of exchange rate changes on cash | (9) | (153) | (85) |
Net change in cash and cash equivalents | (12,469) | 12,639 | 1,502 |
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | 45,645 |
Cash and cash equivalents at end of periods | 47,317 | 59,786 | 47,147 |
Supplemental cash flow information — interest paid, net of capitalized interest | 74,499 | 74,585 | 86,734 |
Supplemental cash flow information — income taxes paid | $ 332 | $ 1,187 | $ 660 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 December 31, 2016 . At December 31, 2016 , we had an aggregate of 138,600,280 shares and units outstanding, consisting of 137,990,097 shares of FelCor common stock and 610,183 FelCor LP units not owned by FelCor. Of our 39 hotels as of December 31, 2016 , we owned 100% interests in 36 hotels, a 95% interest in one hotel (The Knickerbocker) and 50% interests in entities owning two hotels. The Knickerbocker opened in February 2015. During 2015, we transferred all development costs ( $329.8 million ) into investment in 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. We own 50% of the real estate interest in one Consolidated Hotel (we account for our real estate interest of this hotel by the equity method) and majority real estate interests in our remaining 37 Consolidated Hotels (we consolidate our real estate interest in these hotels). The following table reflects the distribution of our 38 Consolidated Hotels at December 31, 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 December 31, 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 57% of our revenue from hotels in these three states in 2016 . At December 31, 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 SBE (who acquired Morgans Hotel Group) managed two hotels; and (viii) Aimbridge Hospitality managed one hotel. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation — Our consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Investments in unconsolidated entities (consisting entirely of 50% owned ventures) are accounted for by the equity method. We follow the voting interest model and consolidate entities in which we have greater than 50% ownership interest and report entities in which we have 50% or less ownership interest under the equity method. 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. Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America, requires that management make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Investment in Hotels — Our hotels are stated at cost and are depreciated using the straight-line method over estimated useful lives of 40 years for buildings, 15 to 30 years for improvements and three to 10 years for furniture, fixtures, and equipment. For those hotels subject to a ground lease, depreciation expense is based on the shorter of the lease term or the estimated useful life of the asset. We capitalize certain inventory (such as china, glass, silver and linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We periodically review the carrying value of each of our hotels to determine if circumstances exist indicating an impairment in the carrying value of the investment in the hotel or modification of depreciation periods. If facts or circumstances support the possibility of impairment of a hotel, we prepare a projection of the undiscounted future cash flows, without interest charges, over the shorter of the hotel’s estimated useful life or the expected hold period, and determine if the investment in such hotel is recoverable based on the undiscounted future cash flows. If impairment is indicated, we make an adjustment to reduce the carrying value of the hotel to its then fair value. We use recent operating results and current market information to arrive at our estimates of fair value. Maintenance and repairs are expensed, and major renewals and improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from our accounts and the related gain or loss is included in operations. Acquisition of Hotels — Investments in hotels are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value based on current replacement cost for similar capacity and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and 2. Summary of Significant Accounting Policies — (continued) franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. Investment in Unconsolidated Entities — We own a 50% interest in various real estate ventures in which the partners or members jointly make all material decisions concerning the business affairs and operations. Because we do not control these entities, we carry our investment in unconsolidated entities at cost, plus our equity in net earnings or losses, less distributions received since the date of acquisition and any adjustment for impairment. Our equity in net earnings or losses is adjusted for the straight-line depreciation, over the lower of 40 years or the remaining life of the venture, of the difference between our cost and our proportionate share of the underlying net assets at the date of acquisition. We periodically review our investment in unconsolidated entities for other-than-temporary declines in fair value. Any decline that is not expected to be recovered in the next 12 months is considered other-than-temporary and an impairment is recorded as a reduction in the carrying value of the investment. Estimated fair values are based on our projections of cash flows, market capitalization rates and sales prices of comparable assets. We track inception-to-date contributions, distributions and earnings for each of our unconsolidated investments. We determine the character of cash distributions from our unconsolidated investments for purposes of our consolidated statements of cash flows as follows: • Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity ( i.e., a distribution of earnings); and • Cash distributions in excess of aggregate historical earnings are recorded as an investing activity ( i.e., a distribution of contributed capital). Hotels Held for Sale — We consider each individual hotel to be an identifiable component of our business. We do not consider a hotel held for sale until it is probable that the sale will be completed within 12 months. Generally, we consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We test hotels held for sale for impairment each reporting period and record them at the lower of their carrying amounts or fair value less costs to sell. Once we designate a hotel as held for sale it is not depreciated. Cash and Cash Equivalents — All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. We deposit cash at major banks. Our bank account balances may exceed the Federal Depository Insurance Limits; however, management believes the credit risk related to these deposits is minimal. Restricted Cash —Restricted cash includes reserves for capital expenditures, real estate taxes and insurance, as well as cash collateral deposits for mortgage debt agreement provisions. 2. Summary of Significant Accounting Policies — (continued) Deferred Expenses — Deferred expenses, consisting primarily of loan costs, are recorded at cost. Amortization is computed using a method that approximates the effective interest method over the maturity of the related debt. Deferred loan costs associated with our line of credit are classified as an asset on our consolidated balance sheets, while deferred loan costs associated with other outstanding debt are classified within the debt on our consolidated balance sheets. Other Assets — Other assets consist primarily of hotel operating inventories, prepaid expenses and deposits. Revenue Recognition — Nearly 100% of our revenue is comprised of hotel operating revenues, such as room revenue, food and beverage revenue and revenue from other hotel operating departments (such as telephone, parking, resort fees and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by the brand owners of our hotels, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. Taxes, insurance and lease expense — For the year ended December 31, 2015, taxes, insurance and lease expense included an out-of-period adjustment of $1.6 million related to straight-line lease expense from prior years for a ground lease associated with one of our consolidated hotels. The $1.6 million adjustment represented the cumulative additional rent that should have been recognized in prior years on a straight-line basis, with the credit being included in accrued expenses and other liabilities on the consolidated balance sheet. Management evaluated the impact to all previously reported periods and concluded all previously issued financial statements were not materially misstated, nor was the impact of the adjustment material to the three months or the year ended December 31, 2015. Foreign Currency Translation — Results of operations for our Canadian hotel were maintained in Canadian dollars and translated using the weighted average exchange rates during the period. Assets and liabilities were translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Resulting translation adjustments were reflected in accumulated other comprehensive income. In 2014, we sold our remaining Canadian hotel and recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income). Capitalized Costs — We capitalize interest (by applying our weighted average cost of borrowing to our construction in progress) and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. In addition, these costs were capitalized on our Knickerbocker hotel during development. We begin capitalizing these costs when activities necessary to get the asset ready for its intended use are underway and cease capitalizing these costs to 2. Summary of Significant Accounting Policies — (continued) projects when construction is substantially complete. Such costs capitalized in 2016 , 2015 and 2014 , were $7.7 million , $13.3 million and $25.9 million , respectively. Net Income (Loss) per Common Share/Unit — We treat unvested share (unit)-based payment awards containing non-forfeitable rights to dividends (distributions) or dividend equivalents (whether paid or unpaid) as participating securities for computation of earnings per share (unit) (pursuant to the two-class method, in accordance with the Accounting Standards Codification, or ASC, 260-10-45-59A through 45-70). We compute basic earnings per share (unit) by dividing net income (loss) attributable to common stockholders (or unitholders) less dividends (distributions) declared on FelCor’s unvested restricted stock by the weighted average number of common shares (units) outstanding. We compute diluted earnings per share (unit) by dividing net income (loss) attributable to common stockholders less dividends (distributions) declared on FelCor’s unvested restricted stock by the weighted average number of common shares (units) and equivalents outstanding. For all years presented, our Series A cumulative preferred stock (units), or Series A preferred stock (units), if converted to common shares (units), would be antidilutive; accordingly, we do not assume conversion of the Series A preferred stock (units) in the computation of diluted earnings per share (unit). FelCor’s Stock Compensation — We account for stock-based employee compensation using the fair value based method of accounting. We classify share-based payment awards granted in exchange for employee services as either equity awards or liability awards. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards that are to be settled in cash ( i.e., phantom stock) are classified as liability awards. The value of all our share-based awards is recognized over the period during which an employee is required to provide services in exchange for the award – the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. 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 reclassified $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. Derivatives — We recognize derivatives as either assets or liabilities on the balance sheet and measure those instruments at fair value. Additionally, the fair value adjustments will affect either equity or net income, depending on whether the derivative instrument qualifies as a hedge for accounting purposes and the nature of the hedging activity. 2. Summary of Significant Accounting Policies — (continued) Segment Information — We have determined that our business is conducted in one operating segment. Distributions and Dividends — FelCor declared aggregate common dividends of $0.24 , $0.18 and $0.10 per share in 2016, 2015 and 2014, respectively. FelCor’s ability to make distributions depends on FelCor’s receipt of quarterly distributions from FelCor LP, and FelCor LP’s ability to make distributions is dependent upon the results of operations of our hotels. FelCor LP distributes funds to FelCor to pay common and preferred dividends. FelCor’s Board of Directors will determine the amount of any future common and preferred dividends based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. Reacquired Stock — We account for FelCor’s purchase of capital stock under a method that is consistent with Maryland law (Maryland is FelCor’s domicile), which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of common stock (at $0.01 par value per share) and an increase in accumulated deficit. Noncontrolling Interests — Noncontrolling interests in other partnerships represents the proportionate share of the equity in other partnerships not owned by us. Noncontrolling interests in FelCor LP represents FelCor LP units not owned by FelCor. We allocate income and loss to noncontrolling interests in FelCor LP and other partnerships based on the weighted average percentage ownership throughout the year. FelCor characterizes minority interest in FelCor LP as noncontrolling interests, but because of the redemption feature of these units, FelCor includes them in the mezzanine section (between liabilities and equity) on its consolidated balance sheets. These units are redeemable at the option of the holders for a like number of shares of FelCor’s common stock or, at our option, the cash equivalent thereof. 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. Income Taxes — FelCor has elected to be treated as a REIT under Sections 856 to 860 of the Internal Revenue Code and is not subject to federal income tax, provided that it distributes all of its taxable income annually to its stockholders and complies with certain other requirements. FelCor LP is treated as a partnership for federal income tax purposes and is not subject to federal income taxes. However, both FelCor and FelCor LP may be subject to state, local and foreign income and franchise taxes in certain jurisdictions. We generally lease our hotels to wholly-owned taxable REIT subsidiaries, or TRSs, that are subject to federal, state and foreign income taxes. Through these lessees, we record room revenue, food and beverage revenue and other revenue related to the operations of our hotels. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded for net deferred tax assets that are not expected to be realized. We determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. We apply this policy to all tax positions related to income taxes. |
Investment in Hotels
Investment in Hotels | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Investment in Hotels | Investment in Hotels Investment in hotels consisted of the following (in thousands): December 31, 2016 2015 Building and improvements $ 1,761,228 $ 1,859,100 Furniture, fixtures and equipment 426,692 449,437 Land 271,662 294,384 Construction in progress 40,127 26,185 2,499,709 2,629,106 Accumulated depreciation - Building and improvements (716,376 ) (697,386 ) Accumulated depreciation - Furniture, fixtures and equipment (216,510 ) (202,189 ) $ 1,566,823 $ 1,729,531 In the third quarter of 2016, we acquired land previously leased for one of our hotels for $8.2 million (including closing costs). In 2016 , we retired fully depreciated furniture, fixtures and equipment aggregating approximately $35.0 million and fully depreciated assets for building and improvements aggregating approximately $763,000 . We invested $74.3 million and $48.4 million in additions and improvements to our consolidated hotels during the years ended December 31, 2016 and 2015 , respectively. |
Consolidated Joint Venture Pref
Consolidated Joint Venture Preferred Equity/Capital | 12 Months Ended |
Dec. 31, 2016 | |
Hotel Development [Abstract] | |
Hotel Development | Consolidated Joint Venture Preferred Equity/Capital Our joint venture that redeveloped The Knickerbocker raised $45 million through the sale of redeemable preferred equity/capital 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 during the years ended December 31, 2016 and 2015, respectively. The venture expects to receive the remaining $600,000 as investors’ visas are approved. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2016 | |
Impairment Charges [Abstract] | |
Impairment Charges | 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. As part of our long-term strategic plan to enhance stockholder value and achieve or exceed targeted returns on invested capital, we sell and acquire hotels to improve our overall portfolio quality, enhance diversification and improve growth rates. In that regard, we regularly review each hotel in our portfolio in terms of projected performance, future capital expenditure requirements and market dynamics and concentration risk. Based on this analysis, we may establish a plan to sell our interests in certain hotels ( two of which are owned by unconsolidated joint ventures) that no longer meet our investment criteria. As a consequence, we would shorten our estimated hold periods for those hotels and test the consolidated hotels for impairment when they are approved as non-strategic hotels. When the hotels owned by unconsolidated joint ventures are designated by those ventures as non-strategic, the joint ventures will test for impairment based on the reduced estimated hold periods. 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 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 five 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 | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Hotel Dispositions | Hotel Dispositions Effective January 1, 2014, we adopted the provisions of Accounting Standards Update No. 2014-08, under which the disposal of components of an entity are reported as discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. We only apply these new provisions prospectively; consequently, we continue to report hotels that were considered discontinued operations for the year ended December 31, 2013 and prior years as discontinued operations in all periods presented. During the year ended December 31, 2016 , we sold two hotels, and in 2015, we sold eight hotels. In 2014, we sold eight hotels, one of which was previously held for sale at December 31, 2013, and disposed of five unconsolidated hotels when we unwound our joint ventures as discussed in Note 7. We designate a hotel as held for sale when the sale is probable within the next 12 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. Excluding the hotel held for sale at December 31, 2013 and sold in 2014, w e included operations for the sold hotels, and those hotels designated as held for sale at December 31, 2014, in income (loss) from continuing operations as shown in the statements of operations for the years ended December 31, 2016 , 2015 and 2014 , 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. The following table includes condensed financial information primarily related to 12 of 13 hotels sold in 2014 (the remaining hotel was held for sale as of December 31, 2013), eight hotels sold in 2015 and two hotels sold in 2016 included in continuing operations (in thousands): Year Ended December 31, 2016 2015 2014 Hotel operating revenue $ 39,750 $ 85,840 $ 207,762 Operating expenses (a) (39,530 ) (97,655 ) (197,180 ) Operating income (loss) 220 (11,815 ) 10,582 Interest expense, net 1 (1,031 ) (2,475 ) Debt extinguishment — (309 ) (932 ) Gain on sale of investment in unconsolidated entities, net — — 30,176 Equity in income from unconsolidated entities — 7,111 3,294 Income (loss) from continuing operations 221 (6,044 ) 40,645 Gain on sale of hotels, net (b) 6,322 19,426 66,762 Net income 6,543 13,382 107,407 Net income attributable to noncontrolling interests in other partnerships — (5,166 ) (977 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (28 ) (35 ) (394 ) Net income attributable to FelCor $ 6,515 $ 8,181 $ 106,036 (a) Operating expenses include impairment charges of $6.3 million and $20.9 million for the years ended December 31, 2016 and 2015 , respectively. (b) We recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income) when we sold our remaining Canadian hotel in 2014, which substantially liquidated all of our foreign investments. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities At December 31, 2016 and 2015 , we owned 50% interests in joint ventures that owned two hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. We account for our investments in these unconsolidated entities under the equity method. We consolidate all of our majority-owned subsidiaries in our financial statements. We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures. The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): December 31, 2016 2015 Investment in hotels and other properties, net of accumulated depreciation $ 20,898 $ 23,047 Total assets $ 27,052 $ 29,033 Debt, net of unamortized debt issuance costs $ 22,065 $ 22,563 Total liabilities $ 24,311 $ 24,541 Equity $ 2,741 $ 4,492 Our unconsolidated entities’ debt at December 31, 2016 and 2015 consisted entirely of non-recourse mortgage debt. In May 2015, one of our joint ventures sold a hotel, resulting in a $7.1 million gain that we included in our equity in income from unconsolidated entities. In connection with selling this hotel, the joint venture repaid the outstanding $10.5 million mortgage loan encumbering this hotel. The following table (which, among other things, reflects decreases attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014) sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): Year Ended December 31, 2016 2015 2014 Total revenues $ 33,615 $ 32,591 $ 59,453 Net income $ 3,839 $ 22,799 $ 12,561 Net income attributable to FelCor $ 1,920 $ 11,400 $ 6,281 Cost in excess of joint venture book value of sold hotel — (3,140 ) — Depreciation of cost in excess of book value (387 ) (427 ) (1,271 ) Equity in income from unconsolidated entities $ 1,533 $ 7,833 $ 5,010 8. Investment in Unconsolidated Entities — (continued) The following table summarizes the components of our investment in unconsolidated entities (in thousands): December 31, 2016 2015 Equity basis of hotel joint venture investments $ (4,533 ) $ (4,216 ) Cost of hotel investments in excess of joint venture book value 6,942 7,329 Equity basis of land and condominium joint venture investments 5,903 6,462 Investment in unconsolidated entities $ 8,312 $ 9,575 The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): Year Ended December 31, 2016 2015 2014 Hotel investments $ 2,092 $ 8,535 $ 5,784 Other investments (559 ) (702 ) (774 ) Equity in income from unconsolidated entities $ 1,533 $ 7,833 $ 5,010 |
Joint Venture Transactions
Joint Venture Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Joint Venture Transaction [Abstract] | |
Joint Venture Transactions | Joint Venture Transactions In July 2014, we unwound unconsolidated joint ventures in which we held 50% interests that collectively owned 10 hotels. As a consequence of that transaction, we owned 100% of five of those hotels and none of the other five hotels. We also obtained 100% ownership of an additional hotel of which we owned 90% prior to the unwinding of the joint ventures. We paid $2.2 million to our joint venture partner to equalize the aggregate value of assets each party received as the joint ventures were unwound. This payment was the net of $5.9 million paid for our partner’s 10% interest in the one hotel and $3.7 million received for the difference in values of the five hotels wholly-owned by us compared to the five hotels in which we no longer had any ownership subsequent to the transaction. Our joint ventures had an outstanding loan that was secured by eight of these hotels and was bifurcated when the joint ventures were unwound. That loan bore interest at one-month LIBOR plus 3% , matured in March 2017 and was freely pre-payable in whole or in part. Subsequent to the unwinding of the joint ventures, we were only liable for our $64 million share of the bifurcated non-recourse loan, which was secured by mortgages on four of the five former joint venture hotels that we wholly-owned. In 2015, this loan was repaid in connection with the sale of three of the four hotels securing the loan. The remaining hotel was sold later in 2015. As a result of these transactions, we recorded the following in 2014: • A $20.7 million gain on the remeasurement of the fair value of the five previously unconsolidated hotels, which we controlled and wholly-owned following the transaction; • A $30.2 million gain on the disposition of our unconsolidated interests in the five other hotels (net of $457,000 in transaction costs); and • A $3.5 million decrease in Additional Paid-In Capital related to our acquisition of the 10% noncontrolling interest of another hotel, which we wholly-owned following the transaction. In addition to the foregoing, we increased our ownership interest in the operating entities of all six hotels in conjunction with unwinding the joint ventures. Prior to the transaction, we had 51% controlling interests in 10 of the hotel lessees that operated the joint ventures’ 10 hotels and a 90% controlling interest in the hotel lessee that operated the eleventh hotel. After unwinding the joint ventures, we no longer had any interest in five lessees and owned 100% in the lessees of the six hotels we owned outright following the transaction. When we unwound the joint ventures, we liquidated the lessees’ assets and liabilities to cash, which was then distributed to the partners based on their ownership interests just prior to unwinding the joint ventures. Consequently, we recorded no gains or losses when changing ownership of the lessees. The following table summarizes the fair values of assets acquired and liabilities assumed where we obtained control of a previously unconsolidated entity ( i.e. , a business combination) through this, primarily non-cash, transaction (in thousands): Assets Investment in hotels $ 130,100 Other assets 1,300 Deferred expenses 259 Total assets acquired $ 131,659 Liabilities Debt $ 64,000 Net assets acquired $ 67,659 7. Joint Venture Transactions — (continued) The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for buildings and furniture, fixtures, and equipment). The sales comparison approach used inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach used inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age and the square footage of the respective buildings. The fair value of the debt was based on the estimated principal amount of debt having the same debt service requirements that could have been borrowed on the transaction date, at then current market interest rates. The non-cash transaction also resulted in a $19.9 million reduction in our investment in unconsolidated entities. The following unaudited consolidated pro forma results of operations for the years ended December 31, 2014 and 2013 assumes the joint venture transactions (the business combination, the disposition of unconsolidated interests, the acquisition of a 10% interest in one hotel, and the change in lessee ownership percentages) occurred on January 1, 2013 (in thousands, except per share data). The unaudited consolidated pro forma results of operations are not necessarily indicative of the results of operations if the transactions had been completed on the assumed date. Year Ended December 31, 2014 2013 Revenue $ 892,555 $ 843,878 Net income (loss) $ 94,869 $ (65,670 ) Income (loss) per share/unit - basic $ 0.43 $ (0.82 ) Income (loss) per share/unit - diluted $ 0.43 $ (0.82 ) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated debt consisted of the following (in thousands) at the dates shown: Encumbered Interest Maturity 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 120,109 122,237 Mortgage debt 1 4.94 October 2022 30,184 30,717 Line of credit (b) 7 LIBOR + 2.75 June 2019 119,000 190,000 Mortgage debt (c) 1 LIBOR + 3.00 November 2017 85,000 85,000 Total 22 $ 1,354,293 $ 1,427,954 Unamortized debt issuance costs (15,967 ) (18,065 ) Debt, net of unamortized debt issuance costs $ 1,338,326 $ 1,409,889 (a) This debt is comprised of separate non-cross-collateralized loans, each secured by a mortgage encumbering a separate hotel. (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. 9. Debt — (continued) Since adoption of ASU 2015-03, we classify deferred financing costs of $16.0 million and $18.1 million as of December 31, 2016 and 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. In February 2015, we sold a hotel and repaid $13.0 million in mortgage debt secured by that hotel that would have otherwise matured in March 2017. In May 2015, we issued $475 million aggregate principal amount of our 6.00% unsecured senior notes due 2025. We used the proceeds from that issuance, together with cash on hand and funds drawn under our line of credit, to repurchase and redeem $525 million in aggregate principal amount of our 6.75% senior secured notes due 2019, which was secured by mortgages on six hotels. We incurred $28.4 million of debt extinguishment charges relating to prepayment premiums and the write-off of deferred loan costs in connection with this transaction. All cash paid to satisfy the extinguishment of the senior secured notes was classified as a financing activity in the statements of cash flows. In June 2015, we amended and restated our secured line of credit facility primarily to expand our borrowing capacity from $225 million to $400 million . The amended facility now matures in June 2020 (extended from June 2017), assuming we exercise a one-year extension option that is subject to certain conditions. Borrowings under the facility bear interest at LIBOR (no floor) plus an applicable margin ranging from 225 to 275 basis points (reduced from 337.5 basis points), depending on our leverage. The unused commitment fee decreased 5 basis points to 35 basis points. The facility is secured by mortgages on seven hotels and permits partial release and substitution of properties, subject to certain conditions. We incurred $164,000 of debt extinguishment charges (relating to writing-off deferred loan costs) when we amended the facility. We concurrently repaid a $140 million term loan that otherwise matured in 2017, bore interest at LIBOR plus 250 basis points and was secured by mortgages on three hotels, including one hotel that is part of the security for the amended facility. We incurred $2.0 million of debt extinguishment charges relating to writing-off deferred loan costs for the repaid loan. In June 2015, when we sold two hotels, we repaid a $49.1 million loan secured by mortgages on three hotels (including the two sold hotels), that would have otherwise matured in March 2017. We sold the remaining hotel that had been mortgaged to secure this loan in September 2015. We incurred $237,000 of debt extinguishment charges relating to writing-off deferred loan costs for the repaid loan. In 2015, we increased our borrowings under our loan secured by The Knickerbocker from $64.9 million to $85.0 million . Also, in November 2015, we amended our Knickerbocker loan to lower the interest rate to LIBOR plus 300 basis points and extended the maturity to November 2017. Our senior notes, which are guaranteed by FelCor, require that we satisfy total leverage, secured leverage and interest coverage tests in order to: (i) incur additional indebtedness, except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the minimum distributions required to qualify as a REIT; (iii) repurchase capital stock; or (iv) merge. We currently exceed all minimum thresholds. In addition, our 5.625% senior notes are secured by a combination of first lien mortgages and related security interests on nine hotels, as well as pledges of equity interests in certain subsidiaries of FelCor LP, and our 6.00% senior unsecured notes require us to maintain a minimum amount of unencumbered assets. 9. Debt — (continued) At December 31, 2016 , we had consolidated secured debt totaling $879.3 million , encumbering 22 of our Consolidated Hotels with a $1.1 billion aggregate net book value. Except for our 5.625% senior secured notes due 2023 and our line of credit, our secured debt is generally recourse solely to the specific hotels securing the debt, except in case of fraud, misapplication of funds and certain other customary limited recourse carve-out provisions that could extend recourse to us. Much of our secured debt allows us to substitute collateral under certain conditions and is freely prepayable, subject in some instances to various prepayment, yield maintenance or defeasance obligations. Most of our secured debt (other than our 5.625% senior secured notes) is subject to lock-box arrangements under certain circumstances. We are permitted to spend an amount required to cover our hotel operating expenses, taxes, debt service, insurance and capital expenditure reserves, even if revenues are flowing through a lock-box triggered by a specified debt service coverage ratio not being met. All of our consolidated loans subject to lock-box provisions currently exceed the applicable minimum debt service coverage ratios. We reported $78.2 million , $79.1 million , and $90.7 million of interest expense for the years ended December 31, 2016 , 2015 , and 2014 , respectively, which is net of: (i) interest income of $62,000 , $24,000 , and $48,000 , and (ii) capitalized interest of $973,000 , $6.0 million , and $16.3 million , respectively. To fulfill requirements under one of our loans, we entered into an interest rate cap agreement with an aggregate notional amount of $140 million at December 31, 2015 . We did not designate the interest rate cap as a hedge, and it had an insignificant fair value at December 31, 2015 , resulting in no significant impact on earnings. We had no outstanding interest rate caps at December 31, 2016 . Future scheduled principal payments on debt obligations at December 31, 2016 are as follows (in thousands): Year 2017 $ 87,637 2018 2,954 2019 122,106 2020 3,245 2021 3,432 Thereafter 1,134,919 $ 1,354,293 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and 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 approximately $1.0 billion at December 31, 2016 and 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 $364.6 million and $438.8 million at December 31, 2016 and 2015 , respectively). The estimated fair value of all our debt was $1.4 billion and $1.5 billion at December 31, 2016 and 2015 , respectively. The carrying value of our debt was $1.3 billion and $1.4 billion at December 31, 2016 and 2015 , respectively. |
FelCor Capital Stock_FelCor LP
FelCor Capital Stock/FelCor LP Partners' Capital | 12 Months Ended |
Dec. 31, 2016 | |
Capital Stock / Partners' Capital [Abstract] | |
FelCor Capital Stock/FelCor Partners' Capital | FelCor Capital Stock/FelCor LP Partners’ Capital FelCor, as FelCor LP’s general partner, is obligated to contribute the net proceeds from any issuance of its equity securities to FelCor LP in exchange for units, corresponding in number and terms to the equity securities issued. Preferred Stock/Units FelCor’s Board of Directors is authorized to provide for the issuance of up to 20 million shares of preferred stock in one or more series, to establish the number of shares in each series, to fix the designation, powers, preferences and rights of each such series, and the qualifications, limitations or restrictions thereof. Our Series A preferred stock (units) bears an annual cumulative dividend (distribution) payable in arrears equal to the greater of $1.95 per share (unit) or the cash distributions declared or paid for the corresponding period on the number of shares of common stock (units) into which the Series A preferred stock (units) is then convertible. Each share (unit) of the Series A preferred stock (units) is convertible at the holder’s option to 0.7752 shares of common stock (units), subject to certain adjustments. In April 2015, FelCor called for redemption of all of its outstanding shares of 8% Series C Cumulative Redeemable Preferred Stock and all depositary shares representing the Series C preferred stock. FelCor redeemed those shares of Series C preferred stock and the depositary shares, and FelCor LP concurrently redeemed its Series C preferred units, on May 14, 2015 using proceeds from the equity offering. Including dividends of $491,000 , the total redemption price was $170.4 million . We reduced income available to common stockholders (unitholders) by $6.1 million for the year ended December 31, 2015 , primarily representing the original issuance costs ( $5.5 million ) and discount ( $538,000 ) of the redeemed Series C preferred stock (Units). Common Stock/Units 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 2015, FelCor’s Board approved a common stock repurchase program, under which it may spend up to $100 million repurchasing shares of its common stock through October 2017. FelCor may repurchase shares in transactions on the open market, in privately-negotiated transactions or by other means, including Rule 10b5-1 trading plans, in accordance with applicable securities laws and other restrictions. In 2015, FelCor paid $14.4 million (including commissions) repurchasing approximately 2.0 million shares of its common stock at an average price of $7.26 per share. In 2016, FelCor repurchased 4.6 million shares for $30.5 million (including commissions), at an average price of $6.58 per share. Since the inception of the repurchase program, FelCor has repurchased 6.6 million shares for $44.8 million (including commissions), at an average share price of $6.78 per share. All repurchased shares have been retired and have been re-designated as authorized but unissued. There is no guaranty as to the number of shares that will be repurchased, and FelCor may extend, suspend or discontinue its repurchase program at any time without notice at its discretion. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes FelCor LP is a partnership for federal income tax purposes, and is not subject to federal income tax. However, under its partnership agreement, it is required to reimburse FelCor for any tax payments FelCor LP is required to make. Accordingly, the tax information herein represents disclosures regarding FelCor and its taxable subsidiaries. FelCor elected to be treated as a REIT under the federal income tax laws. As a REIT, FelCor generally is not subject to federal income taxation at the corporate level on taxable income that is distributed to its stockholders. FelCor may, however, be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. FelCor’s taxable REIT subsidiaries, or TRSs, formed to lease its hotels are subject to federal, state and local income taxes. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its annual taxable income to its stockholders. If FelCor fails to qualify as a REIT in any taxable year for which the statute of limitations remains open, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) for such taxable year and may not qualify as a REIT for four subsequent years. In connection with FelCor’s election to be treated as a REIT, its charter imposes restrictions on the ownership and transfer of shares of its common stock. FelCor LP expects to make distributions on its units sufficient to enable FelCor to meet its distribution obligations as a REIT. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The following table reconciles our TRSs’ GAAP net income (loss) to federal taxable income (in thousands): Year Ended December 31, 2016 2015 2014 GAAP consolidated net income (loss) attributable to FelCor LP $ 3,405 $ (9,059 ) $ 92,236 Loss (income) allocated to FelCor LP unitholders 93 194 (137 ) GAAP consolidated net income (loss) attributable to FelCor 3,498 (8,865 ) 92,099 GAAP net loss (income) from REIT operations 21,332 21,838 (68,796 ) GAAP net income of taxable subsidiaries 24,830 12,973 23,303 Taxes related to joint venture transaction — — 5,761 Gain/loss differences from dispositions — (872 ) — Depreciation and amortization (a) (12,437 ) (1,877 ) (461 ) Employee benefits not deductible for tax (2,965 ) (588 ) (101 ) Management fee recognition — (107 ) (1,151 ) Cancellation of debt — — (3,188 ) Capitalized TRS start-up costs — — 11,859 Other book/tax differences 386 3,827 181 Federal tax income of taxable subsidiaries before utilization of net operating losses 9,814 13,356 36,203 Utilization of net operating loss (9,814 ) (13,356 ) (36,203 ) Net federal tax income of taxable subsidiaries $ — $ — $ — (a) The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. 12. Income Taxes — (continued) Included in our consolidated statement of operations are $873,000 , $1.2 million and $660,000 related to current state income taxes for the years ended December 31, 2016, 2015 and 2014, respectively. State income taxes in 2014 have been reclassified from taxes, insurance and lease expense to conform to the 2016 and 2015 presentation of a separate line for income tax expense on our consolidated statements of operations. Our TRSs had a deferred tax asset, on which we had a 100% valuation allowance, primarily comprised of the following (in thousands): December 31, 2016 2015 Accumulated net operating losses of TRSs $ 94,219 $ 98,367 Tax property basis compared to book 4,844 (4,518 ) Accrued employee benefits not deductible for tax 4,966 4,889 Historic tax credits (a) 19,357 25,375 Other 26 109 Gross deferred tax asset 123,412 124,222 Valuation allowance (123,412 ) (124,222 ) Deferred tax asset after valuation allowance $ — $ — (a) Because of the completion of construction at The Knickerbocker in 2015, one of our TRSs became entitled to the future benefits of historic tax credits that vest over a five year period and do not expire. Historic tax credits for 2015 reflect both federal and state credits. Upon the filing of the state return for 2015 in 2016, the state credit became refundable. Historic tax credits for 2016 reflect federal credits only. We provided a valuation allowance against our deferred tax asset that results in no net deferred tax asset at December 31, 2016 and 2015 . We recorded a 100% valuation allowance related to our TRSs’ net deferred tax asset because we believe it is more likely than not that the deferred tax asset will not be fully realized. The realization of the deferred tax assets associated with our net operating losses and historic tax credits is dependent on projections of future taxable income, for which there is uncertainty when considering our historic results and the cyclical nature of the lodging industry. Accordingly, no provision or benefit for deferred income taxes is reflected in the accompanying consolidated statements of operations. At December 31, 2016 , our TRSs had net operating loss carryforwards for federal income tax purposes of $254.8 million , which are available to offset future taxable income, if any, and do not begin to expire until 2024. 12. Income Taxes — (continued) The following table reconciles REIT GAAP net income (loss) to taxable income (loss) (in thousands): Year Ended December 31, 2016 2015 2014 GAAP net income (loss) from REIT operations $ (21,332 ) $ (21,838 ) $ 68,796 Book/tax differences, net: Dividend income from TRS 25,650 24,809 — Depreciation and amortization (a) 19,582 3,937 1,831 Noncontrolling interests (93 ) (400 ) 329 Gain/loss differences from dispositions (16,572 ) 18,335 (99,946 ) Impairment loss not deductible for tax 26,459 20,861 — Conversion costs (3,233 ) (3,233 ) (3,233 ) Other (446 ) 1,505 (1,674 ) Tax income (loss) (b) $ 30,015 $ 43,976 $ (33,897 ) (a) Book/tax differences in depreciation and amortization principally result from differences in depreciable lives and accelerated depreciation methods . (b) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2016 and 2015, our distributions were in excess of 100% of taxable income. At December 31, 2016 , FelCor had net operating loss carryforwards for federal income tax purposes of $534.2 million , which it expects to use to offset future distribution requirements. For income tax purposes, dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends paid per share were characterized, in accordance with the requirements under the Internal Revenue Code, as follows: 2016 2015 2014 Amount % Amount % Amount % Preferred Stock – Series A Capital gains $ — — $ 1.23 63.08 $ — — Dividend income 1.03 52.82 0.72 36.92 — — Non-dividend distribution 0.92 47.18 — — 1.95 100.00 $ 1.95 (a) 100.00 $ 1.95 (b) 100.00 $ 1.95 (c) 100.00 Preferred Stock – Series C Capital gains $ — — $ 0.63 63.00 $ — — Dividend income — — 0.37 37.00 — — Non-dividend distribution — — — — 2.00 100.00 $ — — $ 1.00 (b) 100.00 $ 2.00 (c) 100.00 Common Stock Capital gains $ — — $ — — $ — — Dividend income — — — — — — Non-dividend distribution 0.24 100.00 0.16 100.00 0.08 100.00 $ 0.24 (a) 100.00 $ 0.16 (b) 100.00 $ 0.08 (c) 100.00 (a) Fourth quarter 2015 preferred and common distributions were paid January 29, 2016, and were treated as 2016 distributions for tax purposes. (b) Fourth quarter 2014 preferred and common distributions were paid January 29, 2015, and were treated as 2015 distributions for tax purposes. (c) Fourth quarter 2013 preferred and common distributions were paid January 30, 2014, and were treated as 2014 distributions for tax purposes. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 12 Months Ended |
Dec. 31, 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 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. At December 31, 2016 , we had 610,183 limited partnership units outstanding carried at $4.9 million . We base the value of these outstanding units on the closing price of FelCor’s common stock at December 31, 2016 ( $8.01 /share). Changes in redeemable noncontrolling interests (or redeemable units) are shown below (in thousands): Year Ended December 31, 2016 2015 Balance at beginning of period $ 4,464 $ 6,616 Conversion of units (9 ) — Redemption value allocation 673 (1,865 ) Distributions paid to unitholders (147 ) (93 ) Comprehensive income (loss): Net loss (93 ) (194 ) Balance at end of period $ 4,888 $ 4,464 |
Hotel Operating Revenue, Depart
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs | 12 Months Ended |
Dec. 31, 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 Operating Costs Hotel operating revenue from continuing operations was comprised of the following (in thousands): Year Ended December 31, 2016 2015 2014 Room revenue $ 661,640 $ 673,276 $ 713,213 Food and beverage revenue 155,227 158,531 157,607 Other operating departments 45,951 46,564 47,161 Total hotel operating revenue $ 862,818 $ 878,371 $ 917,981 Nearly all of our revenue is comprised of hotel operating revenues. These revenues are recorded net of any sales or occupancy taxes collected from our guests. We record all rebates or discounts, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. We make appropriate allowances for doubtful accounts, which we record as bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. 14. Hotel Operating Revenue, Departmental Expenses and Other Property-Related Operating Costs — (continued) Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Year Ended December 31, 2016 2015 2014 Room $ 171,883 $ 172,252 $ 188,465 Food and beverage 119,047 123,384 121,201 Other operating departments 15,120 17,505 22,210 Total hotel departmental expenses $ 306,050 $ 313,141 $ 331,876 Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Year Ended December 31, 2016 2015 2014 Hotel general and administrative expense $ 78,329 $ 78,233 $ 79,420 Marketing 70,978 76,548 77,939 Repair and maintenance 36,381 39,091 43,886 Utilities 26,492 29,674 36,925 Total other property-related costs $ 212,180 $ 223,546 $ 238,170 In March 2013, we rebranded and transitioned management at eight hotels located in strategic markets to Wyndham brands. Wyndham’s parent guaranteed a minimum level of net operating income for each year of the initial 10 -year term, subject to an aggregate $100 million limit over the term (of which we have received or accrued $16.1 million through 2016) and an annual $21.5 million limit. Amounts recorded under the guaranty are accounted for, to the extent available, as a reduction in contractual management and other fees paid and payable to Wyndham. Any amounts in excess of those fees will be recorded as revenue when earned. For the years ended December 31, 2016, 2015, and 2014, we have recorded $5.3 million , $1.4 million , and $1.3 million , respectively, for the guaranty as a reduction of Wyndham’s contractual management and other fees. |
Taxes, Insurance and Lease Expe
Taxes, Insurance and Lease Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Taxes, Insurance and Lease Expenses [Abstract] | |
Taxes, Insurance and Lease Expenses | Taxes, Insurance and Lease Expense Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): Year Ended December 31, 2016 2015 2014 Hotel lease expense (a) $ 4,896 $ 7,107 $ 31,635 Land lease expense (b) 14,220 15,458 12,338 Real estate and other taxes 30,556 29,469 31,113 Property insurance, general liability insurance and other 7,645 7,173 9,180 Total taxes, insurance and lease expense $ 57,317 $ 59,207 $ 84,266 (a) We record hotel lease expense for the consolidated operating lessees of hotels owned by unconsolidated entities and partially offset this expense through noncontrolling interests in other partnerships (generally 49% ). We record our 50% share of the corresponding lease income through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $1.7 million , $3.4 million and $17.3 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively, and reflects a decrease attributable to the unwinding of our 10 -hotel unconsolidated joint ventures in July 2014. (b) We include in land lease expense percentage rent of $5.8 million , $5.7 million and $4.5 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Land Leases and Hotel Rent
Land Leases and Hotel Rent | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Land Leases and Hotel Rent | Land Leases and Hotel Rent We lease land occupied by certain hotels from third parties under various operating leases that expire through 2090. Certain land leases contain contingent rent features based on gross revenue at the respective hotels. In addition, we recognize rent expense for one hotel that is owned by an unconsolidated entity and is leased to our consolidated lessee. These leases require the payment of base rents and contingent rent based on revenues at the respective hotels. Future minimum lease payments under our land lease obligations and hotel leases at December 31, 2016 , were as follows (in thousands): Year 2017 $ 8,463 2018 7,807 2019 5,808 2020 5,819 2021 5,830 2022 and thereafter 203,532 $ 237,259 |
Income (loss) Per Share_Unit
Income (loss) Per Share/Unit | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Income (loss) Per Share/Unit | Income (Loss) Per Share/Unit The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): FelCor Income (Loss) Per Share Year Ended December 31, 2016 2015 2014 Numerator: Net income (loss) attributable to FelCor $ 3,498 $ (8,865 ) $ 92,099 Discontinued operations attributable to FelCor 3,118 (674 ) 359 Income (loss) from continuing operations attributable to FelCor 6,616 (9,539 ) 92,458 Less: Preferred dividends (25,115 ) (30,138 ) (38,712 ) Less: Redemption of preferred stock — (6,096 ) — Less: Dividends declared on unvested restricted stock (129 ) (56 ) (8 ) Less: Undistributed earnings allocated to unvested restricted stock — — (20 ) Numerator for continuing operations attributable to FelCor common stockholders (18,628 ) (45,829 ) 53,718 Discontinued operations attributable to FelCor (3,118 ) 674 (359 ) Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ (21,746 ) $ (45,155 ) $ 53,359 Denominator: Denominator for basic income (loss) per share 138,128 137,730 124,158 FelCor restricted stock units, less shares assumed purchased at market — — 734 Denominator for diluted income (loss) per share 138,128 137,730 124,892 Basic and diluted income (loss) per share data: Income (loss) from continuing operations $ (0.13 ) $ (0.33 ) $ 0.43 Discontinued operations $ (0.02 ) $ — $ — Net income (loss) $ (0.16 ) $ (0.33 ) $ 0.43 17. Income (Loss) Per Share/Unit — (continued) FelCor LP Income (Loss) Per Unit Year Ended December 31, 2016 2015 2014 Numerator: Net income (loss) attributable to FelCor LP $ 3,405 $ (9,059 ) $ 92,236 Discontinued operations attributable to FelCor LP 3,131 (677 ) 360 Income (loss) from continuing operations attributable to FelCor LP 6,536 (9,736 ) 92,596 Less: Preferred distributions (25,115 ) (30,138 ) (38,712 ) Less: Redemption of preferred units — (6,096 ) — Less: Distributions declared on FelCor unvested restricted stock (129 ) (56 ) (8 ) Less: Undistributed earnings allocated to FelCor unvested restricted stock — — (20 ) Numerator for continuing operations attributable to FelCor LP common unitholders (18,708 ) (46,026 ) 53,856 Discontinued operations attributable to FelCor LP (3,131 ) 677 (360 ) Numerator for basic and diluted income (loss) attributable to FelCor LP common unitholders $ (21,839 ) $ (45,349 ) $ 53,496 Denominator: Denominator for basic income (loss) per unit 138,739 138,341 124,772 FelCor restricted stock units, less shares assumed purchased at market — — 739 Denominator for diluted income (loss) per unit 138,739 138,341 125,511 Basic and diluted income (loss) per unit data: Income (loss) from continuing operations $ (0.13 ) $ (0.33 ) $ 0.43 Discontinued operations $ (0.02 ) $ — $ — Net income (loss) $ (0.16 ) $ (0.33 ) $ 0.43 The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit in the above calculations includes the net gain on sale of hotels attributable to FelCor/FelCor LP. 17. Income (Loss) Per Share/Unit — (continued) Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (unaudited, in thousands): Year Ended December 31, 2016 2015 2014 Series A convertible preferred shares/units 9,984 9,984 9,984 FelCor restricted stock units, less shares assumed purchased at the market 155 488 — 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 $25.1 million for all periods presented. We grant our executive officers restricted stock units each year, which provides them with the potential to earn shares of our common stock. We amortize the fixed cost of these grants over the vesting period. We calculate the potential dilutive impact of these awards on our earnings per share using the treasury stock method. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments, Contingencies and Related Party Transactions [Abstract] | |
Commitments, Contingencies and Related Party Transactions | Commitments and Contingencies Our property insurance has a $100,000 “all-risk” deductible and a 5% deductible (insured value) for named windstorm coverage and for California earthquake coverage. Substantial uninsured or not fully insured losses would have a material adverse impact on our operating results, cash flows and financial condition. Catastrophic losses, such as the losses caused by hurricanes in 2005, could make the cost of insuring against these types of losses prohibitively expensive or difficult to find. In an effort to limit the cost of insurance, we purchase catastrophic insurance coverage based on probable maximum losses based on 250 -year events. We have established a self-insured retention of $250,000 per occurrence for general liability insurance with regard to 32 of our hotels. The remainder of our hotels participate in general liability programs sponsored by our managers, with no deductible. Our hotels are operated under various management agreements that call for minimum base management fees, which generally range from 2 to 3% of total revenue, with the exception of our IHG-managed hotel, where base management fees are 2% of total revenue plus 5% of room revenue. Most of our management agreements also provide for incentive management fees that are subordinated to our return on investment. In addition, the management agreements generally require us to invest approximately 3 to 5% of revenues for capital expenditures. The management agreements generally have terms from 5 to 20 years and generally have renewal options. The management agreements governing the operations of 32 of our Consolidated Hotels contain the right and license to operate the hotels under the specified brands. The remaining six Consolidated Hotels operate under franchise or license agreements that are separate from our management agreements. Typically, our franchise or license agreements provide for a license fee, or royalty, of 4 to 5.5% of room revenues. In the event 18. Commitments and Contingencies - (continued) we breach one of these agreements, in addition to losing the right to use the brand name for the operation of the applicable hotel, we may be liable, under certain circumstances, for liquidated damages (generally equal to the fees paid to the franchisor with respect to that hotel during the three immediately preceding years). At December 31, 2016 , we have $26.2 million in purchase obligations related to planned renovations at our hotels, most of which we expect to spend in 2017. One of our consolidated subsidiaries was engaged in a commercial dispute with a third party that related to circumstances that arose prior to December 31, 2014. Under generally accepted accounting principles, we recorded $5.9 million in other expenses in 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 year ended December 31, 2015. 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 $1.1 million to the pension trust during 2016 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 not occur until mid-2018. Accordingly, we have recorded the $1.1 million in payments made in 2016 and accrued for seven more quarterly payments (approximately $2.0 million ) that would be made if the dispute remains unresolved until mid-2018 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). There is no other litigation pending or known to be threatened against us or affecting any of our hotels, other than claims arising in the ordinary course of business or which are not considered to be material. Furthermore, most of these claims are substantially covered by insurance. We do not believe that any claims known to us, individually or in the aggregate, will have a material adverse effect on us. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosure | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosure | Supplemental Cash Flow Disclosure In 2016 and 2014 , we allocated $8,600 and $55,700 , respectively, of noncontrolling interests to additional paid-in capital with regard to the exchange of 1,279 and 6,080 units, respectively, for common stock. For the year ended December 31, 2016, our repayment of borrowings consisted of payments on our line of credit of $156.0 million and normal recurring principal payments of $2.7 million . For the year ended December 31, 2015, our repayment of borrowings consisted of debt retirement of $880.5 million , payments on our line of credit of $314.5 million , payments on the cash collateralized tranche of our Knickerbocker loan of $6.3 million and normal recurring principal payments of $2.6 million . For the year ended December 31, 2014, our repayment of borrowings consisted of debt retirement of $310.2 million , payments on our line of credit of $251.0 million , payments on the cash collateralized tranche of our Knickerbocker loan of $58.6 million and normal recurring principal payments of $3.3 million . For the years ended December 31, 2016, 2015, and 2014, the changes in accrued expenses and other liabilities related to investment in hotels and hotel development were a decrease of $4.5 million , an increase of $2.7 million , and a decrease of $11.3 million , respectively. |
FelCor Stock Based Compensation
FelCor Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
FelCor Stock Based Compensation Plans | FelCor Stock Based Compensation Plans FelCor sponsors a restricted stock and stock option plan, or the Plan. FelCor is authorized to issue up to 6,100,000 shares of common stock under the Plan pursuant to awards granted in the form of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. Stock-based grants vest subject to time-based or performance-based vesting. There were 4,085,899 shares available for grant under the Plan at December 31, 2016 . FelCor Restricted Stock and Restricted Stock Units A summary of the status of FelCor’s restricted stock and restricted stock unit grants as of December 31, 2016 , 2015 and 2014 , and the changes during these years is presented below: 2016 2015 2014 Shares Weighted Average Fair Market Value at Grant Shares Weighted Average Fair Market Value at Grant Shares Weighted Average Fair Market Value at Grant Shares unvested at beginning of the year 1,830,123 $ 6.79 1,509,519 $ 5.70 1,270,000 $ 4.12 Granted: With up to 5-year pro rata vesting 1,207,926 $ 6.24 1,116,394 $ 8.14 1,036,252 $ 6.70 Forfeited (396,148 ) $ 6.04 (2,250 ) $ 9.62 (2,250 ) $ 9.62 Vested (771,508 ) $ 7.72 (793,540 ) $ 6.61 (794,483 ) $ 4.46 Shares unvested at end of the year 1,870,393 $ 6.21 1,830,123 $ 6.79 1,509,519 $ 5.70 20. FelCor Stock Based Compensation Plans - (continued) Our executive officers were granted market based restricted stock units providing them with the potential to earn common shares based on total stockholder return relative to a group of 10 lodging REIT peers. These awards granted in 2013 through 2015 vest in three increments over four years . Market based awards granted to our executive officers in 2016 cliff vest in three years . Fair value of our market based restricted stock units estimates are based on a Monte Carlo simulation. The assumptions used in this simulation include the following: 2016 2015 2014 Annual volatility (a) 45.92 % 48.11 % 53.78 % Dividend rate (b) $ 0.05 $ 0.04 $ 0.02 Risk-free rate 0.93 % 1.32 % 1.13 % (a) Based on share price history. (b) Based on dividend rate at time of award. Our executive officers were also granted time-based restricted stock unit awards in 2016 that vest in three equal increments over three years . Other employees have received time-based restricted stock awards that vest in equal increments over three years to five years . Our executive officers also received financial performance based awards in 2016, however the three-year performance requirement for vesting has not yet been established. As such, these awards do not yet have a grant date and no expense has been recorded for financial statement purposes. The fixed cost of market and time based grants is amortized over the vesting period. The unearned compensation cost of FelCor’s granted but unvested restricted stock and units was $5.1 million and $6.9 million , as of December 31, 2016 and 2015, respectively. The weighted average period over which the December 31, 2016 cost is to be amortized is approximately one year . Amortization expense for fixed stock compensation related to FelCor’s restricted stock and units was $5.0 million , $5.1 million , and $3.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The restricted stock unit grant also provides that to the extent any of these executive officers earn more shares than allowed under the plan upon vesting of this grant, the excess is settled in cash. To the extent there is excess likely to settle in cash, these awards are accounted for as liability awards, the fair value of which is remeasured at the end of each reporting period. We paid $3.3 million in 2016 and $1.9 million in 2015 for the excess cash settlements for vested awards. The liability accrued for these awards expected to be settled in cash was $1.0 million and $2.6 million as of December 31, 2016 and 2015 , respectively. Amortization expense for our variable stock compensation was $450,000 , $798,000 , and $2.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits FelCor offers a 401(k) retirement savings plan and health insurance benefits to its employees. FelCor’s matching contribution to our 401(k) plan totaled approximately $1.0 million during 2016 and 2015 and $948,000 for 2014 . Health insurance benefits cost $1.4 million for the year ended December 31, 2016 , $1.3 million for 2015 , and $1.2 million for 2014 . 21. Employee Benefits — (continued) During the years ended December 31, 2016 and 2015 , we recorded severance charges of $6.9 million (including $2.9 million of equity based charges) and $3.7 million (including $1.4 million of equity based charges), 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. FelCor LP has no employees, and FelCor, as FelCor LP’s sole general partner, performs FelCor LP’s management functions. The employees at our hotels are employees of the respective management companies. Under the management agreements, we reimburse the management companies for the compensation and benefits related to the employees who work at our hotels. We are not, however, the sponsors of their employee benefit plans. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have determined that our business is conducted in one operating segment because of the similar economic characteristics of our hotels. The following table sets forth revenues from continuing operations and investment in hotel assets represented by the following geographical areas (in thousands): Revenue For the Year Ended December 31, Investment in Hotel Assets as of December 31, 2016 2015 2014 2016 2015 California $ 293,002 $ 299,422 $ 277,458 $ 312,222 $ 410,009 Florida 136,789 138,055 135,972 223,362 215,657 Massachusetts 93,037 93,685 85,665 152,462 162,875 New York 72,966 51,649 33,916 431,724 469,489 South Carolina 64,783 63,258 58,398 114,339 112,038 Other states 206,377 240,185 321,792 332,714 359,463 Canada — — 8,386 — — Total $ 866,954 $ 886,254 $ 921,587 $ 1,566,823 $ 1,729,531 |
Quarterly Operating Results (un
Quarterly Operating Results (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (unaudited) | Quarterly Operating Results (unaudited) Our unaudited consolidated quarterly operating data for the years ended December 31, 2016 and 2015 follows (in thousands, except per share/unit data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management’s opinion, however, that quarterly operating data for hotel enterprises is not indicative of results to be achieved in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in stockholders’ equity (or partners’ capital) and cash flows for a period of several years. FelCor 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 210,144 $ 237,906 $ 222,981 $ 195,923 Income (loss) from continuing operations $ (4,367 ) $ 14,400 $ (9,761 ) $ 730 Discontinued operations $ — $ — $ (3,131 ) $ — Net income (loss) attributable to FelCor $ (4,922 ) $ 13,391 $ (5,099 ) $ 128 Net income (loss) attributable to FelCor common stockholders $ (11,201 ) $ 7,112 $ (11,378 ) $ (6,150 ) Comprehensive income (loss) attributable to FelCor $ (4,922 ) $ 13,391 $ (5,099 ) $ 128 Basic and diluted per common share data: Net income (loss) from continuing operations $ (0.08 ) $ 0.05 $ (0.06 ) $ (0.04 ) Discontinued operations $ — $ — $ (0.02 ) $ — Net income (loss) $ (0.08 ) $ 0.05 $ (0.08 ) $ (0.04 ) Basic weighted average common shares outstanding 139,678 138,182 137,464 137,244 Diluted weighted average common shares outstanding 139,678 138,678 137,464 137,244 2015 First Second Third Fourth Total revenues $ 213,695 $ 241,103 $ 225,152 $ 206,304 Loss from continuing operations $ (4,895 ) $ (2,614 ) $ (11,785 ) $ (4,266 ) Discontinued operations $ 4 $ (83 ) $ 498 $ 250 Net income (loss) attributable to FelCor $ 6,783 $ (3,284 ) $ (8,208 ) $ (4,156 ) Net loss attributable to FelCor common stockholders $ (2,895 ) $ (17,283 ) $ (14,487 ) $ (10,434 ) Comprehensive income (loss) attributable to FelCor $ 6,783 $ (3,284 ) $ (8,208 ) $ (4,156 ) Basic and diluted per common share data: Net loss from continuing operations $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Basic weighted average common shares outstanding 124,519 140,322 142,982 142,823 Diluted weighted average common shares outstanding 124,519 140,322 142,982 142,823 23. Quarterly Operating Results (unaudited) – (continued) FelCor LP 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 210,144 $ 237,906 $ 222,981 $ 195,923 Income (loss) from continuing operations $ (4,367 ) $ 14,400 $ (9,761 ) $ 730 Discontinued operations $ — $ — $ (3,131 ) $ — Net income (loss) attributable to FelCor LP $ (4,970 ) $ 13,422 $ (5,149 ) $ 102 Net income (loss) attributable to FelCor LP common unitholders $ (11,249 ) $ 7,143 $ (11,428 ) $ (6,176 ) Comprehensive income (loss) attributable to FelCor LP $ (4,970 ) $ 13,422 $ (5,149 ) $ 102 Basic and diluted per common unit data: Net income (loss) from continuing operations $ (0.08 ) $ 0.05 $ (0.06 ) $ (0.04 ) Discontinued operations $ — $ — $ (0.02 ) $ — Net income (loss) $ (0.08 ) $ 0.05 $ (0.08 ) $ (0.04 ) Basic weighted average common units outstanding 140,289 138,793 138,075 137,854 Diluted weighted average common units outstanding 140,289 139,289 138,075 137,854 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 213,695 $ 241,103 $ 225,152 $ 206,304 Loss from continuing operations $ (4,895 ) $ (2,614 ) $ (11,785 ) $ (4,266 ) Discontinued operations $ 4 $ (83 ) $ 498 $ 250 Net income (loss) attributable to FelCor LP $ 6,769 $ (3,359 ) $ (8,269 ) $ (4,200 ) Net loss attributable to FelCor LP common unitholders $ (2,909 ) $ (17,358 ) $ (14,548 ) $ (10,478 ) Comprehensive income (loss) attributable to FelCor LP $ 6,769 $ (3,359 ) $ (8,269 ) $ (4,200 ) Basic and diluted per common unit data: Net loss from continuing operations $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Basic weighted average common units outstanding 125,130 140,933 143,594 143,434 Diluted weighted average common units outstanding 125,130 140,933 143,594 143,434 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Prouncements,Policy [Text Block] | 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). The Company expects to adopt this guidance on January 1, 2018, on a modified retrospective basis. Based on the company’s assessment of this standard, it is not expected to have a material effect on the amount of revenue, or the timing of recognizing revenue, from our hotel operations. In February 2016, the FASB issued ASU 2016-02 - Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract ( i.e. , lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact our consolidated financial statements as we have certain operating lease arrangements. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. While we are still in the process of evaluating the impact of this new guidance, we do expect that t he application of this standard will result in the recording of a right-of-use asset and a related lease liability on our ground leases. In August 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-18, Restricted Cash , which addresses classification issues related to the statement of cash flows which may impact our classification of cash activity related to restricted cash. The standard is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
FelCor Lodging LP [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
FelCor LP's Consolidating Financial Information | FELCOR LODGING LIMITED PARTNERSHIP CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 488,528 $ 1,078,295 $ — $ 1,566,823 Equity investment in consolidated entities 1,190,737 — — (1,190,737 ) — Investment in unconsolidated entities 2,410 4,800 1,102 — 8,312 Cash and cash equivalents 13,532 29,141 4,644 — 47,317 Restricted cash — 16,433 3,058 — 19,491 Accounts receivable, net 2,804 33,338 5,938 — 42,080 Deferred expenses, net — — 4,527 — 4,527 Other assets 5,634 10,009 2,899 — 18,542 Total assets $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 Debt, net $ 985,767 $ — $ 391,995 $ (39,436 ) $ 1,338,326 Distributions payable 14,734 — 124 — 14,858 Accrued expenses and other liabilities 28,431 79,439 8,567 — 116,437 Total liabilities 1,028,932 79,439 400,686 (39,436 ) 1,469,621 Redeemable units, at redemption value 4,888 — — — 4,888 Preferred units 309,337 — — — 309,337 Common units (128,040 ) 503,765 647,536 (1,151,301 ) (128,040 ) Total FelCor LP partners’ capital 181,297 503,765 647,536 (1,151,301 ) 181,297 Noncontrolling interests — (955 ) 8,458 — 7,503 Preferred capital in consolidated joint venture — — 43,783 — 43,783 Total partners’ capital 181,297 502,810 699,777 (1,151,301 ) 232,583 Total liabilities and partners’ capital $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP 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 33,873 4,694 — 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 $ 713,382 $ 1,122,640 $ (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 ) 630,412 590,931 (1,221,343 ) (49,184 ) Total FelCor LP partners’ capital 260,153 630,412 590,931 (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 260,153 629,595 642,740 (1,221,343 ) 311,145 Total liabilities and partners’ capital $ 1,290,669 $ 713,382 $ 1,122,640 $ (1,260,779 ) $ 1,865,912 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 862,818 $ — $ — $ 862,818 Percentage lease revenue — — 134,462 (134,462 ) — Other revenue 210 3,498 428 — 4,136 Total revenue 210 866,316 134,890 (134,462 ) 866,954 Expenses: Hotel operating expenses — 551,165 — — 551,165 Taxes, insurance and lease expense 149 168,757 22,873 (134,462 ) 57,317 Corporate expenses — 14,848 12,189 — 27,037 Depreciation and amortization 261 45,764 68,029 — 114,054 Impairment — 26,459 — — 26,459 Other expenses 7,266 4,830 644 — 12,740 Total operating expenses 7,676 811,823 103,735 (134,462 ) 788,772 Operating income (7,466 ) 54,493 31,155 — 78,182 Interest expense, net (58,265 ) 30 (19,947 ) — (78,182 ) Other gains, net — — 342 — 342 Income before equity in income from unconsolidated entities (65,731 ) 54,523 11,550 — 342 Equity in income from consolidated entities 69,540 — — (69,540 ) — Equity in income from unconsolidated entities 1,781 (202 ) (46 ) — 1,533 Income from continuing operations before income tax expense 5,590 54,321 11,504 (69,540 ) 1,875 Income tax expense 559 (1,586 ) 154 — (873 ) Income from continuing operations 6,149 52,735 11,658 (69,540 ) 1,002 Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotels 3,018 52,735 11,658 (69,540 ) (2,129 ) Gain on sale of hotels, net 387 6,450 (515 ) — 6,322 Net income 3,405 59,185 11,143 (69,540 ) 4,193 Loss attributable to noncontrolling interests — 520 153 — 673 Preferred distributions - consolidated joint venture — — (1,461 ) — (1,461 ) Net income attributable to FelCor LP 3,405 59,705 9,835 (69,540 ) 3,405 Preferred distributions (25,115 ) — — — (25,115 ) Net loss attributable to FelCor LP common unitholders $ (21,710 ) $ 59,705 $ 9,835 $ (69,540 ) $ (21,710 ) 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 878,371 $ — $ — $ 878,371 Percentage lease revenue — — 126,867 (126,867 ) — Other revenue 143 7,288 452 — 7,883 Total revenue 143 885,659 127,319 (126,867 ) 886,254 Expenses: Hotel operating expenses — 572,259 — — 572,259 Taxes, insurance and lease expense 490 163,727 21,857 (126,867 ) 59,207 Corporate expenses — 15,022 12,261 — 27,283 Depreciation and amortization 188 49,589 64,675 — 114,452 Impairment — 20,861 — — 20,861 Other expenses 3,995 7,451 1,033 — 12,479 Total operating expenses 4,673 828,909 99,826 (126,867 ) 806,541 Operating income (4,530 ) 56,750 27,493 — 79,713 Interest expense, net (57,062 ) 11 (22,067 ) — (79,118 ) Debt extinguishment (28,459 ) — (2,450 ) — (30,909 ) Other gains, net — — 166 — 166 Loss before equity in income from unconsolidated entities (90,051 ) 56,761 3,142 — (30,148 ) Equity in income from consolidated entities 73,274 — — (73,274 ) — Equity in income from unconsolidated entities 8,368 (489 ) (46 ) — 7,833 Loss from continuing operations before income tax expense (8,409 ) 56,272 3,096 (73,274 ) (22,315 ) Income tax expense (252 ) (993 ) — — (1,245 ) Loss from continuing operations (8,661 ) 55,279 3,096 (73,274 ) (23,560 ) Income from discontinued operations — 11 658 — 669 Loss before gain on sale of hotels (8,661 ) 55,290 3,754 (73,274 ) (22,891 ) Gain on sale of hotels, net (398 ) (17 ) 19,841 — 19,426 Net loss (9,059 ) 55,273 23,595 (73,274 ) (3,465 ) Income attributable to noncontrolling interests — 769 (4,926 ) — (4,157 ) Preferred distributions - consolidated joint venture — — (1,437 ) — (1,437 ) Net loss attributable to FelCor LP (9,059 ) 56,042 17,232 (73,274 ) (9,059 ) Preferred distributions (30,138 ) — — — (30,138 ) Redemption of preferred units (6,096 ) — — — (6,096 ) Net loss attributable to FelCor LP common unitholders $ (45,293 ) $ 56,042 $ 17,232 $ (73,274 ) $ (45,293 ) 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 917,981 $ — $ — $ 917,981 Percentage lease revenue 4,181 — 92,936 (97,117 ) — Other revenue 6 3,143 457 — 3,606 Total revenue 4,187 921,124 93,393 (97,117 ) 921,587 Expenses: Hotel operating expenses — 606,113 — — 606,113 Taxes, insurance and lease expense 1,267 159,600 20,516 (97,117 ) 84,266 Corporate expenses 427 16,743 12,415 — 29,585 Depreciation and amortization 2,717 55,832 57,270 — 115,819 Other expenses 178 12,330 5,444 — 17,952 Total operating expenses 4,589 850,618 95,645 (97,117 ) 853,735 Operating income (402 ) 70,506 (2,252 ) — 67,852 Interest expense, net (71,024 ) 6 (19,677 ) — (90,695 ) Debt extinguishment (3,823 ) — (947 ) — (4,770 ) Gain on sale of investment in unconsolidated entities, net 30,176 — — — 30,176 Gain from remeasurement of unconsolidated entities, net 20,737 — — — 20,737 Other gains, net — 100 — — 100 Income before equity in income from unconsolidated entities (24,336 ) 70,612 (22,876 ) — 23,400 Equity in income from consolidated entities 113,267 — — (113,267 ) — Equity in income from unconsolidated entities 4,682 374 (46 ) — 5,010 Income from continuing operations before income tax expense 93,613 70,986 (22,922 ) (113,267 ) 28,410 Income tax expense (134 ) (526 ) — — (660 ) Income from continuing operations 93,479 70,460 (22,922 ) (113,267 ) 27,750 Loss from discontinued operations — (146 ) (214 ) — (360 ) Income before gain on sale of hotels 93,479 70,314 (23,136 ) (113,267 ) 27,390 Gain on sale of hotels, net (1,243 ) (244 ) 68,249 — 66,762 Net income 92,236 70,070 45,113 (113,267 ) 94,152 Income attributable to noncontrolling interests — 339 (1,036 ) — (697 ) Preferred distributions - consolidated joint venture — — (1,219 ) — (1,219 ) Net income attributable to FelCor LP 92,236 70,409 42,858 (113,267 ) 92,236 Preferred distributions (38,712 ) — — — (38,712 ) Net income attributable to FelCor LP common unitholders $ 53,524 $ 70,409 $ 42,858 $ (113,267 ) $ 53,524 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income and comprehensive income $ 3,405 $ 59,185 $ 11,143 $ (69,540 ) $ 4,193 Comprehensive loss attributable to noncontrolling interests — 520 153 — 673 Preferred distributions - consolidated joint venture — — (1,461 ) — (1,461 ) Comprehensive income attributable to FelCor LP $ 3,405 $ 59,705 $ 9,835 $ (69,540 ) $ 3,405 FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net loss and comprehensive loss $ (9,059 ) $ 55,273 $ 23,595 $ (73,274 ) $ (3,465 ) Comprehensive income attributable to noncontrolling interests — 769 (4,926 ) — (4,157 ) Preferred distributions - consolidated joint venture — — (1,437 ) — (1,437 ) Comprehensive loss attributable to FelCor LP $ (9,059 ) $ 56,042 $ 17,232 $ (73,274 ) $ (9,059 ) 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ 92,236 $ 70,070 $ 45,113 $ (113,267 ) $ 94,152 Foreign currency translation adjustment (490 ) — (490 ) 490 (490 ) Reclassification of foreign currency translation to gain (24,553 ) — (24,553 ) 24,553 (24,553 ) Comprehensive income 67,193 70,070 20,070 (88,224 ) 69,109 Comprehensive income attributable to noncontrolling interests — 339 (1,036 ) — (697 ) Preferred distributions - consolidated joint venture — — (1,219 ) — (1,219 ) Comprehensive income attributable to FelCor LP $ 67,193 $ 70,409 $ 17,815 $ (88,224 ) $ 67,193 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (65,416 ) $ 115,577 $ 84,759 $ — $ 134,920 Investing activities: Acquisition of land — — (8,226 ) — (8,226 ) Improvements and additions to hotels (11 ) (31,309 ) (42,944 ) — (74,264 ) Net proceeds from asset dispositions (1,433 ) 102,726 (323 ) — 100,970 Insurance proceeds — — 341 — 341 Change in restricted cash — (992 ) (797 ) — (1,789 ) Distributions from unconsolidated entities 1,586 — — — 1,586 Intercompany financing 149,667 — — (149,667 ) — Cash flows from investing activities 149,809 70,425 (51,949 ) (149,667 ) 18,618 Financing activities: Proceeds from borrowings — — 85,000 — 85,000 Repayment of borrowings — — (158,662 ) — (158,662 ) Payment of deferred financing costs — — (12 ) — (12 ) Distributions paid to noncontrolling interests — (14 ) (2 ) — (16 ) Contributions from noncontrolling interests — 397 239 — 636 Net proceeds from issuance of preferred equity-consolidated joint venture — — 597 — 597 Repurchase of common stock (30,462 ) — — — (30,462 ) Distributions paid to preferred unitholders (25,115 ) — — — (25,115 ) Distributions paid to common unitholders (33,606 ) — — — (33,606 ) Intercompany financing — (191,117 ) 41,450 149,667 — Other (2,897 ) — (1,461 ) — (4,358 ) Cash flows used in financing activities (92,080 ) (190,734 ) (32,851 ) 149,667 (165,998 ) Effect of exchange rate changes on cash — — (9 ) — (9 ) Change in cash and cash equivalents (7,687 ) (4,732 ) (50 ) — (12,469 ) Cash and cash equivalents at beginning of period 21,219 33,873 4,694 — 59,786 Cash and cash equivalents at end of period $ 13,532 $ 29,141 $ 4,644 $ — $ 47,317 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (54,129 ) $ 123,302 $ 77,490 $ — $ 146,663 Investing activities: Improvements and additions to hotels 242 (42,039 ) (6,639 ) — (48,436 ) Hotel development — — (33,525 ) — (33,525 ) Net proceeds from asset dispositions (569 ) (669 ) 189,187 — 187,949 Insurance proceeds 274 — 203 — 477 Distributions from unconsolidated entities 6,517 800 — — 7,317 Contributions to unconsolidated entities (15 ) — — — (15 ) Change in restricted cash - investing — (3,243 ) 6,037 — 2,794 Intercompany financing 184,776 — — (184,776 ) — Cash flows from investing activities 191,225 (45,151 ) 155,263 (184,776 ) 116,561 Financing activities: Proceeds from borrowings 475,000 — 550,438 — 1,025,438 Repayment of borrowings (545,453 ) — (658,356 ) — (1,203,809 ) Payment of deferred financing costs (8,505 ) — (6,447 ) — (14,952 ) Distributions paid to noncontrolling interests — (444 ) (17,151 ) — (17,595 ) Contributions from noncontrolling interests — 548 2,261 — 2,809 Redemption of preferred units (169,986 ) — — — (169,986 ) Repurchase of common stock (14,362 ) — — — (14,362 ) Net proceeds from issuance of preferred equity-consolidated joint venture — — 1,744 — 1,744 Distributions paid to preferred unitholders (32,404 ) — — — (32,404 ) Distributions paid to common unitholders (22,385 ) — — — (22,385 ) Net proceeds from common unit issuance 198,648 — — — 198,648 Intercompany financing — (76,697 ) (108,079 ) 184,776 — Other (2,147 ) — (1,431 ) — (3,578 ) Cash flows used in financing activities (121,594 ) (76,593 ) (237,021 ) 184,776 (250,432 ) Effect of exchange rate changes on cash — — (153 ) — (153 ) Change in cash and cash equivalents 15,502 1,558 (4,421 ) — 12,639 Cash and cash equivalents at beginning of period 5,717 32,315 9,115 — 47,147 Cash and cash equivalents at end of period $ 21,219 $ 33,873 $ 4,694 $ — $ 59,786 25. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (62,837 ) $ 130,359 $ 40,362 $ — $ 107,884 Investing activities: Improvements and additions to hotels (135 ) (46,765 ) (36,764 ) — (83,664 ) Hotel development — — (86,565 ) — (86,565 ) Net proceeds from asset dispositions 6,488 (55 ) 157,185 — 163,618 Proceeds from unconsolidated joint venture transaction 3,154 — 878 — 4,032 Change in restricted cash - investing — (3,571 ) 60,302 — 56,731 Insurance proceeds — — 521 — 521 Distributions from unconsolidated entities 7,472 5,356 — — 12,828 Contributions to unconsolidated entities (7 ) — — — (7 ) Intercompany financing 334,905 — — (334,905 ) — Cash flows from investing activities 351,877 (45,035 ) 95,557 (334,905 ) 67,494 Financing activities: Proceeds from borrowings — — 473,062 — 473,062 Repayment of borrowings (236,745 ) — (386,361 ) — (623,106 ) Payment of deferred financing costs (4 ) — (3,211 ) — (3,215 ) Acquisition of noncontrolling interests — — (5,850 ) — (5,850 ) Net proceeds from issuance of preferred equity-consolidated joint venture — — 41,442 — 41,442 Distributions paid to preferred unitholders (38,712 ) — — — (38,712 ) Distributions paid to common unitholders (9,981 ) — — — (9,981 ) Distributions paid to noncontrolling interests — (850 ) (8,746 ) — (9,596 ) Contributions from noncontrolling interests — 1,265 5,110 — 6,375 Intercompany financing — (86,470 ) (248,435 ) 334,905 — Other (3,108 ) — (1,102 ) — (4,210 ) Cash flows used in financing activities (288,550 ) (86,055 ) (134,091 ) 334,905 (173,791 ) Effect of exchange rate changes on cash — (71 ) (14 ) — (85 ) Change in cash and cash equivalents 490 (802 ) 1,814 — 1,502 Cash and cash equivalents at beginning of period 5,227 33,117 7,301 — 45,645 Cash and cash equivalents at end of period $ 5,717 $ 32,315 $ 9,115 $ — $ 47,147 | 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 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. 25. FelCor LP’s Consolidating Financial Information - (continued) The following tables present consolidating information for the Subsidiary Guarantors. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2016 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition Gross Amounts at Which Carried at Close of Period Accumulated Depreciation Buildings & Improvements Life Upon Which Depreciation is Computed (*) Location Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Year Opened Date Acquired Birmingham, AL (a) $ 22,760 $ 2,843 $ 29,286 $ — $ 4,759 $ 2,843 $ 34,045 $ 36,888 $ 17,433 1987 1/3/1996 15 - 40 Yrs Phoenix - Biltmore, AZ (a) — 4,694 38,998 — 4,981 4,694 43,979 48,673 22,385 1985 1/3/1996 15 - 40 Yrs Los Angeles – International Airport – South, CA (a) 14,089 2,660 17,997 — 6,609 2,660 24,606 27,266 11,787 1985 3/27/1996 15 - 40 Yrs Milpitas – Silicon Valley, CA (a) (k) 4,021 23,677 — 4,928 4,021 28,605 32,626 14,440 1987 1/3/1996 15 - 40 Yrs Napa Valley, CA (a) 26,639 2,218 14,205 — 6,933 2,218 21,138 23,356 9,791 1985 5/8/1996 15 - 40 Yrs Oxnard - Mandalay Beach – Hotel & Resort, CA (a) — 2,930 22,125 — 11,473 2,930 33,598 36,528 16,466 1986 5/8/1996 15 - 40 Yrs San Diego Bayside, CA (j) — (l) 68,229 — 13,535 — 81,764 81,764 49,340 1965 7/28/1998 15 - 40 Yrs San Francisco – Airport/Waterfront, CA (a) — (m) 39,929 — 8,556 — 48,485 48,485 23,213 1986 11/6/1995 15 - 40 Yrs San Francisco – Airport/South San Francisco, CA (a) (k) 3,418 31,737 — 5,805 3,418 37,542 40,960 18,967 1988 1/3/1996 15 - 40 Yrs San Francisco - Fisherman’s Wharf, CA (e) — (n) 61,883 — 18,681 — 80,564 80,564 40,629 1970 7/28/1998 15 - 40 Yrs San Francisco –Union Square, CA (f) 28,881 8,466 73,684 (434 ) 54,504 8,032 128,188 136,220 54,995 1970 7/28/1998 15 - 40 Yrs Santa Monica Beach – at the Pier, CA (j) 9,746 10,200 16,580 — 1,917 10,200 18,497 28,697 5,697 1967 3/11/2004 15 - 40 Yrs Deerfield Beach – Resort & Spa, FL (a) 30,184 4,523 29,443 68 7,357 4,591 36,800 41,391 18,715 1987 1/3/1996 15 - 40 Yrs Ft. Lauderdale – 17th Street, FL (a) 34,117 5,329 47,850 (163 ) 7,700 5,166 55,550 60,716 28,498 1986 1/3/1996 15 - 40 Yrs Miami – International Airport, FL (a) — 4,135 24,950 — 7,441 4,135 32,391 36,526 16,470 1983 1/3/1996 15 - 40 Yrs Orlando – International Drive South/Convention, FL (a) (k) 1,632 13,870 — 5,876 1,632 19,746 21,378 9,879 1985 7/28/1994 15 - 40 Yrs Orlando – Walt Disney World Resort, FL (c) — (o) 28,092 — 3,978 — 32,070 32,070 22,536 1987 7/28/1997 15 - 40 Yrs St. Petersburg – Vinoy Resort & Golf Club, FL (d) 20,528 (p) 100,823 — 11,687 — 112,510 112,510 27,440 1925 12/16/2007 15 - 40 Yrs FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation – (continued) as of December 31, 2016 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition Gross Amounts at Which Carried at Close of Period Accumulated Depreciation Buildings & Improvements Life Upon Which Depreciation is Computed (*) Location Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Year Opened Date Acquired Atlanta – Buckhead, GA (a) (k) 7,303 38,996 (300 ) 4,722 7,003 43,718 50,721 21,363 1988 10/17/1996 15 - 40 Yrs New Orleans – French Quarter, LA (j) — (q) 50,732 — 11,671 — 62,403 62,403 26,187 1969 7/28/1998 15 - 40 Yrs Boston – at Beacon Hill, MA (j) — (r) 45,192 — 6,622 — 51,814 51,814 33,114 1968 7/28/1998 15 - 40 Yrs Boston – Copley Plaza, MA (h) 24,014 27,600 62,500 — 15,086 27,600 77,586 105,186 12,863 1912 8/18/2010 15 - 40 Yrs Boston – Marlborough, MA (a) (k) 948 8,143 761 16,399 1,709 24,542 26,251 11,719 1988 6/30/1995 15 - 40 Yrs Minneapolis – Airport, MN (a) 36,594 5,417 36,508 24 3,205 5,441 39,713 45,154 20,539 1986 11/6/1995 15 - 40 Yrs New York - Morgans (i) — 16,200 29,872 — 2,916 16,200 32,788 48,988 4,349 1984 5/23/2011 15 - 40 Yrs New York - Royalton (i) — 32,500 48,423 — 3,839 32,500 52,262 84,762 7,327 1988 5/23/2011 15 - 40 Yrs New York - The Knickerbocker (u) 85,000 85,400 213,941 — 1,741 85,400 215,682 301,082 8,463 2015 12/6/2011 15 - 40 Yrs Philadelphia – Historic District, PA (j) — 3,164 27,535 7 7,741 3,171 35,276 38,447 15,871 1972 7/28/1998 15 - 40 Yrs Philadelphia – Society Hill, PA (b) (k) 4,542 45,121 — 10,553 4,542 55,674 60,216 26,430 1986 10/1/1997 15 - 40 Yrs Pittsburgh – at University Center (Oakland), PA (j) — (s) 25,031 — 3,265 — 28,296 28,296 12,828 1988 11/1/1998 15 - 40 Yrs Charleston – Mills House, SC (j) 12,352 3,251 28,295 7 8,666 3,258 36,961 40,219 15,910 1982 7/28/1998 15 - 40 Yrs Myrtle Beach – Oceanfront Resort, SC (a) — 2,940 24,988 — 13,268 2,940 38,256 41,196 16,875 1987 12/5/1996 15 - 40 Yrs Myrtle Beach Resort (g) (k) 9,000 19,844 6 32,688 9,006 52,532 61,538 20,435 1974 7/23/2002 15 - 40 Yrs Austin, TX (c) 9,389 2,508 21,908 — 5,067 2,508 26,975 29,483 13,118 1987 3/20/1997 15 - 40 Yrs Dallas – Love Field, TX (a) (k) 1,934 16,674 — 6,751 1,934 23,425 25,359 11,328 1986 3/29/1995 15 - 40 Yrs Houston - Medical Center, TX (j) — (t) 22,027 8,226 6,914 8,226 28,941 37,167 12,468 1984 7/28/1998 15 - 40 Yrs Burlington Hotel & Conference Center, VT (b) (k) 3,136 27,283 (2 ) 8,297 3,134 35,580 38,714 15,335 1967 12/4/1997 15 - 40 Yrs Total hotels $ 354,293 $ 262,912 $ 1,476,371 $ 8,200 $ 356,131 $ 271,112 $ 1,832,502 $ 2,103,614 $ 715,203 Other properties (less than 5% of total) $ — $ 550 $ 3,686 $ — $ 267 $ 550 $ 3,953 $ 4,503 $ 1,173 Total $ 354,293 $ 263,462 $ 1,480,057 $ 8,200 $ 356,398 $ 271,662 $ 1,836,455 $ 2,108,117 $ 716,376 FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation – (continued) as of December 31, 2016 (in thousands) (a) Embassy Suites Hotel (b) Sheraton (c) DoubleTree by Hilton (d) Renaissance (e) Holiday Inn (f) Marriott (g) Hilton (h) Fairmont (i) Morgans Hotel Group (j) Wyndham (k) This hotel is mortgaged to secure repayment of our 5.625% senior notes due in 2023. (l) This hotel is subject to a ground lease which expires October 2029. * (m) This hotel is subject to a ground lease which expires April 2059. * (n) This hotel is subject to ground leases which expire October 2018. * (o) This hotel is subject to a ground lease which expires March 2032. * (p) This hotel is subject to ground leases, including the golf course, which expire February 2090 and a lease on the marina which expires September 2088. * (q) This hotel is subject to a ground lease which expires October 2065. * (r) This hotel is subject to a ground lease which expires November 2028. * (s) This hotel is subject to a ground lease which expires October 2038. * (t) We previously leased the land for this property. In the third quarter of 2016, we acquired the land for $8.2 million (including closing costs). (u) Development on this hotel was completed in 2015. * For those hotels subject to ground leases, depreciation expense is based on the shorter of the lease term or estimated useful life of the assets. FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation – (continued) as of December 31, 2016 (in thousands) Year ended December 31, 2016 2015 2014 Reconciliation of Land and Buildings and Improvements: Balance at beginning of period $ 2,229,492 $ 2,062,289 $ 2,175,100 Additions during period: Completed hotel development — 299,341 — Acquisitions from joint venture transaction — — 108,901 Purchase of land 8,226 — — Improvements 20,973 15,324 21,167 Deductions during period: Disposition of properties and other (150,574 ) (147,462 ) (242,879 ) Balance at end of period before impairment charges 2,108,117 2,229,492 2,062,289 Cumulative impairment charges on real estate assets owned at end of period (75,227 ) (76,008 ) (65,277 ) Balance at end of period $ 2,032,890 $ 2,153,484 $ 1,997,012 Reconciliation of Accumulated Depreciation Balance at beginning of period $ 697,386 $ 661,758 $ 698,146 Additions during period: Depreciation for the period 57,044 57,022 56,564 Deductions during period: Disposition of properties and other (38,054 ) (21,394 ) (92,952 ) Balance at end of period $ 716,376 $ 697,386 $ 661,758 The aggregate cost of real estate for federal income tax purposes is approximately $2.0 billion at December 31, 2016. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation — Our consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Investments in unconsolidated entities (consisting entirely of 50% owned ventures) are accounted for by the equity method. We follow the voting interest model and consolidate entities in which we have greater than 50% ownership interest and report entities in which we have 50% or less ownership interest under the equity method. 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. |
Use of Estimates | Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America, requires that management make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Investment in Hotels | Investment in Hotels — Our hotels are stated at cost and are depreciated using the straight-line method over estimated useful lives of 40 years for buildings, 15 to 30 years for improvements and three to 10 years for furniture, fixtures, and equipment. For those hotels subject to a ground lease, depreciation expense is based on the shorter of the lease term or the estimated useful life of the asset. We capitalize certain inventory (such as china, glass, silver and linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We periodically review the carrying value of each of our hotels to determine if circumstances exist indicating an impairment in the carrying value of the investment in the hotel or modification of depreciation periods. If facts or circumstances support the possibility of impairment of a hotel, we prepare a projection of the undiscounted future cash flows, without interest charges, over the shorter of the hotel’s estimated useful life or the expected hold period, and determine if the investment in such hotel is recoverable based on the undiscounted future cash flows. If impairment is indicated, we make an adjustment to reduce the carrying value of the hotel to its then fair value. We use recent operating results and current market information to arrive at our estimates of fair value. Maintenance and repairs are expensed, and major renewals and improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from our accounts and the related gain or loss is included in operations. Acquisition of Hotels — Investments in hotels are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value based on current replacement cost for similar capacity and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and 2. Summary of Significant Accounting Policies — (continued) franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities — We own a 50% interest in various real estate ventures in which the partners or members jointly make all material decisions concerning the business affairs and operations. Because we do not control these entities, we carry our investment in unconsolidated entities at cost, plus our equity in net earnings or losses, less distributions received since the date of acquisition and any adjustment for impairment. Our equity in net earnings or losses is adjusted for the straight-line depreciation, over the lower of 40 years or the remaining life of the venture, of the difference between our cost and our proportionate share of the underlying net assets at the date of acquisition. We periodically review our investment in unconsolidated entities for other-than-temporary declines in fair value. Any decline that is not expected to be recovered in the next 12 months is considered other-than-temporary and an impairment is recorded as a reduction in the carrying value of the investment. Estimated fair values are based on our projections of cash flows, market capitalization rates and sales prices of comparable assets. We track inception-to-date contributions, distributions and earnings for each of our unconsolidated investments. We determine the character of cash distributions from our unconsolidated investments for purposes of our consolidated statements of cash flows as follows: • Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity ( i.e., a distribution of earnings); and • Cash distributions in excess of aggregate historical earnings are recorded as an investing activity ( i.e., a distribution of contributed capital). |
Hotels Held for Sale | Hotels Held for Sale — We consider each individual hotel to be an identifiable component of our business. We do not consider a hotel held for sale until it is probable that the sale will be completed within 12 months. Generally, we consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We test hotels held for sale for impairment each reporting period and record them at the lower of their carrying amounts or fair value less costs to sell. Once we designate a hotel as held for sale it is not depreciated. |
Cash and Cash Equivalents | Cash and Cash Equivalents — All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. We deposit cash at major banks. Our bank account balances may exceed the Federal Depository Insurance Limits; however, management believes the credit risk related to these deposits is minimal. |
Restricted Cash | Restricted Cash —Restricted cash includes reserves for capital expenditures, real estate taxes and insurance, as well as cash collateral deposits for mortgage debt agreement provisions. |
Deferred Expenses | Deferred Expenses — Deferred expenses, consisting primarily of loan costs, are recorded at cost. Amortization is computed using a method that approximates the effective interest method over the maturity of the related debt. Deferred loan costs associated with our line of credit are classified as an asset on our consolidated balance sheets, while deferred loan costs associated with other outstanding debt are classified within the debt on our consolidated balance sheets. |
Other Assets | Other Assets — Other assets consist primarily of hotel operating inventories, prepaid expenses and deposits. |
Revenue Recognition | Revenue Recognition — Nearly 100% of our revenue is comprised of hotel operating revenues, such as room revenue, food and beverage revenue and revenue from other hotel operating departments (such as telephone, parking, resort fees and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by the brand owners of our hotels, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. |
Taxes, Insurance and Lease Expense | Taxes, insurance and lease expense — For the year ended December 31, 2015, taxes, insurance and lease expense included an out-of-period adjustment of $1.6 million related to straight-line lease expense from prior years for a ground lease associated with one of our consolidated hotels. The $1.6 million adjustment represented the cumulative additional rent that should have been recognized in prior years on a straight-line basis, with the credit being included in accrued expenses and other liabilities on the consolidated balance sheet. Management evaluated the impact to all previously reported periods and concluded all previously issued financial statements were not materially misstated, nor was the impact of the adjustment material to the three months or the year ended December 31, 2015. |
Foreign Currency Translation | Foreign Currency Translation — Results of operations for our Canadian hotel were maintained in Canadian dollars and translated using the weighted average exchange rates during the period. Assets and liabilities were translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Resulting translation adjustments were reflected in accumulated other comprehensive income. In 2014, we sold our remaining Canadian hotel and recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income). |
Capitalized Costs | Capitalized Costs — We capitalize interest (by applying our weighted average cost of borrowing to our construction in progress) and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. In addition, these costs were capitalized on our Knickerbocker hotel during development. We begin capitalizing these costs when activities necessary to get the asset ready for its intended use are underway and cease capitalizing these costs to 2. Summary of Significant Accounting Policies — (continued) projects when construction is substantially complete. Such costs capitalized in 2016 , 2015 and 2014 , were $7.7 million , $13.3 million and $25.9 million , respectively. |
Net Income (Loss) per Common Share | Net Income (Loss) per Common Share/Unit — We treat unvested share (unit)-based payment awards containing non-forfeitable rights to dividends (distributions) or dividend equivalents (whether paid or unpaid) as participating securities for computation of earnings per share (unit) (pursuant to the two-class method, in accordance with the Accounting Standards Codification, or ASC, 260-10-45-59A through 45-70). We compute basic earnings per share (unit) by dividing net income (loss) attributable to common stockholders (or unitholders) less dividends (distributions) declared on FelCor’s unvested restricted stock by the weighted average number of common shares (units) outstanding. We compute diluted earnings per share (unit) by dividing net income (loss) attributable to common stockholders less dividends (distributions) declared on FelCor’s unvested restricted stock by the weighted average number of common shares (units) and equivalents outstanding. For all years presented, our Series A cumulative preferred stock (units), or Series A preferred stock (units), if converted to common shares (units), would be antidilutive; accordingly, we do not assume conversion of the Series A preferred stock (units) in the computation of diluted earnings per share (unit). |
FelCor's Stock Compensation | FelCor’s Stock Compensation — We account for stock-based employee compensation using the fair value based method of accounting. We classify share-based payment awards granted in exchange for employee services as either equity awards or liability awards. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards that are to be settled in cash ( i.e., phantom stock) are classified as liability awards. The value of all our share-based awards is recognized over the period during which an employee is required to provide services in exchange for the award – the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. 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 reclassified $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. |
Derivatives | Derivatives — We recognize derivatives as either assets or liabilities on the balance sheet and measure those instruments at fair value. Additionally, the fair value adjustments will affect either equity or net income, depending on whether the derivative instrument qualifies as a hedge for accounting purposes and the nature of the hedging activity. |
Segment Information | Segment Information — We have determined that our business is conducted in one operating segment. |
Distributions and Dividends | Distributions and Dividends — FelCor declared aggregate common dividends of $0.24 , $0.18 and $0.10 per share in 2016, 2015 and 2014, respectively. FelCor’s ability to make distributions depends on FelCor’s receipt of quarterly distributions from FelCor LP, and FelCor LP’s ability to make distributions is dependent upon the results of operations of our hotels. FelCor LP distributes funds to FelCor to pay common and preferred dividends. FelCor’s Board of Directors will determine the amount of any future common and preferred dividends based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. |
Reacquired Stock | Reacquired Stock — We account for FelCor’s purchase of capital stock under a method that is consistent with Maryland law (Maryland is FelCor’s domicile), which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of common stock (at $0.01 par value per share) and an increase in accumulated deficit. |
Noncontrolling Interests | Noncontrolling Interests — Noncontrolling interests in other partnerships represents the proportionate share of the equity in other partnerships not owned by us. Noncontrolling interests in FelCor LP represents FelCor LP units not owned by FelCor. We allocate income and loss to noncontrolling interests in FelCor LP and other partnerships based on the weighted average percentage ownership throughout the year. FelCor characterizes minority interest in FelCor LP as noncontrolling interests, but because of the redemption feature of these units, FelCor includes them in the mezzanine section (between liabilities and equity) on its consolidated balance sheets. These units are redeemable at the option of the holders for a like number of shares of FelCor’s common stock or, at our option, the cash equivalent thereof. 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. |
Income Taxes | Income Taxes — FelCor has elected to be treated as a REIT under Sections 856 to 860 of the Internal Revenue Code and is not subject to federal income tax, provided that it distributes all of its taxable income annually to its stockholders and complies with certain other requirements. FelCor LP is treated as a partnership for federal income tax purposes and is not subject to federal income taxes. However, both FelCor and FelCor LP may be subject to state, local and foreign income and franchise taxes in certain jurisdictions. We generally lease our hotels to wholly-owned taxable REIT subsidiaries, or TRSs, that are subject to federal, state and foreign income taxes. Through these lessees, we record room revenue, food and beverage revenue and other revenue related to the operations of our hotels. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded for net deferred tax assets that are not expected to be realized. We determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. We apply this policy to all tax positions related to income taxes. |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization [Abstract] | |
Schedule of Distribution of Consolidated Hotels | The following table reflects the distribution of our 38 Consolidated Hotels at December 31, 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 Hotels (Tables)
Investment in Hotels (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Investment in hotels | Investment in hotels consisted of the following (in thousands): December 31, 2016 2015 Building and improvements $ 1,761,228 $ 1,859,100 Furniture, fixtures and equipment 426,692 449,437 Land 271,662 294,384 Construction in progress 40,127 26,185 2,499,709 2,629,106 Accumulated depreciation - Building and improvements (716,376 ) (697,386 ) Accumulated depreciation - Furniture, fixtures and equipment (216,510 ) (202,189 ) $ 1,566,823 $ 1,729,531 |
Hotel Dispositions (Tables)
Hotel Dispositions (Tables) | 12 Months Ended |
Dec. 31, 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 12 of 13 hotels sold in 2014 (the remaining hotel was held for sale as of December 31, 2013), eight hotels sold in 2015 and two hotels sold in 2016 included in continuing operations (in thousands): Year Ended December 31, 2016 2015 2014 Hotel operating revenue $ 39,750 $ 85,840 $ 207,762 Operating expenses (a) (39,530 ) (97,655 ) (197,180 ) Operating income (loss) 220 (11,815 ) 10,582 Interest expense, net 1 (1,031 ) (2,475 ) Debt extinguishment — (309 ) (932 ) Gain on sale of investment in unconsolidated entities, net — — 30,176 Equity in income from unconsolidated entities — 7,111 3,294 Income (loss) from continuing operations 221 (6,044 ) 40,645 Gain on sale of hotels, net (b) 6,322 19,426 66,762 Net income 6,543 13,382 107,407 Net income attributable to noncontrolling interests in other partnerships — (5,166 ) (977 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (28 ) (35 ) (394 ) Net income attributable to FelCor $ 6,515 $ 8,181 $ 106,036 (a) Operating expenses include impairment charges of $6.3 million and $20.9 million for the years ended December 31, 2016 and 2015 , respectively. (b) We recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income) when we sold our remaining Canadian hotel in 2014, which substantially liquidated all of our foreign investments. |
Investment in Unconsolidated 40
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2016 2015 Investment in hotels and other properties, net of accumulated depreciation $ 20,898 $ 23,047 Total assets $ 27,052 $ 29,033 Debt, net of unamortized debt issuance costs $ 22,065 $ 22,563 Total liabilities $ 24,311 $ 24,541 Equity $ 2,741 $ 4,492 |
Schedule of Combined Statement of Operations Information of Unconsolidated Entities | The following table (which, among other things, reflects decreases attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014) sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): Year Ended December 31, 2016 2015 2014 Total revenues $ 33,615 $ 32,591 $ 59,453 Net income $ 3,839 $ 22,799 $ 12,561 Net income attributable to FelCor $ 1,920 $ 11,400 $ 6,281 Cost in excess of joint venture book value of sold hotel — (3,140 ) — Depreciation of cost in excess of book value (387 ) (427 ) (1,271 ) Equity in income from unconsolidated entities $ 1,533 $ 7,833 $ 5,010 |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investment in unconsolidated entities (in thousands): December 31, 2016 2015 Equity basis of hotel joint venture investments $ (4,533 ) $ (4,216 ) Cost of hotel investments in excess of joint venture book value 6,942 7,329 Equity basis of land and condominium joint venture investments 5,903 6,462 Investment in unconsolidated entities $ 8,312 $ 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): Year Ended December 31, 2016 2015 2014 Hotel investments $ 2,092 $ 8,535 $ 5,784 Other investments (559 ) (702 ) (774 ) Equity in income from unconsolidated entities $ 1,533 $ 7,833 $ 5,010 |
Joint Venture Transactions (Tab
Joint Venture Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Joint Venture Transaction [Abstract] | |
Fair values of assets acquired and liabilities assumed | The following table summarizes the fair values of assets acquired and liabilities assumed where we obtained control of a previously unconsolidated entity ( i.e. , a business combination) through this, primarily non-cash, transaction (in thousands): Assets Investment in hotels $ 130,100 Other assets 1,300 Deferred expenses 259 Total assets acquired $ 131,659 Liabilities Debt $ 64,000 Net assets acquired $ 67,659 |
Unaudited consolidated pro forma results of operations | The following unaudited consolidated pro forma results of operations for the years ended December 31, 2014 and 2013 assumes the joint venture transactions (the business combination, the disposition of unconsolidated interests, the acquisition of a 10% interest in one hotel, and the change in lessee ownership percentages) occurred on January 1, 2013 (in thousands, except per share data). The unaudited consolidated pro forma results of operations are not necessarily indicative of the results of operations if the transactions had been completed on the assumed date. Year Ended December 31, 2014 2013 Revenue $ 892,555 $ 843,878 Net income (loss) $ 94,869 $ (65,670 ) Income (loss) per share/unit - basic $ 0.43 $ (0.82 ) Income (loss) per share/unit - diluted $ 0.43 $ (0.82 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Consolidated Debt | Consolidated debt consisted of the following (in thousands) at the dates shown: Encumbered Interest Maturity 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 120,109 122,237 Mortgage debt 1 4.94 October 2022 30,184 30,717 Line of credit (b) 7 LIBOR + 2.75 June 2019 119,000 190,000 Mortgage debt (c) 1 LIBOR + 3.00 November 2017 85,000 85,000 Total 22 $ 1,354,293 $ 1,427,954 Unamortized debt issuance costs (15,967 ) (18,065 ) Debt, net of unamortized debt issuance costs $ 1,338,326 $ 1,409,889 (a) This debt is comprised of separate non-cross-collateralized loans, each secured by a mortgage encumbering a separate hotel. (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 |
Schedule of Future Scheduled Principal Payments on Debt Obligations | Future scheduled principal payments on debt obligations at December 31, 2016 are as follows (in thousands): Year 2017 $ 87,637 2018 2,954 2019 122,106 2020 3,245 2021 3,432 Thereafter 1,134,919 $ 1,354,293 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Line Items] | |
Schedule of Income Tax Reconciliation | The following table reconciles REIT GAAP net income (loss) to taxable income (loss) (in thousands): Year Ended December 31, 2016 2015 2014 GAAP net income (loss) from REIT operations $ (21,332 ) $ (21,838 ) $ 68,796 Book/tax differences, net: Dividend income from TRS 25,650 24,809 — Depreciation and amortization (a) 19,582 3,937 1,831 Noncontrolling interests (93 ) (400 ) 329 Gain/loss differences from dispositions (16,572 ) 18,335 (99,946 ) Impairment loss not deductible for tax 26,459 20,861 — Conversion costs (3,233 ) (3,233 ) (3,233 ) Other (446 ) 1,505 (1,674 ) Tax income (loss) (b) $ 30,015 $ 43,976 $ (33,897 ) (a) Book/tax differences in depreciation and amortization principally result from differences in depreciable lives and accelerated depreciation methods . (b) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2016 and 2015, our distributions were in excess of 100% of taxable income. |
Schedule of Deferred Tax Asset | Our TRSs had a deferred tax asset, on which we had a 100% valuation allowance, primarily comprised of the following (in thousands): December 31, 2016 2015 Accumulated net operating losses of TRSs $ 94,219 $ 98,367 Tax property basis compared to book 4,844 (4,518 ) Accrued employee benefits not deductible for tax 4,966 4,889 Historic tax credits (a) 19,357 25,375 Other 26 109 Gross deferred tax asset 123,412 124,222 Valuation allowance (123,412 ) (124,222 ) Deferred tax asset after valuation allowance $ — $ — (a) Because of the completion of construction at The Knickerbocker in 2015, one of our TRSs became entitled to the future benefits of historic tax credits that vest over a five year period and do not expire. Historic tax credits for 2015 reflect both federal and state credits. Upon the filing of the state return for 2015 in 2016, the state credit became refundable. Historic tax credits for 2016 reflect federal credits only. |
Schedule of Characterization of Cash Dividends Distrubuted | For income tax purposes, dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends paid per share were characterized, in accordance with the requirements under the Internal Revenue Code, as follows: 2016 2015 2014 Amount % Amount % Amount % Preferred Stock – Series A Capital gains $ — — $ 1.23 63.08 $ — — Dividend income 1.03 52.82 0.72 36.92 — — Non-dividend distribution 0.92 47.18 — — 1.95 100.00 $ 1.95 (a) 100.00 $ 1.95 (b) 100.00 $ 1.95 (c) 100.00 Preferred Stock – Series C Capital gains $ — — $ 0.63 63.00 $ — — Dividend income — — 0.37 37.00 — — Non-dividend distribution — — — — 2.00 100.00 $ — — $ 1.00 (b) 100.00 $ 2.00 (c) 100.00 Common Stock Capital gains $ — — $ — — $ — — Dividend income — — — — — — Non-dividend distribution 0.24 100.00 0.16 100.00 0.08 100.00 $ 0.24 (a) 100.00 $ 0.16 (b) 100.00 $ 0.08 (c) 100.00 (a) Fourth quarter 2015 preferred and common distributions were paid January 29, 2016, and were treated as 2016 distributions for tax purposes. (b) Fourth quarter 2014 preferred and common distributions were paid January 29, 2015, and were treated as 2015 distributions for tax purposes. (c) Fourth quarter 2013 preferred and common distributions were paid January 30, 2014, and were treated as 2014 distributions for tax purposes. |
Taxable REIT Subsidiaries [Member] | |
Income Taxes [Line Items] | |
Schedule of Income Tax Reconciliation | The following table reconciles our TRSs’ GAAP net income (loss) to federal taxable income (in thousands): Year Ended December 31, 2016 2015 2014 GAAP consolidated net income (loss) attributable to FelCor LP $ 3,405 $ (9,059 ) $ 92,236 Loss (income) allocated to FelCor LP unitholders 93 194 (137 ) GAAP consolidated net income (loss) attributable to FelCor 3,498 (8,865 ) 92,099 GAAP net loss (income) from REIT operations 21,332 21,838 (68,796 ) GAAP net income of taxable subsidiaries 24,830 12,973 23,303 Taxes related to joint venture transaction — — 5,761 Gain/loss differences from dispositions — (872 ) — Depreciation and amortization (a) (12,437 ) (1,877 ) (461 ) Employee benefits not deductible for tax (2,965 ) (588 ) (101 ) Management fee recognition — (107 ) (1,151 ) Cancellation of debt — — (3,188 ) Capitalized TRS start-up costs — — 11,859 Other book/tax differences 386 3,827 181 Federal tax income of taxable subsidiaries before utilization of net operating losses 9,814 13,356 36,203 Utilization of net operating loss (9,814 ) (13,356 ) (36,203 ) Net federal tax income of taxable subsidiaries $ — $ — $ — (a) The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. |
Redeemable Noncontrolling Int44
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) are shown below (in thousands): Year Ended December 31, 2016 2015 Balance at beginning of period $ 4,464 $ 6,616 Conversion of units (9 ) — Redemption value allocation 673 (1,865 ) Distributions paid to unitholders (147 ) (93 ) Comprehensive income (loss): Net loss (93 ) (194 ) Balance at end of period $ 4,888 $ 4,464 |
Hotel Operating Revenue, Depa45
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |
Schedule of Hotel Operating Revenue | Hotel operating revenue from continuing operations was comprised of the following (in thousands): Year Ended December 31, 2016 2015 2014 Room revenue $ 661,640 $ 673,276 $ 713,213 Food and beverage revenue 155,227 158,531 157,607 Other operating departments 45,951 46,564 47,161 Total hotel operating revenue $ 862,818 $ 878,371 $ 917,981 |
Schedule of Hotel Departmental Expenses | Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Year Ended December 31, 2016 2015 2014 Room $ 171,883 $ 172,252 $ 188,465 Food and beverage 119,047 123,384 121,201 Other operating departments 15,120 17,505 22,210 Total hotel departmental expenses $ 306,050 $ 313,141 $ 331,876 |
Schedule of Other Property-Related Costs | Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Year Ended December 31, 2016 2015 2014 Hotel general and administrative expense $ 78,329 $ 78,233 $ 79,420 Marketing 70,978 76,548 77,939 Repair and maintenance 36,381 39,091 43,886 Utilities 26,492 29,674 36,925 Total other property-related costs $ 212,180 $ 223,546 $ 238,170 |
Taxes, Insurance and Lease Ex46
Taxes, Insurance and Lease Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Taxes, Insurance and Lease Expenses [Abstract] | |
Schedule of Taxes, Insurance and Lease Expenses | Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): Year Ended December 31, 2016 2015 2014 Hotel lease expense (a) $ 4,896 $ 7,107 $ 31,635 Land lease expense (b) 14,220 15,458 12,338 Real estate and other taxes 30,556 29,469 31,113 Property insurance, general liability insurance and other 7,645 7,173 9,180 Total taxes, insurance and lease expense $ 57,317 $ 59,207 $ 84,266 (a) We record hotel lease expense for the consolidated operating lessees of hotels owned by unconsolidated entities and partially offset this expense through noncontrolling interests in other partnerships (generally 49% ). We record our 50% share of the corresponding lease income through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $1.7 million , $3.4 million and $17.3 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively, and reflects a decrease attributable to the unwinding of our 10 -hotel unconsolidated joint ventures in July 2014. (b) We include in land lease expense percentage rent of $5.8 million , $5.7 million and $4.5 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Land Leases and Hotel Rent (Tab
Land Leases and Hotel Rent (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Lease Payments under Land Lease Obligations and Hotel Leases | Future minimum lease payments under our land lease obligations and hotel leases at December 31, 2016 , were as follows (in thousands): Year 2017 $ 8,463 2018 7,807 2019 5,808 2020 5,819 2021 5,830 2022 and thereafter 203,532 $ 237,259 |
Income (loss) Per Share_Unit (T
Income (loss) Per Share/Unit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): FelCor Income (Loss) Per Share Year Ended December 31, 2016 2015 2014 Numerator: Net income (loss) attributable to FelCor $ 3,498 $ (8,865 ) $ 92,099 Discontinued operations attributable to FelCor 3,118 (674 ) 359 Income (loss) from continuing operations attributable to FelCor 6,616 (9,539 ) 92,458 Less: Preferred dividends (25,115 ) (30,138 ) (38,712 ) Less: Redemption of preferred stock — (6,096 ) — Less: Dividends declared on unvested restricted stock (129 ) (56 ) (8 ) Less: Undistributed earnings allocated to unvested restricted stock — — (20 ) Numerator for continuing operations attributable to FelCor common stockholders (18,628 ) (45,829 ) 53,718 Discontinued operations attributable to FelCor (3,118 ) 674 (359 ) Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ (21,746 ) $ (45,155 ) $ 53,359 Denominator: Denominator for basic income (loss) per share 138,128 137,730 124,158 FelCor restricted stock units, less shares assumed purchased at market — — 734 Denominator for diluted income (loss) per share 138,128 137,730 124,892 Basic and diluted income (loss) per share data: Income (loss) from continuing operations $ (0.13 ) $ (0.33 ) $ 0.43 Discontinued operations $ (0.02 ) $ — $ — Net income (loss) $ (0.16 ) $ (0.33 ) $ 0.43 |
Schedule Securities Excluded from Computation of Earnings Per Share | Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (unaudited, in thousands): Year Ended December 31, 2016 2015 2014 Series A convertible preferred shares/units 9,984 9,984 9,984 FelCor restricted stock units, less shares assumed purchased at the market 155 488 — |
FelCor Lodging LP [Member] | |
Earnings Per Share [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Income (Loss) Per Unit Year Ended December 31, 2016 2015 2014 Numerator: Net income (loss) attributable to FelCor LP $ 3,405 $ (9,059 ) $ 92,236 Discontinued operations attributable to FelCor LP 3,131 (677 ) 360 Income (loss) from continuing operations attributable to FelCor LP 6,536 (9,736 ) 92,596 Less: Preferred distributions (25,115 ) (30,138 ) (38,712 ) Less: Redemption of preferred units — (6,096 ) — Less: Distributions declared on FelCor unvested restricted stock (129 ) (56 ) (8 ) Less: Undistributed earnings allocated to FelCor unvested restricted stock — — (20 ) Numerator for continuing operations attributable to FelCor LP common unitholders (18,708 ) (46,026 ) 53,856 Discontinued operations attributable to FelCor LP (3,131 ) 677 (360 ) Numerator for basic and diluted income (loss) attributable to FelCor LP common unitholders $ (21,839 ) $ (45,349 ) $ 53,496 Denominator: Denominator for basic income (loss) per unit 138,739 138,341 124,772 FelCor restricted stock units, less shares assumed purchased at market — — 739 Denominator for diluted income (loss) per unit 138,739 138,341 125,511 Basic and diluted income (loss) per unit data: Income (loss) from continuing operations $ (0.13 ) $ (0.33 ) $ 0.43 Discontinued operations $ (0.02 ) $ — $ — Net income (loss) $ (0.16 ) $ (0.33 ) $ 0.43 |
FelCor Stock Based Compensati49
FelCor Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Stock/Unit Activity | A summary of the status of FelCor’s restricted stock and restricted stock unit grants as of December 31, 2016 , 2015 and 2014 , and the changes during these years is presented below: 2016 2015 2014 Shares Weighted Average Fair Market Value at Grant Shares Weighted Average Fair Market Value at Grant Shares Weighted Average Fair Market Value at Grant Shares unvested at beginning of the year 1,830,123 $ 6.79 1,509,519 $ 5.70 1,270,000 $ 4.12 Granted: With up to 5-year pro rata vesting 1,207,926 $ 6.24 1,116,394 $ 8.14 1,036,252 $ 6.70 Forfeited (396,148 ) $ 6.04 (2,250 ) $ 9.62 (2,250 ) $ 9.62 Vested (771,508 ) $ 7.72 (793,540 ) $ 6.61 (794,483 ) $ 4.46 Shares unvested at end of the year 1,870,393 $ 6.21 1,830,123 $ 6.79 1,509,519 $ 5.70 |
Schedule of Valuation Assumptions Used | The assumptions used in this simulation include the following: 2016 2015 2014 Annual volatility (a) 45.92 % 48.11 % 53.78 % Dividend rate (b) $ 0.05 $ 0.04 $ 0.02 Risk-free rate 0.93 % 1.32 % 1.13 % (a) Based on share price history. (b) Based on dividend rate at time of award. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of revenues from continuing operations and investment in hotel assets | The following table sets forth revenues from continuing operations and investment in hotel assets represented by the following geographical areas (in thousands): Revenue For the Year Ended December 31, Investment in Hotel Assets as of December 31, 2016 2015 2014 2016 2015 California $ 293,002 $ 299,422 $ 277,458 $ 312,222 $ 410,009 Florida 136,789 138,055 135,972 223,362 215,657 Massachusetts 93,037 93,685 85,665 152,462 162,875 New York 72,966 51,649 33,916 431,724 469,489 South Carolina 64,783 63,258 58,398 114,339 112,038 Other states 206,377 240,185 321,792 332,714 359,463 Canada — — 8,386 — — Total $ 866,954 $ 886,254 $ 921,587 $ 1,566,823 $ 1,729,531 |
Quarterly Operating Results (51
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Operating Results (unaudited) [Line Items] | |
Schedule of quarterly operating results (unaudited) | FelCor 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 210,144 $ 237,906 $ 222,981 $ 195,923 Income (loss) from continuing operations $ (4,367 ) $ 14,400 $ (9,761 ) $ 730 Discontinued operations $ — $ — $ (3,131 ) $ — Net income (loss) attributable to FelCor $ (4,922 ) $ 13,391 $ (5,099 ) $ 128 Net income (loss) attributable to FelCor common stockholders $ (11,201 ) $ 7,112 $ (11,378 ) $ (6,150 ) Comprehensive income (loss) attributable to FelCor $ (4,922 ) $ 13,391 $ (5,099 ) $ 128 Basic and diluted per common share data: Net income (loss) from continuing operations $ (0.08 ) $ 0.05 $ (0.06 ) $ (0.04 ) Discontinued operations $ — $ — $ (0.02 ) $ — Net income (loss) $ (0.08 ) $ 0.05 $ (0.08 ) $ (0.04 ) Basic weighted average common shares outstanding 139,678 138,182 137,464 137,244 Diluted weighted average common shares outstanding 139,678 138,678 137,464 137,244 2015 First Second Third Fourth Total revenues $ 213,695 $ 241,103 $ 225,152 $ 206,304 Loss from continuing operations $ (4,895 ) $ (2,614 ) $ (11,785 ) $ (4,266 ) Discontinued operations $ 4 $ (83 ) $ 498 $ 250 Net income (loss) attributable to FelCor $ 6,783 $ (3,284 ) $ (8,208 ) $ (4,156 ) Net loss attributable to FelCor common stockholders $ (2,895 ) $ (17,283 ) $ (14,487 ) $ (10,434 ) Comprehensive income (loss) attributable to FelCor $ 6,783 $ (3,284 ) $ (8,208 ) $ (4,156 ) Basic and diluted per common share data: Net loss from continuing operations $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Basic weighted average common shares outstanding 124,519 140,322 142,982 142,823 Diluted weighted average common shares outstanding 124,519 140,322 142,982 142,823 |
FelCor Lodging LP [Member] | |
Quarterly Operating Results (unaudited) [Line Items] | |
Schedule of quarterly operating results (unaudited) | FelCor LP 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 210,144 $ 237,906 $ 222,981 $ 195,923 Income (loss) from continuing operations $ (4,367 ) $ 14,400 $ (9,761 ) $ 730 Discontinued operations $ — $ — $ (3,131 ) $ — Net income (loss) attributable to FelCor LP $ (4,970 ) $ 13,422 $ (5,149 ) $ 102 Net income (loss) attributable to FelCor LP common unitholders $ (11,249 ) $ 7,143 $ (11,428 ) $ (6,176 ) Comprehensive income (loss) attributable to FelCor LP $ (4,970 ) $ 13,422 $ (5,149 ) $ 102 Basic and diluted per common unit data: Net income (loss) from continuing operations $ (0.08 ) $ 0.05 $ (0.06 ) $ (0.04 ) Discontinued operations $ — $ — $ (0.02 ) $ — Net income (loss) $ (0.08 ) $ 0.05 $ (0.08 ) $ (0.04 ) Basic weighted average common units outstanding 140,289 138,793 138,075 137,854 Diluted weighted average common units outstanding 140,289 139,289 138,075 137,854 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 213,695 $ 241,103 $ 225,152 $ 206,304 Loss from continuing operations $ (4,895 ) $ (2,614 ) $ (11,785 ) $ (4,266 ) Discontinued operations $ 4 $ (83 ) $ 498 $ 250 Net income (loss) attributable to FelCor LP $ 6,769 $ (3,359 ) $ (8,269 ) $ (4,200 ) Net loss attributable to FelCor LP common unitholders $ (2,909 ) $ (17,358 ) $ (14,548 ) $ (10,478 ) Comprehensive income (loss) attributable to FelCor LP $ 6,769 $ (3,359 ) $ (8,269 ) $ (4,200 ) Basic and diluted per common unit data: Net loss from continuing operations $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Basic weighted average common units outstanding 125,130 140,933 143,594 143,434 Diluted weighted average common units outstanding 125,130 140,933 143,594 143,434 |
Organization - Narrative (Detai
Organization - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2014Hotels | Dec. 31, 2016HotelsStatesshares | Dec. 31, 2015USD ($)Hotelsshares | May 31, 2015Hotels | Dec. 31, 2014Hotels | |
Real Estate Properties [Line Items] | |||||
Ownership percentage by parent | 99.50% | ||||
Number of Real Estate Properties | 1 | 13 | |||
Aggregate shares and units outstanding (in shares) | shares | 138,600,280 | ||||
Common stock, shares outstanding (in shares) | shares | 137,990,097 | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 610,000 | 611,000 | |||
Wholly Owned Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 5 | 5 | |||
Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 38 | 1 | |||
Number of rooms (in rooms) | 11,329 | ||||
Unconsolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 5 | ||||
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 | 57.00% | ||||
United States [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of states (in states) | States | 14 | ||||
California [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 10 | ||||
Florida [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 6 | ||||
MASSACHUSETTS | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 3 | ||||
Thirty-Seven Hotels [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 37 | ||||
One Hundred Percent Owned [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] | 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 Real Estate Properties | 36 | ||||
One Hundred Percent Owned [Member] | One Hotel [Member] | Wholly Owned Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 2 | 2 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Fifty Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Operated With A Lease [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 38 | ||||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 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 Real Estate Properties | 20 | ||||
Wyndham Worldwide [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 8 | ||||
Marriott International Inc. [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 4 | ||||
InterContinental Hotels Group [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 3 | ||||
InterContinental Hotels Group [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
AccorHotels Group [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Highgate Hotels [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
SBE [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Aimbridge Hospitality [Member] | Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
FelCor Lodging LP [Member] | |||||
Real Estate Properties [Line Items] | |||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 610,183 | ||||
The Knickerbocker® | Ninety-five Percent Owned [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Real Estate Investment Property, at Cost | $ | $ 329.8 | ||||
Controlling Interest, Ownership Percentage by Parent | 95.00% | ||||
Ownership in all properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 39 |
Organization - Schedule of Dist
Organization - Schedule of Distribution of Consolidated Hotels (Details) | Dec. 31, 2016RoomsHotels | Dec. 31, 2014Hotels |
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 1 | 13 |
Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 38 | 1 |
Number of rooms (in rooms) | 11,329 | |
Embassy Suites by Hilton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 18 | |
Number of rooms (in rooms) | Rooms | 4,982 | |
Wyndham® and Wyndham Grand® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 8 | |
Number of rooms (in rooms) | Rooms | 2,528 | |
Marriott® and Renaissance® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 2 | |
Number of rooms (in rooms) | Rooms | 761 | |
Holiday Inn® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 1 | |
Number of rooms (in rooms) | Rooms | 585 | |
DoubleTree by Hilton® and Hilton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 3 | |
Number of rooms (in rooms) | Rooms | 802 | |
Sheraton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 2 | |
Number of rooms (in rooms) | Rooms | 673 | |
Fairmont® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 1 | |
Number of rooms (in rooms) | Rooms | 383 | |
The Knickerbocker® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 1 | |
Number of rooms (in rooms) | Rooms | 330 | |
Morgans® and Royalton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 2 | |
Number of rooms (in rooms) | Rooms | 285 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Principles of Consolidation and Investment in Unconsolidated Entities (Details) - Unconsolidated Entities [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Recovery term in excess of which declines in value are considered other than temporary | 12 months |
Equity Method Investment, Ownership Percentage | 50.00% |
Equity method investment, ownership percentage threshold | 50.00% |
Term basis for investment in unconsolidated entities depreciation | 40 years |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Investment in Hotels and Hotels Held for Sale (Details) - Hotels | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | 1 | 13 | |
Term of Inventory Amortization | 3 years | ||
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Estimated property useful life | 40 years | ||
Minimum [Member] | Building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated property useful life | 15 years | ||
Minimum [Member] | Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated property useful life | 3 years | ||
Maximum [Member] | Building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated property useful life | 30 years | ||
Maximum [Member] | Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated property useful life | 10 years | ||
Assets Held-for-sale [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | 1 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Other Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)segmentHotels$ / shares | Dec. 31, 2015USD ($)Hotels$ / shares | Dec. 31, 2014USD ($)Hotels$ / shares | |
Investment [Line Items] | |||
Term for sale to be probable once buyer completed due diligence review of asset | 12 months | ||
Maximum term of investments to be considered cash equivalents | 3 months | ||
Percentage of revenue composed of nearly all hotel operating revenue | 100.00% | ||
Number of Real Estate Properties | Hotels | 1 | 13 | |
Reclassification of foreign currency translation to gain | $ 0 | $ 0 | $ 24,448,000 |
Capitalized costs | 7,700,000 | 13,300,000 | 25,900,000 |
Cumulative effect of change in accounting for stock compensation forfeitures | 0 | ||
Stock Compensation Shares Withheld - Value | $ 2,750,000 | $ 2,054,000 | $ 3,066,000 |
Number of reportable segments (in segment) | segment | 1 | ||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.24 | $ 0.18 | $ 0.10 |
Land Lease [Member] | |||
Investment [Line Items] | |||
Lease expense | $ 14,220,000 | $ 15,458,000 | $ 12,338,000 |
Taxes, Insurance and Lease Expense [Member] | Land Lease [Member] | |||
Investment [Line Items] | |||
Lease expense | $ 1,600,000 | ||
Number of Real Estate Properties | Hotels | 1 | ||
Accumulated Deficit | |||
Investment [Line Items] | |||
Cumulative effect of change in accounting for stock compensation forfeitures | 185,000 | ||
Stock Compensation Shares Withheld - Value | $ 2,746,000 | $ 2,051,000 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Distributions and Dividends and Reacquired Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Distributions payable | $ 14,858 | $ 15,140 | |
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.18 | $ 0.10 |
Dividend Declared [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.18 | $ 0.10 |
Investment in Hotels (Details)
Investment in Hotels (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Hotels | |
Property, Plant and Equipment [Line Items] | |||
Number of Real Estate Properties | Hotels | 1 | 13 | |
Purchase of land | $ 8,226,000 | $ 0 | $ 0 |
Investment in hotels, gross | 2,499,709,000 | 2,629,106,000 | |
Investment in hotels, net | 1,566,823,000 | 1,729,531,000 | |
Improvements and additions to hotels | 74,264,000 | 48,436,000 | $ 83,664,000 |
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 1,761,228,000 | 1,859,100,000 | |
Accumulated depreciation - Building and improvements | (716,376,000) | (697,386,000) | |
Fully Depreciated Assets Retired | 763,000 | ||
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 426,692,000 | 449,437,000 | |
Accumulated depreciation - Building and improvements | (216,510,000) | (202,189,000) | |
Fully Depreciated Assets Retired | 35,000,000 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 271,662,000 | 294,384,000 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | $ 40,127,000 | $ 26,185,000 |
Consolidated Joint Venture Pr59
Consolidated Joint Venture Preferred Equity/Capital (Details) - The Knickerbocker® - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Total Proceeds from Sale of Preferred Equity Under the Immigrant Investor Program | $ 45,000,000 | |
Current Annual Return | 3.25% | |
Current Return Increase | 8.00% | |
Non-compounding Annual Return | 0.25% | |
Gross Proceeds received to date from sale of preferred equity under the Immigrant Investor Program | $ 44,400,000 | |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | 43,800,000 | |
Gross Proceeds received from sale of preferred equity under the Immigrant Investor Program | 600,000 | $ 1,800,000 |
Proceeds not yet received from Immigrant Investor Program | $ 600,000 |
Impairment Charges (Details)
Impairment Charges (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | May 31, 2015Hotels | |
Impairment Charges [Line Items] | ||||||
Impairment | $ | $ 26,459 | $ 20,861 | $ 0 | |||
Number of Real Estate Properties | 1 | 13 | ||||
Term for sale to be probable once buyer completed due diligence review of asset | 12 months | |||||
Consolidated Properties [Member] | ||||||
Impairment Charges [Line Items] | ||||||
Number of Real Estate Properties | 38 | 1 | ||||
Unconsolidated Properties [Member] | ||||||
Impairment Charges [Line Items] | ||||||
Number of Real Estate Properties | 5 | |||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Impairment Charges [Line Items] | ||||||
Impairment | $ | $ 20,100 | $ 6,300 | $ 6,300 | |||
Fair Value, Inputs, Level 3 [Member] | ||||||
Impairment Charges [Line Items] | ||||||
Impairment | $ | $ 20,900 | |||||
Discounted Cash Flow Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Impairment Charges [Line Items] | ||||||
Estimated stabilized growth rate | 3.00% | |||||
Discounted cash flow term | 5 years | |||||
Terminal capitalization rate | 8.00% | |||||
Discount rate | 11.00% | |||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Impairment Charges [Line Items] | ||||||
Number of Real Estate Properties | 1 | |||||
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | ||||||
Impairment Charges [Line Items] | ||||||
Number of Real Estate Properties | 2 | 2 |
Hotel Dispositions (Details)
Hotel Dispositions (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Hotels | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)Hotels | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2013Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||||||||
Hotel operating revenue | $ 862,818 | $ 878,371 | $ 917,981 | |||||||||||
Operating expenses | (788,772) | (806,541) | (853,735) | |||||||||||
Operating income (loss) | 78,182 | 79,713 | 67,852 | |||||||||||
Interest expense, net | (78,182) | (79,118) | (90,695) | |||||||||||
Debt extinguishment | 0 | 30,909 | 4,770 | |||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | 30,176 | |||||||||||
Other gains, net | 342 | 166 | 100 | |||||||||||
Equity in income from unconsolidated entities | 1,533 | 7,833 | 5,010 | |||||||||||
Income (loss) from continuing operations | $ 730 | $ (9,761) | $ 14,400 | $ (4,367) | $ (4,266) | $ (11,785) | $ (2,614) | $ (4,895) | 1,002 | (23,560) | 27,750 | |||
Gain on sale of hotels, net | 6,322 | 19,426 | 66,762 | |||||||||||
Net income (loss) | 4,193 | (3,465) | 94,152 | |||||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | 673 | (4,157) | (697) | |||||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 93 | 194 | (137) | |||||||||||
Net income (loss) attributable to reporting entity | $ 128 | $ (5,099) | $ 13,391 | $ (4,922) | $ (4,156) | $ (8,208) | $ (3,284) | $ 6,783 | 3,498 | (8,865) | 92,099 | |||
Impairment | $ 26,459 | 20,861 | $ 0 | |||||||||||
Number of Real Estate Properties | Hotels | 1 | 1 | 13 | |||||||||||
Reclassification of foreign currency translation to gain | $ 0 | $ 0 | $ 24,448 | |||||||||||
Property Held For Sale, Classification Probable Occurence, Term | 12 months | |||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||||||||
Number of Real Estate Properties | Hotels | 2 | 8 | 2 | 8 | 8 | |||||||||
Assets Held-for-sale [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||||||||
Number of Real Estate Properties | Hotels | 1 | |||||||||||||
Hotels Sold or Otherwise Disposed of [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||||||||
Number of Real Estate Properties | Hotels | 12 | |||||||||||||
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 | $ 39,750 | $ 85,840 | $ 207,762 | |||||||||||
Operating expenses | (39,530) | (97,655) | (197,180) | |||||||||||
Operating income (loss) | 220 | (11,815) | 10,582 | |||||||||||
Interest expense, net | 1 | (1,031) | (2,475) | |||||||||||
Debt extinguishment | 0 | (309) | (932) | |||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | 30,176 | |||||||||||
Equity in income from unconsolidated entities | 0 | 7,111 | 3,294 | |||||||||||
Income (loss) from continuing operations | 221 | (6,044) | 40,645 | |||||||||||
Gain on sale of hotels, net | 6,322 | 19,426 | 66,762 | |||||||||||
Net income (loss) | 6,543 | 13,382 | 107,407 | |||||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | 0 | (5,166) | (977) | |||||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (28) | (35) | (394) | |||||||||||
Net income (loss) attributable to reporting entity | 6,515 | 8,181 | $ 106,036 | |||||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||||||||
Impairment | $ 20,900 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||||||||
Impairment | $ 20,100 | $ 6,300 | $ 6,300 | |||||||||||
Unconsolidated Properties [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||||||||
Number of Real Estate Properties | Hotels | 5 |
Investment in Unconsolidated 62
Investment in Unconsolidated Entities (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2015USD ($)Hotels | Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | Jul. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 1 | 13 | |||
Gain on sale of hotels, net | $ | $ 6,322 | $ 19,426 | $ 66,762 | ||
Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 5 | ||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Number of Real Estate Properties | 1 | ||||
Gain on sale of hotels, net | $ | $ 7,100 | ||||
Two Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Number of Real Estate Properties | 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% | ||||
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Secured Debt [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Repayments of Secured Debt | $ | $ 13,000 | ||||
Secured Debt [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Repayments of Secured Debt | $ | $ 10,500 |
Joint Venture Transactions (Det
Joint Venture Transactions (Details) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2014USD ($)Hotels | Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Hotels$ / shares | Dec. 31, 2013USD ($)$ / shares | May 31, 2015Hotels | |
Joint Venture [Line Items] | ||||||
Business Acquisition, Pro Forma Revenue | $ 892,555,000 | $ 843,878,000 | ||||
Number of Real Estate Properties | Hotels | 1 | 13 | ||||
Investment in unconsolidated entities | $ 19,900,000 | $ 8,312,000 | $ 9,575,000 | |||
Acquisition of noncontrolling interest | $ 5,850,000 | |||||
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | 30,176,000 | |||
Gain from remeasurement of unconsolidated entities, net | $ 0 | 0 | 20,737,000 | |||
Amount Received for Difference in Values | 3,700,000 | |||||
Ownership percentage by parent | 99.50% | |||||
Amount paid to equalize trade | 2,200,000 | |||||
Acquisition of noncontrolling interest | $ 5,900,000 | $ 0 | $ 0 | 5,850,000 | ||
Assets | ||||||
Investment in hotels | 130,100,000 | |||||
Other assets | 1,300,000 | |||||
Deferred expenses | 259,000 | |||||
Total assets acquired | 131,659,000 | |||||
Liabilities | ||||||
Debt | 64,000,000 | |||||
Net assets acquired | 67,659,000 | |||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||
Net income (loss) | $ 94,869,000 | $ (65,670,000) | ||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.43 | $ (0.82) | ||||
Income (loss) per share/unit - diluted | $ / shares | $ 0.43 | $ (0.82) | ||||
Unconsolidated Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 5 | |||||
Wholly Owned Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 5 | 5 | ||||
Gain from remeasurement of unconsolidated entities, net | $ 20,700,000 | |||||
Three Hotels [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 3 | |||||
Consolidated Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 38 | 1 | ||||
Non-FelCor Ownership [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 5 | 5 | ||||
Joint Venture Transaction Costs | $ 457,000 | |||||
Gain on sale of investment in unconsolidated entities, net | $ 30,200,000 | |||||
Fifty Percent Owned [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 8 | |||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||
Number of Real Estate Properties | Hotels | 1 | |||||
One Hundred Percent Owned [Member] | Wholly Owned Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Ownership percentage by parent | 100.00% | |||||
Fifty-One Percent Owned [Member] | Consolidated Joint Venture | ||||||
Joint Venture [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 51.00% | |||||
One Hotel [Member] | Non-FelCor Ownership [Member] | ||||||
Joint Venture [Line Items] | ||||||
Former Joint Venture Partner | 10.00% | 10.00% | ||||
One Hotel [Member] | Fifty Percent Owned [Member] | Consolidated Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | 1 | |||||
One Hotel [Member] | One Hundred Percent Owned [Member] | Wholly Owned Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Ownership percentage by parent | 100.00% | |||||
One Hotel [Member] | Ninety Percent Owned [Member] | Consolidated Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Controlling Interest, Ownership Percentage by Parent | 90.00% | |||||
One Hotel [Member] | Ninety Percent Owned [Member] | Consolidated Joint Venture | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 1 | |||||
Six Hotels [Member] | One Hundred Percent Owned [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 6 | |||||
Ten Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 10 | 10 | ||||
Libor Plus Three Point Zero Percent Due March 2017 [Member] | ||||||
Joint Venture [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Libor Plus Three Point Zero Percent Due March 2017 [Member] | Wholly Owned Properties [Member] | ||||||
Joint Venture [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 4 | |||||
Additional Paid-in Capital | ||||||
Joint Venture [Line Items] | ||||||
Acquisition of noncontrolling interest | $ 3,508,000 |
Investment in Unconsolidated 64
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $ 20,898 | $ 23,047 |
Total assets | 27,052 | 29,033 |
Debt, net of unamortized debt issuance costs | 22,065 | 22,563 |
Total liabilities | 24,311 | 24,541 |
Equity | $ 2,741 | $ 4,492 |
Investment in Unconsolidated 65
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment in Unconsolidated Entities [Abstract] | |||
Total revenues | $ 33,615 | $ 32,591 | $ 59,453 |
Net income (loss) | 3,839 | 22,799 | 12,561 |
Net income (loss) attributable to FelCor | 1,920 | 11,400 | 6,281 |
Cost in excess of joint venture book value of sold hotel | 0 | (3,140) | 0 |
Depreciation of cost in excess of book value | (387) | (427) | (1,271) |
Equity in income (loss) from unconsolidated entities | $ 1,533 | $ 7,833 | $ 5,010 |
Investment in Unconsolidated 66
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated entities | $ 8,312 | $ 9,575 | $ 19,900 |
Equity basis of hotel joint venture investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | (4,533) | (4,216) | |
Cost of hotel investments in excess of joint venture book value | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 6,942 | 7,329 | |
Equity basis of land and condominium joint venture investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 5,903 | $ 6,462 |
Investment in Unconsolidated 67
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | $ 1,533 | $ 7,833 | $ 5,010 |
Hotel Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | 2,092 | 8,535 | 5,784 |
Other Hotel Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | $ (559) | $ (702) | $ (774) |
Debt (Details)
Debt (Details) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($) | May 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Net | $ 15,967,000 | $ 18,065,000 | ||||
Number of encumbered hotels (in hotels) | Hotels | 22 | |||||
Debt extinguishment | $ 0 | (30,909,000) | $ (4,770,000) | |||
Decrease in Commitment Fee | 0.05% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||||
Long-term Debt | $ 1,338,326,000 | 1,409,889,000 | ||||
Aggregate net book value | 1,100,000,000 | |||||
Interest expense | 78,182,000 | 79,118,000 | 90,695,000 | |||
Interest income | 62,000 | 24,000 | 48,000 | |||
Capitalized interest | 973,000 | 6,000,000 | $ 16,300,000 | |||
Maturities of Long-term Debt [Abstract] | ||||||
2,017 | 87,637,000 | |||||
2,018 | 2,954,000 | |||||
2,019 | 122,106,000 | |||||
2,020 | 3,245,000 | |||||
2,021 | 3,432,000 | |||||
Thereafter | 1,134,919,000 | |||||
Aggregate principal outstanding | $ 1,354,293,000 | $ 1,427,954,000 | ||||
Libor Plus Three Point Zero Percent Due March 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Libor Plus Four Point Zero Percent Due May 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 64,900,000 | |||||
Unsecured Debt [Member] | Senior Notes, Six Point Zero Zero Percent Due June 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of encumbered hotels (in hotels) | Hotels | 0 | |||||
Interest rate | 6.00% | 6.00% | ||||
Long-term Debt | $ 475,000,000 | $ 475,000,000 | ||||
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 | ||||
Debt extinguishment | $ 164,000 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Interest rate | 2.75% | |||||
Long-term Debt | $ 119,000,000 | 190,000,000 | ||||
Credit facility, capacity | $ 400,000,000 | |||||
Term of debt extension | 1 year | |||||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.375% | |||||
Line of Credit [Member] | Libor Plus Three Point Three Seven Five Percent Due June 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, capacity | $ 225,000,000 | |||||
Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notional amount of interest rate cap | 140,000,000 | |||||
Mortgages [Member] | Four Point Nine Five Percent Due October 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of encumbered hotels (in hotels) | Hotels | 4 | |||||
Interest rate | 4.95% | |||||
Long-term Debt | $ 120,109,000 | 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 | |||||
Interest rate | 4.94% | |||||
Long-term Debt | $ 30,184,000 | $ 30,717,000 | ||||
Mortgages [Member] | Libor Plus Two Point Seven Five Percent Due June 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of encumbered hotels (in hotels) | Hotels | 1 | |||||
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 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Interest rate | 3.00% | |||||
Long-term Debt | $ 85,000,000 | $ 85,000,000 | ||||
Term of debt extension | 1 year | |||||
Mortgages [Member] | Libor Plus Two Point Five Percent Due July 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of encumbered hotels (in hotels) | Hotels | 3 | |||||
Debt extinguishment | $ 2,000,000 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||
Repayments of Secured Debt | $ 140,000,000 | |||||
Mortgages [Member] | Libor Plus Three Point Zero Percent Due March 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of encumbered hotels (in hotels) | Hotels | 3 | |||||
Debt extinguishment | $ 237,000 | |||||
Number Of Encumbered Hotels Sold | Hotels | 2 | |||||
Repayments of Debt | $ 49,100,000 | |||||
Senior Notes [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of encumbered hotels (in hotels) | Hotels | 9 | |||||
Interest rate | 5.625% | |||||
Long-term Debt | $ 525,000,000 | $ 525,000,000 | ||||
Senior Notes [Member] | Six Point Seven Five Percent Due June 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of encumbered hotels (in hotels) | Hotels | 6 | |||||
Debt extinguishment | $ 28,400,000 | |||||
Interest rate | 6.75% | |||||
Repayments of Secured Debt | $ 525,000,000 | |||||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 879,300,000 | |||||
Repayments of Secured Debt | $ 13,000,000 | |||||
Minimum [Member] | Line of Credit [Member] | Libor Plus Two Point Seven Five Percent Due June 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.25% | |||||
Maximum [Member] | Line of Credit [Member] | Libor Plus Two Point Seven Five Percent Due June 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.75% |
Fair Value of Financial Instr69
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 1,400,000 | $ 1,500,000 |
Long-term Debt | 1,338,326 | 1,409,889 |
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 | 364,600 | $ 438,800 |
Secured Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 879,300 |
FelCor Capital Stock_FelCor L70
FelCor Capital Stock/FelCor LP Partners' Capital - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||||
May 31, 2015 | Apr. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 1,400,000,000 | $ 1,500,000,000 | $ 1,400,000,000 | ||||
Payments for Repurchase of Common Stock | 30,462,000 | 14,362,000 | $ 0 | ||||
Stock Repurchased During Period, Value | $ 30,462,000 | $ 14,362,000 | |||||
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Distributions payable | $ 14,858,000 | $ 15,140,000 | $ 14,858,000 | ||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | 169,986,000 | 0 | ||||
Redemption of Preferred Stock - Value | 0 | 6,096,000 | 0 | ||||
Net proceeds from common stock issuance | $ 0 | $ 198,648,000 | $ 0 | ||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, (in dollars per share/unit) | $ 1.95 | $ 1.95 | $ 1.95 | ||||
Preferred stock, shares issued upon conversion (in shares/units) | 0.7752 | 0.7752 | |||||
Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, (in dollars per share/unit) | $ 0 | $ 2 | $ 2 | ||||
Preferred stock dividend rate (percent) | 8.00% | ||||||
Redeemable Preferred Stock Dividends | $ 491,000 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 170,400,000 | ||||||
Redemption of Preferred Stock - Value | $ 169,986,000 | ||||||
Stock issuance Costs | 5,500,000 | ||||||
Preferred Stock, Discount on Shares | 538,000 | ||||||
Accumulated Deficit | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchased During Period, Value | $ 30,417,000 | 14,342,000 | |||||
Accumulated Deficit | Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Redemption of Preferred Stock - Value | 6,096,000 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | 100,000,000 | ||||||
Payments for Repurchase of Common Stock | 30,500,000 | 14,400,000 | $ 44,800,000 | ||||
Stock Repurchased During Period, Value | $ 45,000 | $ 20,000 | |||||
Stock Repurchased During Period, Shares | 4,610,000 | 1,971,000 | 6,600,000 | ||||
Shares, Issued | 18,400,000 | 137,990,000 | 141,808,000 | 124,605,000 | 137,990,000 | 124,051,000 | |
Shares Issued, Price Per Share | $ 11.25 | ||||||
Net proceeds from common stock issuance | $ 199,000,000 | ||||||
Stock Repurchased During Period, Avg Price per Share | $ 6.58 | $ 7.26 | $ 6.78 | ||||
FelCor Lodging LP [Member] | |||||||
Class of Stock [Line Items] | |||||||
Payments for Repurchase of Common Stock | $ 30,462,000 | $ 14,362,000 | $ 0 | ||||
Stock Repurchased During Period, Value | 30,462,000 | 14,362,000 | |||||
Distributions payable | 14,858,000 | 15,140,000 | $ 14,858,000 | ||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | 169,986,000 | 0 | ||||
Redemption of Preferred Stock - Value | $ 0 | $ 6,096,000 | $ 0 | ||||
Limited Partner [Member] | |||||||
Class of Stock [Line Items] | |||||||
Units of Partnership Interest, Amount | 18,400,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Income Tax Expense (Benefit) | $ 873,000 | $ 1,245,000 | $ 660,000 |
Disqualification of REIT status | 4 years | ||
Deferred Tax Assets, Valuation Allowance Percentage | 100.00% | ||
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 534,200,000 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Distribution % of annual taxable income to stockholders | 90.00% | ||
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Distribution % of annual taxable income to stockholders | 100.00% | 100.00% | |
Subsidiaries [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 254,800,000 |
Income Taxes (Details 2)
Income Taxes (Details 2) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)subsidiary | Dec. 31, 2014USD ($) | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
GAAP net income (loss) from REIT operations | $ (21,332) | $ (21,838) | $ 68,796 | ||||||||
Book/tax differences, net: | |||||||||||
Net income (loss) attributable to reporting entity | $ 128 | $ (5,099) | $ 13,391 | $ (4,922) | $ (4,156) | $ (8,208) | $ (3,284) | $ 6,783 | 3,498 | (8,865) | 92,099 |
Loss (income) allocated to FelCor LP unitholders | 93 | 194 | (137) | ||||||||
GAAP net income of taxable subsidiaries | 4,193 | $ (3,465) | 94,152 | ||||||||
Components of Deferred Tax Assets [Abstract] | |||||||||||
Number of TRSs entitled to future benefits of historic tax credits | subsidiary | 1 | ||||||||||
Vesting period of historic tax credits | 5 years | ||||||||||
FelCor Lodging Trust Incorporated [Member] | |||||||||||
Book/tax differences, net: | |||||||||||
Net income (loss) attributable to reporting entity | 3,405 | $ (9,059) | 92,236 | ||||||||
Dividend income from TRS | 25,650 | 24,809 | 0 | ||||||||
GAAP net income of taxable subsidiaries | 92,236 | ||||||||||
Gain/loss differences from dispositions | (16,572) | 18,335 | (99,946) | ||||||||
Impairment loss not deductible for tax | 26,459 | 20,861 | 0 | ||||||||
Conversion costs | (3,233) | (3,233) | (3,233) | ||||||||
Depreciation and amortization | 19,582 | 3,937 | 1,831 | ||||||||
Other book/tax differences | (446) | 1,505 | (1,674) | ||||||||
Noncontrolling interests | (93) | (400) | 329 | ||||||||
Net tax income (loss) of taxable subsidiaries | 30,015 | 43,976 | (33,897) | ||||||||
FelCor Lodging LP [Member] | |||||||||||
Book/tax differences, net: | |||||||||||
Net income (loss) attributable to reporting entity | 102 | $ (5,149) | $ 13,422 | $ (4,970) | (4,200) | $ (8,269) | $ (3,359) | $ 6,769 | 3,405 | (9,059) | 92,236 |
GAAP net income of taxable subsidiaries | 4,193 | (3,465) | 94,152 | ||||||||
Subsidiaries [Member] | |||||||||||
Book/tax differences, net: | |||||||||||
Net income (loss) attributable to reporting entity | 3,498 | (8,865) | 92,099 | ||||||||
GAAP net loss (income) from REIT operations | 21,332 | 21,838 | (68,796) | ||||||||
GAAP net income of taxable subsidiaries | 24,830 | 12,973 | 23,303 | ||||||||
Taxes related to joint venture transaction | 0 | 0 | 5,761 | ||||||||
Gain/loss differences from dispositions | 0 | (872) | 0 | ||||||||
Depreciation and amortization | (12,437) | (1,877) | (461) | ||||||||
Employee benefits not deductible for tax | (2,965) | (588) | (101) | ||||||||
Management fee recognition | 0 | (107) | (1,151) | ||||||||
Cancellation of debt | 0 | 0 | (3,188) | ||||||||
Capitalized TRS start-up costs | 0 | 0 | 11,859 | ||||||||
Other book/tax differences | 386 | 3,827 | 181 | ||||||||
Federal tax income of taxable subsidiaries before utilization of net operating losses | 9,814 | 13,356 | 36,203 | ||||||||
Utilization of net operating loss | (9,814) | (13,356) | (36,203) | ||||||||
Net tax income (loss) of taxable subsidiaries | 0 | 0 | $ 0 | ||||||||
Components of Deferred Tax Assets [Abstract] | |||||||||||
Accumulated net operating losses of TRSs | 94,219 | 98,367 | 94,219 | 98,367 | |||||||
Tax property basis compared to book | 4,844 | (4,518) | 4,844 | (4,518) | |||||||
Accrued employee benefits not deductible for tax | 4,966 | 4,889 | 4,966 | 4,889 | |||||||
Historic tax credits(a) | 19,357 | 25,375 | 19,357 | 25,375 | |||||||
Other | 26 | 109 | 26 | 109 | |||||||
Gross deferred tax asset | 123,412 | 124,222 | 123,412 | 124,222 | |||||||
Valuation allowance | (123,412) | (124,222) | (123,412) | (124,222) | |||||||
Deferred tax asset after valuation allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Series A Preferred Stock [Member] | |||
Income Taxes [Line Items] | |||
Capital Gains (in dollars per share) | $ 0 | $ 1.23 | $ 0 |
Capital Gains, Percent | 0.00% | 63.08% | 0.00% |
Dividend income (in dollars per share) | $ 1.03 | $ 0.72 | $ 0 |
Dividend income, percent | 52.82% | 36.92% | 0.00% |
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution | $ 0.92 | $ 0 | $ 1.95 |
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution, Percent | 47.18% | 0.00% | 100.00% |
Dividends paid (in dollars per share) | $ 1.95000 | $ 1.95000 | $ 1.95000 |
Dividends paid, percent | 100.00% | 100.00% | 100.00% |
Series C Preferred Stock [Member] | |||
Income Taxes [Line Items] | |||
Capital Gains (in dollars per share) | $ 0 | $ 0.63 | $ 0 |
Capital Gains, Percent | 0.00% | 63.00% | 0.00% |
Dividend income (in dollars per share) | $ 0 | $ 0.37 | $ 0 |
Dividend income, percent | 0.00% | 37.00% | 0.00% |
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution | $ 0 | $ 0 | $ 2 |
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution, Percent | 0.00% | 0.00% | 100.00% |
Dividends paid (in dollars per share) | $ 0 | $ 1 | $ 2 |
Dividends paid, percent | 0.00% | 100.00% | 100.00% |
Common Stock [Member] | |||
Income Taxes [Line Items] | |||
Capital Gains (in dollars per share) | $ 0 | $ 0 | $ 0 |
Capital Gains, Percent | 0.00% | 0.00% | 0.00% |
Dividend income (in dollars per share) | $ 0 | $ 0 | $ 0 |
Dividend income, percent | 0.00% | 0.00% | 0.00% |
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution | $ 0.24 | $ 0.16 | $ 0.08 |
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution, Percent | 100.00% | 100.00% | 100.00% |
Dividends paid (in dollars per share) | $ 0.24000 | $ 0.16000 | $ 0.08000 |
Dividends paid, percent | 100.00% | 100.00% | 100.00% |
Redeemable Noncontrolling Int74
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | |||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 610,000 | 611,000 | |
Redeemable units, at redemption value | $ 4,888 | $ 4,464 | $ 6,616 |
FelCor Lodging LP [Member] | |||
Noncontrolling Interest [Line Items] | |||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 610,183 | ||
Redeemable units, at redemption value | $ 4,888 | $ 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, at redemption value | $ 4,900 | ||
Closing price of common stock | $ 8.01 |
Redeemable Noncontrolling Int75
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units - Schedule of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at beginning of period | $ 4,464 | $ 6,616 | |
Conversion of units | (9) | 0 | $ (56) |
Redemption value allocation | 673 | (1,865) | 1,545 |
Distributions paid to unitholders | (147) | (93) | (42) |
Comprehensive income (loss): | |||
Net loss | (93) | (194) | 137 |
Balance at end of period | 4,888 | 4,464 | 6,616 |
FelCor Lodging LP [Member] | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at beginning of period | 4,464 | ||
Distributions paid to unitholders | (147) | (93) | $ (42) |
Comprehensive income (loss): | |||
Balance at end of period | $ 4,888 | $ 4,464 |
Hotel Operating Revenue, Depa76
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | 46 Months Ended | |||
Mar. 31, 2013USD ($) | Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2016USD ($)Hotels | Dec. 31, 2013Hotels | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||||
Management Company NOI Guaranty, Annual Limit | $ 21.5 | |||||
Management Company NOI Guaranty, Amount Recorded | $ 5.3 | $ 1.4 | $ 1.3 | $ 16.1 | ||
Term of Management NOI Guaranty | 10 years | |||||
Management Company NOI Guaranty | $ 100 | |||||
Number of Real Estate Properties | Hotels | 1 | 13 | 1 | |||
Consolidated Hotels [Member] | Wyndham® and Wyndham Grand® | ||||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||||
Number of Real Estate Properties | Hotels | 8 |
- Schedule of Hotel Operating R
- Schedule of Hotel Operating Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |||
Room revenue | $ 661,640 | $ 673,276 | $ 713,213 |
Food and beverage revenue | 155,227 | 158,531 | 157,607 |
Other operating departments | 45,951 | 46,564 | 47,161 |
Total hotel operating revenue | $ 862,818 | $ 878,371 | $ 917,981 |
- Schedule of Hotel Departmenta
- Schedule of Hotel Departmental Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |||
Room | $ 171,883 | $ 172,252 | $ 188,465 |
Food and beverage | 119,047 | 123,384 | 121,201 |
Other operating departments | 15,120 | 17,505 | 22,210 |
Total hotel departmental expenses | $ 306,050 | $ 313,141 | $ 331,876 |
- Schedule of Other Property-Re
- Schedule of Other Property-Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | $ 212,180 | $ 223,546 | $ 238,170 |
Hotel General and Administrative Expense [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | 78,329 | 78,233 | 79,420 |
Marketing [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | 70,978 | 76,548 | 77,939 |
Repair and Maintenance [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | 36,381 | 39,091 | 43,886 |
Utilities [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | $ 26,492 | $ 29,674 | $ 36,925 |
Taxes, Insurance and Lease Ex80
Taxes, Insurance and Lease Expenses - Schedule of Taxes, Insurance and Lease Expense (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | May 31, 2015Hotels | Jul. 31, 2014Hotels | |
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Real estate and other taxes | $ 30,556 | $ 29,469 | $ 31,113 | ||
Property insurance, general liability insurance and other | 7,645 | 7,173 | 9,180 | ||
Total taxes, insurance and lease expense | 57,317 | 59,207 | 84,266 | ||
Purchase of land | $ 8,226 | 0 | $ 0 | ||
Number of Real Estate Properties | Hotels | 1 | 13 | |||
Hotel Lease [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Lease expense | $ 4,896 | 7,107 | $ 31,635 | ||
Percentage rent | 1,700 | 3,400 | 17,300 | ||
Land Lease [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Lease expense | 14,220 | 15,458 | 12,338 | ||
Percentage rent | $ 5,800 | $ 5,700 | $ 4,500 | ||
Unconsolidated Properties [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Number of Real Estate Properties | Hotels | 5 | ||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Equity method ownership percentage of lessor | 50.00% | 50.00% | |||
Number of Real Estate Properties | Hotels | 1 | ||||
One Hotel [Member] | Forty-Nine Percent Owned by Non-Controlling Interest [Member] | Unconsolidated Properties (Lessor) and Consolidated Operations (Lessee) [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Ownership percentage of lessee | 49.00% | ||||
Equity method ownership percentage of lessor | 50.00% | ||||
Ten Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Number of Real Estate Properties | Hotels | 10 | 10 | |||
Two Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Equity method ownership percentage of lessor | 50.00% | 50.00% | |||
Number of Real Estate Properties | Hotels | 2 | 2 |
Land Leases and Hotel Rent (Det
Land Leases and Hotel Rent (Details) $ in Thousands | Dec. 31, 2016USD ($)Hotels | Dec. 31, 2015Hotels | May 31, 2015Hotels | Dec. 31, 2014Hotels |
Operating Leased Assets [Line Items] | ||||
Number of Real Estate Properties | Hotels | 1 | 13 | ||
2,017 | $ 8,463 | |||
2,018 | 7,807 | |||
2,019 | 5,808 | |||
2,020 | 5,819 | |||
2,021 | 5,830 | |||
2022 and thereafter | 203,532 | |||
Future minimum payments due | $ 237,259 | |||
Consolidated Properties [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Number of Real Estate Properties | Hotels | 38 | 1 | ||
Unconsolidated Properties [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Number of Real Estate Properties | Hotels | 5 | |||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Number of Real Estate Properties | Hotels | 1 | |||
Fifty Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Number of Real Estate Properties | Hotels | 2 | 2 |
Income (loss) Per Share_Unit (D
Income (loss) Per Share/Unit (Details) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)peerincrement$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Numerator: | |||||||||||
Net income (loss) attributable to reporting entity | $ 128,000 | $ (5,099,000) | $ 13,391,000 | $ (4,922,000) | $ (4,156,000) | $ (8,208,000) | $ (3,284,000) | $ 6,783,000 | $ 3,498,000 | $ (8,865,000) | $ 92,099,000 |
Discontinued operations attributable to reporting entity | 3,118,000 | (674,000) | 359,000 | ||||||||
Income (loss) from continuing operations attributable to reporting entity | 6,616,000 | (9,539,000) | 92,458,000 | ||||||||
Less: Preferred dividends/distributions | (25,115,000) | (30,138,000) | (38,712,000) | ||||||||
Less: Redemption of Preferred Stock - Value | 0 | (6,096,000) | 0 | ||||||||
Less: Dividends/distributions declared on unvested restricted stock | (129,000) | (56,000) | (8,000) | ||||||||
Less: Undistributed earnings allocated to unvested restricted stock | 0 | 0 | (20,000) | ||||||||
Numerator for continuing operations attributable to reporting entity common stockholders | (18,628,000) | (45,829,000) | 53,718,000 | ||||||||
Numerator for basic and diluted income (loss) attributable to reporting entity common stockholders | $ (21,746,000) | $ (45,155,000) | $ 53,359,000 | ||||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per share (in shares) | shares | 137,244 | 137,464 | 138,182 | 139,678 | 142,823 | 142,982 | 140,322 | 124,519 | 138,128 | 137,730 | 124,158 |
Restricted Stock Units/Treasury Stock Method | shares | 0 | 0 | 734 | ||||||||
Denominator for diluted income (loss) per share (in shares) | shares | 137,244 | 137,464 | 138,678 | 139,678 | 142,823 | 142,982 | 140,322 | 124,519 | 138,128 | 137,730 | 124,892 |
Basic and diluted income (loss) per share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ / shares | $ (0.04) | $ (0.06) | $ 0.05 | $ (0.08) | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ (0.13) | $ (0.33) | $ 0.43 |
Discontinued operations (in dollars per share) | $ / shares | 0 | (0.02) | 0 | 0 | (0.02) | 0 | 0 | ||||
Net income (loss) (in dollars per share) | $ / shares | $ (0.04) | $ (0.08) | $ 0.05 | $ (0.08) | $ (0.16) | $ (0.33) | $ 0.43 | ||||
FelCor Lodging LP [Member] | |||||||||||
Numerator: | |||||||||||
Net income (loss) attributable to reporting entity | $ 102,000 | $ (5,149,000) | $ 13,422,000 | $ (4,970,000) | $ (4,200,000) | $ (8,269,000) | $ (3,359,000) | $ 6,769,000 | $ 3,405,000 | $ (9,059,000) | $ 92,236,000 |
Discontinued operations attributable to reporting entity | 3,131,000 | (677,000) | 360,000 | ||||||||
Income (loss) from continuing operations attributable to reporting entity | 6,536,000 | (9,736,000) | 92,596,000 | ||||||||
Less: Preferred dividends/distributions | (25,115,000) | (30,138,000) | (38,712,000) | ||||||||
Less: Redemption of Preferred Stock - Value | 0 | (6,096,000) | 0 | ||||||||
Less: Dividends/distributions declared on unvested restricted stock | (129,000) | (56,000) | (8,000) | ||||||||
Less: Undistributed earnings allocated to unvested restricted stock | 0 | 0 | (20,000) | ||||||||
Numerator for continuing operations attributable to reporting entity common stockholders | (18,708,000) | (46,026,000) | 53,856,000 | ||||||||
Numerator for basic and diluted income (loss) attributable to reporting entity common stockholders | $ (21,839,000) | $ (45,349,000) | $ 53,496,000 | ||||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per share (in shares) | shares | 137,854 | 138,075 | 138,793 | 140,289 | 143,434 | 143,594 | 140,933 | 125,130 | 138,739 | 138,341 | 124,772 |
Restricted Stock Units/Treasury Stock Method | shares | 0 | 0 | 739 | ||||||||
Denominator for diluted income (loss) per share (in shares) | shares | 137,854 | 138,075 | 139,289 | 140,289 | 143,434 | 143,594 | 140,933 | 125,130 | 138,739 | 138,341 | 125,511 |
Basic and diluted income (loss) per share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ / shares | $ (0.04) | $ (0.06) | $ 0.05 | $ (0.08) | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ (0.13) | $ (0.33) | $ 0.43 |
Discontinued operations (in dollars per share) | $ / shares | 0 | (0.02) | 0 | 0 | (0.02) | 0 | 0 | ||||
Net income (loss) (in dollars per share) | $ / shares | $ (0.04) | $ (0.08) | $ 0.05 | $ (0.08) | $ (0.16) | $ (0.33) | $ 0.43 | ||||
Antidilutive Securities [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Series A Convertible Preferred Shares/Units | shares | 9,984 | 9,984 | 9,984 | ||||||||
Denominator: | |||||||||||
Restricted Stock Units/Treasury Stock Method | shares | 155 | 488 | 0 | ||||||||
Series A Preferred Shares / Units [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Dividends excluded from computation of earnings per share/unit | $ 25,100,000 | $ 25,100,000 | $ 25,100,000 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Number of Vesting Increments | increment | 3 | ||||||||||
Vesting Period | 4 years | ||||||||||
Number of Lodging REIT Peers | peer | 10 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Hotelsincrement | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Hotels | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Number of Real Estate Properties | 1 | 13 | |
Loss Contingency, Damages Sought, Value | $ | $ 8,300,000 | ||
Loss Contingency, Loss in Period | $ | $ 1,100,000 | ||
Term over which fee based liquidated damages would be calculated | 3 years | ||
Purchase Obligation | $ | $ 26,200,000 | ||
Loss Contingency Accrual | $ | $ 2,000,000 | $ 5,900,000 | |
Loss Contingency, Receivable, Additions | $ | $ 3,700,000 | ||
Estimated Number of Quarterly Payments | increment | 7 | ||
All-Risk [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Property insurance deductible | $ | $ 100,000 | ||
Windstorm and Earthquake [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Property insurance deductible, percent | 5.00% | ||
Loss from Catastrophes [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Catastrophic insurance, basis term of events for probable maximum losses | 250 years | ||
General Liability [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Self-insured retention, per occurrence amount | $ | $ 250,000 | ||
Number of hotels with self insurance (in hotels) | 32 | ||
Minimum [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Management fee, base percent fee | 2.00% | ||
Investment percentage of revenue for capital expenditures | 3.00% | ||
Management agreements term | 5 years | ||
License or royalty fee, percent | 4.00% | ||
Maximum [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Management fee, base percent fee | 3.00% | ||
Investment percentage of revenue for capital expenditures | 5.00% | ||
Management agreements term | 20 years | ||
License or royalty fee, percent | 5.50% | ||
Consolidated Properties [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Number of Real Estate Properties | 38 | 1 | |
InterContinental Hotels Group [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Management fee, base percent fee | 2.00% | ||
Management fee, room revenue percent fee | 5.00% | ||
Number of Real Estate Properties | 3 | ||
InterContinental Hotels Group [Member] | Consolidated Properties [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Number of Real Estate Properties | 1 | ||
Wyndham Hotel Group [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Number of Real Estate Properties | 1 | ||
Management Agreements [Member] | Consolidated Properties [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Number of Real Estate Properties | 32 | ||
Franchise or License Agreements [Member] | Consolidated Properties [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Number of Real Estate Properties | 6 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | InterContinental Hotels Group [Member] | |||
Commitments, Contingencies and Related Party Transactions [Line Items] | |||
Number of Real Estate Properties | 2 |
Supplemental Cash Flow Disclo84
Supplemental Cash Flow Disclosure (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Conversion of operating partnership units into common shares - value | $ 8,600 | $ 55,700 | |
Conversion of operating partnership units into common shares - shares | 1,279 | 6,080 | |
Depreciation and amortization from continuing operations | $ 114,054,000 | $ 114,452,000 | $ 115,819,000 |
Debt retirement | 880,500,000 | 310,200,000 | |
Payment on line of credit | 156,000,000 | 314,500,000 | 251,000,000 |
Long-term Debt | 1,338,326,000 | 1,409,889,000 | |
Normal recurring principal payments | 2,700,000 | 2,600,000 | 3,300,000 |
Increase/Decrease in accrued expenses and other liabilities | $ (4,500,000) | 2,700,000 | (11,300,000) |
Construction tranche [Member] | |||
Debt Instrument [Line Items] | |||
Normal recurring principal payments | $ 6,300,000 | $ 58,600,000 |
FelCor Stock Based Compensati85
FelCor Stock Based Compensation Plans (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)peerincrement$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash payments on share-based payment award, equity instruments other than options | $ | $ 3,300,000 | $ 1,900,000 | ||
Restricted Stock [Member] | ||||
Shares | ||||
Forfeited (in shares) | (396,148) | (2,250) | (2,250) | |
Vested in Period (in shares) | (771,508) | (793,540) | (794,483) | |
Unvested at end of year (in shares) | 1,870,393 | 1,830,123 | 1,509,519 | 1,270,000 |
Weighted Average Fair Market Value at Grant | ||||
Outstanding at beginning of the year (in dollars per share) | $ / shares | $ 6.79 | $ 5.70 | $ 4.12 | |
Forfeited (in dollars per share) | $ / shares | 6.04 | 9.62 | 9.62 | |
Vested in Period (in dollars per share) | $ / shares | 7.72 | 6.61 | 4.46 | |
Outstanding at end of year (in dollars per share) | $ / shares | $ 6.21 | $ 6.79 | $ 5.70 | |
Unearned compensation cost | ||||
Unearned compensation cost of unvested shares | $ | $ 5,100,000 | $ 6,900,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Allocated Share-based Compensation Expense | $ | $ 5,000,000 | 5,100,000 | $ 3,700,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
General disclosures | ||||
Number of Vesting Increments | increment | 3 | |||
Vesting Period | 4 years | |||
Number of Lodging REIT Peers | peer | 10 | |||
Liability Based [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 1,000,000 | 2,600,000 | ||
Unearned compensation cost | ||||
Allocated Share-based Compensation Expense | $ | $ 450,000 | $ 798,000 | $ 2,700,000 | |
The Plan [Member] | ||||
General disclosures | ||||
Number of shares authorized (in shares) | 6,100,000 | |||
Number of shares available for grant (in shares) | 4,085,899 | |||
The Plan [Member] | Minimum [Member] | ||||
General disclosures | ||||
Vesting Period | 3 years | |||
The Plan [Member] | Maximum [Member] | ||||
General disclosures | ||||
Vesting Period | 5 years | |||
Five Year Pro Rata Vesting [Member] | Restricted Stock [Member] | ||||
Shares | ||||
Granted: (in shares) | 1,207,926 | 1,116,394 | 1,036,252 | |
Weighted Average Fair Market Value at Grant | ||||
Granted: (in dollars per share) | $ / shares | $ 6.24 | $ 8.14 | $ 6.70 | |
Time or Performance Based Vesting [Member] | The Plan [Member] | ||||
General disclosures | ||||
Vesting Period | 3 years |
FelCor Stock Based Compensati86
FelCor Stock Based Compensation Plans (Schedule of Assumptions Used) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Annual volatility (percent) | 45.92% | 48.11% | 53.78% | |
Dividend rate (US$ per share) | $ 0.05 | $ 0.04 | $ 0.02 | |
Risk-free rate (percent) | 0.93% | 1.32% | 1.13% | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,870,393 | 1,830,123 | 1,509,519 | 1,270,000 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Retirement savings plan, contributions by employer | $ 1,000,000 | $ 1,000,000 | $ 948,000 |
Health insurance benefits cost | 1,400,000 | 1,300,000 | 1,200,000 |
Severance Costs | 6,900,000 | 3,700,000 | |
Equity based severance | $ 2,891,000 | $ 1,352,000 | $ 0 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments (in segment) | segment | 1 | ||||||||||
Revenue | $ 195,923 | $ 222,981 | $ 237,906 | $ 210,144 | $ 206,304 | $ 225,152 | $ 241,103 | $ 213,695 | $ 866,954 | $ 886,254 | $ 921,587 |
Net investment in hotels | 1,566,823 | 1,729,531 | 1,566,823 | 1,729,531 | |||||||
California [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 293,002 | 299,422 | 277,458 | ||||||||
Net investment in hotels | 312,222 | 410,009 | 312,222 | 410,009 | |||||||
Florida [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 136,789 | 138,055 | 135,972 | ||||||||
Net investment in hotels | 223,362 | 215,657 | 223,362 | 215,657 | |||||||
MASSACHUSETTS | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 93,037 | 93,685 | 85,665 | ||||||||
Net investment in hotels | 152,462 | 162,875 | 152,462 | 162,875 | |||||||
NEW YORK | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 72,966 | 51,649 | 33,916 | ||||||||
Net investment in hotels | 431,724 | 469,489 | 431,724 | 469,489 | |||||||
SOUTH CAROLINA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 64,783 | 63,258 | 58,398 | ||||||||
Net investment in hotels | 114,339 | 112,038 | 114,339 | 112,038 | |||||||
Other States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 206,377 | 240,185 | 321,792 | ||||||||
Net investment in hotels | 332,714 | 359,463 | 332,714 | 359,463 | |||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | $ 8,386 | ||||||||
Net investment in hotels | $ 0 | $ 0 | $ 0 | $ 0 |
Quarterly Operating Results (89
Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Operating Results (unaudited) [Line Items] | |||||||||||
Total revenues | $ 195,923 | $ 222,981 | $ 237,906 | $ 210,144 | $ 206,304 | $ 225,152 | $ 241,103 | $ 213,695 | $ 866,954 | $ 886,254 | $ 921,587 |
Income (loss) from continuing operations | 730 | (9,761) | 14,400 | (4,367) | (4,266) | (11,785) | (2,614) | (4,895) | 1,002 | (23,560) | 27,750 |
Discontinued operations | 0 | (3,131) | 0 | 0 | 250 | 498 | (83) | 4 | (3,131) | 669 | (360) |
Net income (loss) attributable to reporting entity | 128 | (5,099) | 13,391 | (4,922) | (4,156) | (8,208) | (3,284) | 6,783 | 3,498 | (8,865) | 92,099 |
Net income (loss) attributable to FelCor common stockholders | (6,150) | (11,378) | 7,112 | (11,201) | (10,434) | (14,487) | (17,283) | (2,895) | (21,617) | (45,099) | 53,387 |
Comprehensive income (loss) attributable to reporting entity | $ 128 | $ (5,099) | $ 13,391 | $ (4,922) | $ (4,156) | $ (8,208) | $ (3,284) | $ 6,783 | $ 3,498 | $ (8,865) | $ 67,162 |
Basic and diluted per common share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ (0.04) | $ (0.06) | $ 0.05 | $ (0.08) | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ (0.13) | $ (0.33) | $ 0.43 |
Discontinued operations (in dollars per share) | 0 | (0.02) | 0 | 0 | (0.02) | 0 | 0 | ||||
Net income (loss) (in dollars per share) | $ (0.04) | $ (0.08) | $ 0.05 | $ (0.08) | $ (0.16) | $ (0.33) | $ 0.43 | ||||
Basic weighted average common shares/units outstanding (in shares) | 137,244 | 137,464 | 138,182 | 139,678 | 142,823 | 142,982 | 140,322 | 124,519 | 138,128 | 137,730 | 124,158 |
Diluted weighted average common shares/units outstanding (in shares) | 137,244 | 137,464 | 138,678 | 139,678 | 142,823 | 142,982 | 140,322 | 124,519 | 138,128 | 137,730 | 124,892 |
FelCor Lodging LP [Member] | |||||||||||
Quarterly Operating Results (unaudited) [Line Items] | |||||||||||
Total revenues | $ 195,923 | $ 222,981 | $ 237,906 | $ 210,144 | $ 206,304 | $ 225,152 | $ 241,103 | $ 213,695 | $ 866,954 | $ 886,254 | $ 921,587 |
Income (loss) from continuing operations | 730 | (9,761) | 14,400 | (4,367) | (4,266) | (11,785) | (2,614) | (4,895) | 1,002 | (23,560) | 27,750 |
Discontinued operations | 0 | (3,131) | 0 | 0 | 250 | 498 | (83) | 4 | (3,131) | 669 | (360) |
Net income (loss) attributable to reporting entity | 102 | (5,149) | 13,422 | (4,970) | (4,200) | (8,269) | (3,359) | 6,769 | 3,405 | (9,059) | 92,236 |
Net income (loss) attributable to FelCor LP common unitholders | (6,176) | (11,428) | 7,143 | (11,249) | (10,478) | (14,548) | (17,358) | (2,909) | (21,710) | (45,293) | 53,524 |
Comprehensive income (loss) attributable to reporting entity | $ 102 | $ (5,149) | $ 13,422 | $ (4,970) | $ (4,200) | $ (8,269) | $ (3,359) | $ 6,769 | $ 3,405 | $ (9,059) | $ 67,193 |
Basic and diluted per common share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ (0.04) | $ (0.06) | $ 0.05 | $ (0.08) | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ (0.13) | $ (0.33) | $ 0.43 |
Discontinued operations (in dollars per share) | 0 | (0.02) | 0 | 0 | (0.02) | 0 | 0 | ||||
Net income (loss) (in dollars per share) | $ (0.04) | $ (0.08) | $ 0.05 | $ (0.08) | $ (0.16) | $ (0.33) | $ 0.43 | ||||
Basic weighted average common shares/units outstanding (in shares) | 137,854 | 138,075 | 138,793 | 140,289 | 143,434 | 143,594 | 140,933 | 125,130 | 138,739 | 138,341 | 124,772 |
Diluted weighted average common shares/units outstanding (in shares) | 137,854 | 138,075 | 139,289 | 140,289 | 143,434 | 143,594 | 140,933 | 125,130 | 138,739 | 138,341 | 125,511 |
FelCor LP's Consolidating Fin90
FelCor LP's Consolidating Financial Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | $ 1,566,823,000 | $ 1,729,531,000 | ||||||||||||||
Investment in unconsolidated entities | $ 19,900,000 | 8,312,000 | 9,575,000 | |||||||||||||
Cash and cash equivalents | $ 47,317,000 | $ 59,786,000 | $ 59,786,000 | $ 47,147,000 | $ 59,786,000 | $ 47,147,000 | $ 45,645,000 | 47,317,000 | 59,786,000 | $ 47,147,000 | $ 45,645,000 | |||||
Restricted cash | 19,491,000 | 17,702,000 | ||||||||||||||
Accounts receivable, net | 42,080,000 | 28,136,000 | ||||||||||||||
Deferred expenses, net | 4,527,000 | 6,390,000 | ||||||||||||||
Other assets | 18,542,000 | 14,792,000 | ||||||||||||||
Total assets | 1,707,092,000 | 1,865,912,000 | ||||||||||||||
Debt, net | 1,338,326,000 | 1,409,889,000 | ||||||||||||||
Distributions payable | 14,858,000 | 15,140,000 | ||||||||||||||
Accrued expenses and other liabilities | 116,437,000 | 125,274,000 | ||||||||||||||
Total liabilities | 1,469,621,000 | 1,550,303,000 | ||||||||||||||
Redeemable units, at redemption value | 4,888,000 | 4,464,000 | 6,616,000 | |||||||||||||
Preferred capital in consolidated joint venture | 43,783,000 | 43,186,000 | ||||||||||||||
Total liabilities and equity | 1,707,092,000 | 1,865,912,000 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 862,818,000 | 878,371,000 | 917,981,000 | |||||||||||||
Other revenue | 4,136,000 | 7,883,000 | 3,606,000 | |||||||||||||
Total revenues | 195,923,000 | $ 222,981,000 | $ 237,906,000 | 210,144,000 | 206,304,000 | $ 225,152,000 | $ 241,103,000 | 213,695,000 | 866,954,000 | 886,254,000 | 921,587,000 | |||||
Expenses: | ||||||||||||||||
Taxes, insurance and lease expense | 57,317,000 | 59,207,000 | 84,266,000 | |||||||||||||
Corporate expenses | 27,037,000 | 27,283,000 | 29,585,000 | |||||||||||||
Depreciation and amortization | 114,054,000 | 114,452,000 | 115,819,000 | |||||||||||||
Impairment | 26,459,000 | 20,861,000 | 0 | |||||||||||||
Other expenses | 12,740,000 | 12,479,000 | 17,952,000 | |||||||||||||
Total operating expenses | 788,772,000 | 806,541,000 | 853,735,000 | |||||||||||||
Operating income (loss) | 78,182,000 | 79,713,000 | 67,852,000 | |||||||||||||
Interest expense, net | (78,182,000) | (79,118,000) | (90,695,000) | |||||||||||||
Debt extinguishment | 0 | (30,909,000) | (4,770,000) | |||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | 30,176,000 | |||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | 20,737,000 | |||||||||||||
Other gains, net | 342,000 | 166,000 | 100,000 | |||||||||||||
Income (loss) before equity in income from unconsolidated entities | 342,000 | (30,148,000) | 23,400,000 | |||||||||||||
Equity in income from unconsolidated entities | 1,533,000 | 7,833,000 | 5,010,000 | |||||||||||||
Income (loss) from continuing operations before income tax expense | 1,875,000 | (22,315,000) | 28,410,000 | |||||||||||||
Income tax expense | (873,000) | (1,245,000) | (660,000) | |||||||||||||
Income (loss) from continuing operations | 730,000 | (9,761,000) | 14,400,000 | (4,367,000) | (4,266,000) | (11,785,000) | (2,614,000) | (4,895,000) | 1,002,000 | (23,560,000) | 27,750,000 | |||||
Income (loss) from discontinued operations | 0 | (3,131,000) | 0 | 0 | 250,000 | 498,000 | (83,000) | 4,000 | (3,131,000) | 669,000 | (360,000) | |||||
Income (loss) before gain on sale of hotels | (2,129,000) | (22,891,000) | 27,390,000 | |||||||||||||
Gain on sale of hotels, net | 6,322,000 | 19,426,000 | 66,762,000 | |||||||||||||
Net income (loss) | 4,193,000 | (3,465,000) | 94,152,000 | |||||||||||||
Loss (income) attributable to noncontrolling interests | 673,000 | (4,157,000) | (697,000) | |||||||||||||
Preferred distributions - consolidated joint venture | (1,461,000) | (1,437,000) | (1,219,000) | |||||||||||||
Net income (loss) attributable to reporting entity | 128,000 | (5,099,000) | 13,391,000 | (4,922,000) | (4,156,000) | (8,208,000) | (3,284,000) | 6,783,000 | 3,498,000 | (8,865,000) | 92,099,000 | |||||
Preferred dividends | (25,115,000) | (30,138,000) | (38,712,000) | |||||||||||||
Redemption of Preferred Stock - Value | 0 | (6,096,000) | 0 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Foreign currency translation adjustment | 0 | 0 | (490,000) | |||||||||||||
Reclassification of foreign currency translation to gain | 0 | 0 | (24,448,000) | |||||||||||||
Comprehensive income (loss) | 4,193,000 | (3,465,000) | 69,214,000 | |||||||||||||
Loss (income) attributable to noncontrolling interests | 673,000 | (4,157,000) | (697,000) | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | 128,000 | (5,099,000) | 13,391,000 | (4,922,000) | (4,156,000) | (8,208,000) | (3,284,000) | 6,783,000 | 3,498,000 | (8,865,000) | 67,162,000 | |||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 134,920,000 | 146,663,000 | 107,884,000 | |||||||||||||
Investing activities: | ||||||||||||||||
Acquisition of land | (8,226,000) | 0 | 0 | |||||||||||||
Improvements and additions to hotels | (74,264,000) | (48,436,000) | (83,664,000) | |||||||||||||
Hotel development | 0 | (33,525,000) | (86,565,000) | |||||||||||||
Net proceeds from asset sales | 100,970,000 | 187,949,000 | 163,618,000 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | 0 | 4,032,000 | |||||||||||||
Insurance proceeds | 341,000 | 477,000 | 521,000 | |||||||||||||
Change in restricted cash | (1,789,000) | 2,794,000 | 56,731,000 | |||||||||||||
Distributions from unconsolidated entities | 1,586,000 | 7,317,000 | 12,828,000 | |||||||||||||
Contributions to unconsolidated entities | 0 | (15,000) | (7,000) | |||||||||||||
Net cash flow from investing activities | 18,618,000 | 116,561,000 | 67,494,000 | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 85,000,000 | 1,025,438,000 | 473,062,000 | |||||||||||||
Repayment of borrowings | (158,662,000) | (1,203,809,000) | (623,106,000) | |||||||||||||
Payment of deferred financing costs | (12,000) | (14,952,000) | (3,215,000) | |||||||||||||
Acquisition of noncontrolling interest | $ (5,900,000) | 0 | 0 | (5,850,000) | ||||||||||||
Distributions paid to noncontrolling interests | (16,000) | (17,595,000) | (9,596,000) | |||||||||||||
Contributions from noncontrolling interests | 636,000 | 2,809,000 | 6,375,000 | |||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 597,000 | 1,744,000 | 41,442,000 | |||||||||||||
Redemption of preferred stock | 0 | (169,986,000) | 0 | |||||||||||||
Repurchase of common stock | (30,462,000) | (14,362,000) | 0 | |||||||||||||
Distributions paid to preferred unitholders | (25,115,000) | (32,404,000) | (38,712,000) | |||||||||||||
Distributions paid to common stockholders | (33,606,000) | (22,385,000) | (9,981,000) | |||||||||||||
Net cash flow used in financing activities | (165,998,000) | (250,432,000) | (173,791,000) | |||||||||||||
Effect of exchange rate changes on cash | (9,000) | (153,000) | (85,000) | |||||||||||||
Change in cash and cash equivalents | (12,469,000) | 12,639,000 | 1,502,000 | |||||||||||||
Cash and cash equivalents at beginning of periods | 59,786,000 | 47,147,000 | 59,786,000 | 47,147,000 | 45,645,000 | |||||||||||
Cash and cash equivalents at end of periods | 47,317,000 | 59,786,000 | 47,317,000 | 59,786,000 | 47,147,000 | |||||||||||
FelCor Lodging LP [Member] | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 0 | 0 | ||||||||||||||
Equity investment in consolidated entities | 1,190,737,000 | 1,260,779,000 | ||||||||||||||
Investment in unconsolidated entities | 2,410,000 | 4,440,000 | ||||||||||||||
Cash and cash equivalents | 13,532,000 | 21,219,000 | 21,219,000 | 5,717,000 | 21,219,000 | 5,717,000 | 5,227,000 | 13,532,000 | 21,219,000 | 5,717,000 | 5,227,000 | |||||
Restricted cash | 0 | 0 | ||||||||||||||
Accounts receivable, net | 2,804,000 | 644,000 | ||||||||||||||
Deferred expenses, net | 0 | 0 | ||||||||||||||
Other assets | 5,634,000 | 3,587,000 | ||||||||||||||
Total assets | 1,215,117,000 | 1,290,669,000 | ||||||||||||||
Debt, net | 985,767,000 | 984,226,000 | ||||||||||||||
Distributions payable | 14,734,000 | 15,016,000 | ||||||||||||||
Accrued expenses and other liabilities | 28,431,000 | 26,810,000 | ||||||||||||||
Total liabilities | 1,028,932,000 | 1,026,052,000 | ||||||||||||||
Redeemable units, at redemption value | 4,888,000 | 4,464,000 | ||||||||||||||
Preferred units | 309,337,000 | 309,337,000 | ||||||||||||||
Common units | (128,040,000) | (49,184,000) | ||||||||||||||
Total FelCor LP partners’ capital | 181,297,000 | 260,153,000 | ||||||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||||||||||
Total partners’ capital | 181,297,000 | 260,153,000 | ||||||||||||||
Total liabilities and equity | 1,215,117,000 | 1,290,669,000 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 0 | 0 | 0 | |||||||||||||
Percentage lease revenue | 0 | 0 | 4,181,000 | |||||||||||||
Other revenue | 210,000 | 143,000 | 6,000 | |||||||||||||
Total revenues | 210,000 | 143,000 | 4,187,000 | |||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 0 | 0 | 0 | |||||||||||||
Taxes, insurance and lease expense | 149,000 | 490,000 | 1,267,000 | |||||||||||||
Corporate expenses | 0 | 0 | 427,000 | |||||||||||||
Depreciation and amortization | 261,000 | 188,000 | 2,717,000 | |||||||||||||
Impairment | 0 | 0 | ||||||||||||||
Other expenses | 7,266,000 | 3,995,000 | 178,000 | |||||||||||||
Total operating expenses | 7,676,000 | 4,673,000 | 4,589,000 | |||||||||||||
Operating income (loss) | (7,466,000) | (4,530,000) | (402,000) | |||||||||||||
Interest expense, net | (58,265,000) | (57,062,000) | (71,024,000) | |||||||||||||
Debt extinguishment | (28,459,000) | (3,823,000) | ||||||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737,000 | |||||||||||||||
Other gains, net | 0 | 0 | 0 | |||||||||||||
Income (loss) before equity in income from unconsolidated entities | (65,731,000) | (90,051,000) | (24,336,000) | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | 69,540,000 | 73,274,000 | 113,267,000 | |||||||||||||
Equity in income from unconsolidated entities | 1,781,000 | 8,368,000 | 4,682,000 | |||||||||||||
Income (loss) from continuing operations before income tax expense | 5,590,000 | (8,409,000) | 93,613,000 | |||||||||||||
Income tax expense | 559,000 | (252,000) | (134,000) | |||||||||||||
Income (loss) from continuing operations | 6,149,000 | (8,661,000) | 93,479,000 | |||||||||||||
Income (loss) from discontinued operations | (3,131,000) | 0 | 0 | |||||||||||||
Income (loss) before gain on sale of hotels | 3,018,000 | (8,661,000) | 93,479,000 | |||||||||||||
Gain on sale of hotels, net | 387,000 | (398,000) | (1,243,000) | |||||||||||||
Net income (loss) | 92,236,000 | |||||||||||||||
Loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to reporting entity | 3,405,000 | (9,059,000) | 92,236,000 | |||||||||||||
Preferred dividends | (25,115,000) | (30,138,000) | (38,712,000) | |||||||||||||
Redemption of Preferred Stock - Value | (6,096,000) | |||||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | (21,710,000) | (45,293,000) | 53,524,000 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Foreign currency translation adjustment | (490,000) | |||||||||||||||
Reclassification of foreign currency translation to gain | (24,553,000) | |||||||||||||||
Comprehensive income (loss) | 3,405,000 | (9,059,000) | 67,193,000 | |||||||||||||
Loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | 3,405,000 | (9,059,000) | 67,193,000 | |||||||||||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | (65,416,000) | (54,129,000) | (62,837,000) | |||||||||||||
Investing activities: | ||||||||||||||||
Acquisition of land | 0 | |||||||||||||||
Improvements and additions to hotels | (11,000) | 242,000 | (135,000) | |||||||||||||
Hotel development | 0 | 0 | ||||||||||||||
Net proceeds from asset sales | (1,433,000) | (569,000) | 6,488,000 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 3,154,000 | |||||||||||||||
Insurance proceeds | 0 | 274,000 | 0 | |||||||||||||
Change in restricted cash | 0 | 0 | 0 | |||||||||||||
Distributions from unconsolidated entities | 1,586,000 | 6,517,000 | 7,472,000 | |||||||||||||
Contributions to unconsolidated entities | (15,000) | (7,000) | ||||||||||||||
Intercompany financing, investing activities | 149,667,000 | 184,776,000 | 334,905,000 | |||||||||||||
Net cash flow from investing activities | 149,809,000 | 191,225,000 | 351,877,000 | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 0 | 475,000,000 | 0 | |||||||||||||
Repayment of borrowings | 0 | (545,453,000) | (236,745,000) | |||||||||||||
Payment of deferred financing costs | 0 | (8,505,000) | (4,000) | |||||||||||||
Acquisition of noncontrolling interest | 0 | |||||||||||||||
Distributions paid to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | 0 | 0 | |||||||||||||
Net proceeds from common unit issuance | 198,648,000 | |||||||||||||||
Redemption of preferred stock | (169,986,000) | |||||||||||||||
Repurchase of common stock | (30,462,000) | (14,362,000) | ||||||||||||||
Distributions paid to preferred unitholders | (25,115,000) | (32,404,000) | (38,712,000) | |||||||||||||
Distributions paid to common stockholders | (33,606,000) | (22,385,000) | (9,981,000) | |||||||||||||
Intercompany financing | 0 | 0 | 0 | |||||||||||||
Other | (2,897,000) | (2,147,000) | (3,108,000) | |||||||||||||
Net cash flow used in financing activities | (92,080,000) | (121,594,000) | (288,550,000) | |||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | |||||||||||||
Change in cash and cash equivalents | (7,687,000) | 15,502,000 | 490,000 | |||||||||||||
Cash and cash equivalents at beginning of periods | 21,219,000 | 5,717,000 | 21,219,000 | 5,717,000 | 5,227,000 | |||||||||||
Cash and cash equivalents at end of periods | 13,532,000 | 21,219,000 | 13,532,000 | 21,219,000 | 5,717,000 | |||||||||||
Subsidiary Guarantors [Member] | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 488,528,000 | 625,835,000 | ||||||||||||||
Equity investment in consolidated entities | 0 | 0 | ||||||||||||||
Investment in unconsolidated entities | 4,800,000 | 3,871,000 | ||||||||||||||
Cash and cash equivalents | 29,141,000 | 33,873,000 | 33,873,000 | 32,315,000 | 33,873,000 | 32,315,000 | 33,117,000 | 29,141,000 | 33,873,000 | 32,315,000 | 33,117,000 | |||||
Restricted cash | 16,433,000 | 15,442,000 | ||||||||||||||
Accounts receivable, net | 33,338,000 | 25,575,000 | ||||||||||||||
Deferred expenses, net | 0 | 0 | ||||||||||||||
Other assets | 10,009,000 | 8,786,000 | ||||||||||||||
Total assets | 582,249,000 | 713,382,000 | ||||||||||||||
Debt, net | 0 | 0 | ||||||||||||||
Distributions payable | 0 | 0 | ||||||||||||||
Accrued expenses and other liabilities | 79,439,000 | 83,787,000 | ||||||||||||||
Total liabilities | 79,439,000 | 83,787,000 | ||||||||||||||
Redeemable units, at redemption value | 0 | 0 | ||||||||||||||
Preferred units | 0 | 0 | ||||||||||||||
Common units | 503,765,000 | 630,412,000 | ||||||||||||||
Total FelCor LP partners’ capital | 503,765,000 | 630,412,000 | ||||||||||||||
Noncontrolling interests | (955,000) | (817,000) | ||||||||||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||||||||||
Total partners’ capital | 502,810,000 | 629,595,000 | ||||||||||||||
Total liabilities and equity | 582,249,000 | 713,382,000 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 862,818,000 | 878,371,000 | 917,981,000 | |||||||||||||
Percentage lease revenue | 0 | 0 | 0 | |||||||||||||
Other revenue | 3,498,000 | 7,288,000 | 3,143,000 | |||||||||||||
Total revenues | 866,316,000 | 885,659,000 | 921,124,000 | |||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 551,165,000 | 572,259,000 | 606,113,000 | |||||||||||||
Taxes, insurance and lease expense | 168,757,000 | 163,727,000 | 159,600,000 | |||||||||||||
Corporate expenses | 14,848,000 | 15,022,000 | 16,743,000 | |||||||||||||
Depreciation and amortization | 45,764,000 | 49,589,000 | 55,832,000 | |||||||||||||
Impairment | 26,459,000 | 20,861,000 | ||||||||||||||
Other expenses | 4,830,000 | 7,451,000 | 12,330,000 | |||||||||||||
Total operating expenses | 811,823,000 | 828,909,000 | 850,618,000 | |||||||||||||
Operating income (loss) | 54,493,000 | 56,750,000 | 70,506,000 | |||||||||||||
Interest expense, net | 30,000 | 11,000 | 6,000 | |||||||||||||
Debt extinguishment | 0 | 0 | ||||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | |||||||||||||||
Other gains, net | 0 | 0 | 100,000 | |||||||||||||
Income (loss) before equity in income from unconsolidated entities | 54,523,000 | 56,761,000 | 70,612,000 | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | 0 | 0 | 0 | |||||||||||||
Equity in income from unconsolidated entities | (202,000) | (489,000) | 374,000 | |||||||||||||
Income (loss) from continuing operations before income tax expense | 54,321,000 | 56,272,000 | 70,986,000 | |||||||||||||
Income tax expense | (1,586,000) | (993,000) | (526,000) | |||||||||||||
Income (loss) from continuing operations | 52,735,000 | 55,279,000 | 70,460,000 | |||||||||||||
Income (loss) from discontinued operations | 0 | 11,000 | (146,000) | |||||||||||||
Income (loss) before gain on sale of hotels | 52,735,000 | 55,290,000 | 70,314,000 | |||||||||||||
Gain on sale of hotels, net | 6,450,000 | (17,000) | (244,000) | |||||||||||||
Net income (loss) | 70,070,000 | |||||||||||||||
Loss (income) attributable to noncontrolling interests | 520,000 | 769,000 | 339,000 | |||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to reporting entity | 59,705,000 | 56,042,000 | 70,409,000 | |||||||||||||
Preferred dividends | 0 | 0 | 0 | |||||||||||||
Redemption of Preferred Stock - Value | 0 | |||||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | 59,705,000 | 56,042,000 | 70,409,000 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Foreign currency translation adjustment | 0 | |||||||||||||||
Reclassification of foreign currency translation to gain | 0 | |||||||||||||||
Comprehensive income (loss) | 59,185,000 | 55,273,000 | 70,070,000 | |||||||||||||
Loss (income) attributable to noncontrolling interests | 520,000 | 769,000 | 339,000 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | 59,705,000 | 56,042,000 | 70,409,000 | |||||||||||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 115,577,000 | 123,302,000 | 130,359,000 | |||||||||||||
Investing activities: | ||||||||||||||||
Acquisition of land | 0 | |||||||||||||||
Improvements and additions to hotels | (31,309,000) | (42,039,000) | (46,765,000) | |||||||||||||
Hotel development | 0 | 0 | ||||||||||||||
Net proceeds from asset sales | 102,726,000 | (669,000) | (55,000) | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | |||||||||||||||
Insurance proceeds | 0 | 0 | 0 | |||||||||||||
Change in restricted cash | (992,000) | (3,243,000) | (3,571,000) | |||||||||||||
Distributions from unconsolidated entities | 0 | 800,000 | 5,356,000 | |||||||||||||
Contributions to unconsolidated entities | 0 | 0 | ||||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | |||||||||||||
Net cash flow from investing activities | 70,425,000 | (45,151,000) | (45,035,000) | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | |||||||||||||
Repayment of borrowings | 0 | 0 | 0 | |||||||||||||
Payment of deferred financing costs | 0 | 0 | 0 | |||||||||||||
Acquisition of noncontrolling interest | 0 | |||||||||||||||
Distributions paid to noncontrolling interests | (14,000) | (444,000) | (850,000) | |||||||||||||
Contributions from noncontrolling interests | 397,000 | 548,000 | 1,265,000 | |||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | 0 | 0 | |||||||||||||
Net proceeds from common unit issuance | 0 | |||||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Repurchase of common stock | 0 | 0 | ||||||||||||||
Distributions paid to preferred unitholders | 0 | 0 | 0 | |||||||||||||
Distributions paid to common stockholders | 0 | 0 | 0 | |||||||||||||
Intercompany financing | (191,117,000) | (76,697,000) | (86,470,000) | |||||||||||||
Other | 0 | 0 | 0 | |||||||||||||
Net cash flow used in financing activities | (190,734,000) | (76,593,000) | (86,055,000) | |||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | (71,000) | |||||||||||||
Change in cash and cash equivalents | (4,732,000) | 1,558,000 | (802,000) | |||||||||||||
Cash and cash equivalents at beginning of periods | 33,873,000 | 32,315,000 | 33,873,000 | 32,315,000 | 33,117,000 | |||||||||||
Cash and cash equivalents at end of periods | 29,141,000 | 33,873,000 | 29,141,000 | 33,873,000 | 32,315,000 | |||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 1,078,295,000 | 1,103,696,000 | ||||||||||||||
Equity investment in consolidated entities | 0 | 0 | ||||||||||||||
Investment in unconsolidated entities | 1,102,000 | 1,264,000 | ||||||||||||||
Cash and cash equivalents | 4,644,000 | 4,694,000 | 4,694,000 | 9,115,000 | 4,694,000 | 9,115,000 | 7,301,000 | 4,644,000 | 4,694,000 | 9,115,000 | 7,301,000 | |||||
Restricted cash | 3,058,000 | 2,260,000 | ||||||||||||||
Accounts receivable, net | 5,938,000 | 1,917,000 | ||||||||||||||
Deferred expenses, net | 4,527,000 | 6,390,000 | ||||||||||||||
Other assets | 2,899,000 | 2,419,000 | ||||||||||||||
Total assets | 1,100,463,000 | 1,122,640,000 | ||||||||||||||
Debt, net | 391,995,000 | 465,099,000 | ||||||||||||||
Distributions payable | 124,000 | 124,000 | ||||||||||||||
Accrued expenses and other liabilities | 8,567,000 | 14,677,000 | ||||||||||||||
Total liabilities | 400,686,000 | 479,900,000 | ||||||||||||||
Redeemable units, at redemption value | 0 | 0 | ||||||||||||||
Preferred units | 0 | 0 | ||||||||||||||
Common units | 647,536,000 | 590,931,000 | ||||||||||||||
Total FelCor LP partners’ capital | 647,536,000 | 590,931,000 | ||||||||||||||
Noncontrolling interests | 8,458,000 | 8,623,000 | ||||||||||||||
Preferred capital in consolidated joint venture | 43,783,000 | 43,186,000 | ||||||||||||||
Total partners’ capital | 699,777,000 | 642,740,000 | ||||||||||||||
Total liabilities and equity | 1,100,463,000 | 1,122,640,000 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 0 | 0 | 0 | |||||||||||||
Percentage lease revenue | 134,462,000 | 126,867,000 | 92,936,000 | |||||||||||||
Other revenue | 428,000 | 452,000 | 457,000 | |||||||||||||
Total revenues | 134,890,000 | 127,319,000 | 93,393,000 | |||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 0 | 0 | 0 | |||||||||||||
Taxes, insurance and lease expense | 22,873,000 | 21,857,000 | 20,516,000 | |||||||||||||
Corporate expenses | 12,189,000 | 12,261,000 | 12,415,000 | |||||||||||||
Depreciation and amortization | 68,029,000 | 64,675,000 | 57,270,000 | |||||||||||||
Impairment | 0 | 0 | ||||||||||||||
Other expenses | 644,000 | 1,033,000 | 5,444,000 | |||||||||||||
Total operating expenses | 103,735,000 | 99,826,000 | 95,645,000 | |||||||||||||
Operating income (loss) | 31,155,000 | 27,493,000 | (2,252,000) | |||||||||||||
Interest expense, net | (19,947,000) | (22,067,000) | (19,677,000) | |||||||||||||
Debt extinguishment | (2,450,000) | (947,000) | ||||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | |||||||||||||||
Other gains, net | 342,000 | 166,000 | 0 | |||||||||||||
Income (loss) before equity in income from unconsolidated entities | 11,550,000 | 3,142,000 | (22,876,000) | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | 0 | 0 | 0 | |||||||||||||
Equity in income from unconsolidated entities | (46,000) | (46,000) | (46,000) | |||||||||||||
Income (loss) from continuing operations before income tax expense | 11,504,000 | 3,096,000 | (22,922,000) | |||||||||||||
Income tax expense | 154,000 | 0 | 0 | |||||||||||||
Income (loss) from continuing operations | 11,658,000 | 3,096,000 | (22,922,000) | |||||||||||||
Income (loss) from discontinued operations | 0 | 658,000 | (214,000) | |||||||||||||
Income (loss) before gain on sale of hotels | 11,658,000 | 3,754,000 | (23,136,000) | |||||||||||||
Gain on sale of hotels, net | (515,000) | 19,841,000 | 68,249,000 | |||||||||||||
Net income (loss) | 45,113,000 | |||||||||||||||
Loss (income) attributable to noncontrolling interests | 153,000 | (4,926,000) | (1,036,000) | |||||||||||||
Preferred distributions - consolidated joint venture | (1,461,000) | (1,437,000) | (1,219,000) | |||||||||||||
Net income (loss) attributable to reporting entity | 9,835,000 | 17,232,000 | 42,858,000 | |||||||||||||
Preferred dividends | 0 | 0 | 0 | |||||||||||||
Redemption of Preferred Stock - Value | 0 | |||||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | 9,835,000 | 17,232,000 | 42,858,000 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Foreign currency translation adjustment | (490,000) | |||||||||||||||
Reclassification of foreign currency translation to gain | (24,553,000) | |||||||||||||||
Comprehensive income (loss) | 11,143,000 | 23,595,000 | 20,070,000 | |||||||||||||
Loss (income) attributable to noncontrolling interests | 153,000 | (4,926,000) | (1,036,000) | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | 9,835,000 | 17,232,000 | 17,815,000 | |||||||||||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 84,759,000 | 77,490,000 | 40,362,000 | |||||||||||||
Investing activities: | ||||||||||||||||
Acquisition of land | (8,226,000) | |||||||||||||||
Improvements and additions to hotels | (42,944,000) | (6,639,000) | (36,764,000) | |||||||||||||
Hotel development | (33,525,000) | (86,565,000) | ||||||||||||||
Net proceeds from asset sales | (323,000) | 189,187,000 | 157,185,000 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 878,000 | |||||||||||||||
Insurance proceeds | 341,000 | 203,000 | 521,000 | |||||||||||||
Change in restricted cash | (797,000) | 6,037,000 | 60,302,000 | |||||||||||||
Distributions from unconsolidated entities | 0 | 0 | 0 | |||||||||||||
Contributions to unconsolidated entities | 0 | 0 | ||||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | |||||||||||||
Net cash flow from investing activities | (51,949,000) | 155,263,000 | 95,557,000 | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 85,000,000 | 550,438,000 | 473,062,000 | |||||||||||||
Repayment of borrowings | (158,662,000) | (658,356,000) | (386,361,000) | |||||||||||||
Payment of deferred financing costs | (12,000) | (6,447,000) | (3,211,000) | |||||||||||||
Acquisition of noncontrolling interest | (5,850,000) | |||||||||||||||
Distributions paid to noncontrolling interests | (2,000) | (17,151,000) | (8,746,000) | |||||||||||||
Contributions from noncontrolling interests | 239,000 | 2,261,000 | 5,110,000 | |||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 597,000 | 1,744,000 | 41,442,000 | |||||||||||||
Net proceeds from common unit issuance | 0 | |||||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Repurchase of common stock | 0 | 0 | ||||||||||||||
Distributions paid to preferred unitholders | 0 | 0 | 0 | |||||||||||||
Distributions paid to common stockholders | 0 | 0 | 0 | |||||||||||||
Intercompany financing | 41,450,000 | (108,079,000) | (248,435,000) | |||||||||||||
Other | (1,461,000) | (1,431,000) | (1,102,000) | |||||||||||||
Net cash flow used in financing activities | (32,851,000) | (237,021,000) | (134,091,000) | |||||||||||||
Effect of exchange rate changes on cash | (9,000) | (153,000) | (14,000) | |||||||||||||
Change in cash and cash equivalents | (50,000) | (4,421,000) | 1,814,000 | |||||||||||||
Cash and cash equivalents at beginning of periods | 4,694,000 | 9,115,000 | 4,694,000 | 9,115,000 | 7,301,000 | |||||||||||
Cash and cash equivalents at end of periods | 4,644,000 | 4,694,000 | $ 4,644,000 | 4,694,000 | 9,115,000 | |||||||||||
Total Consolidated [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Percentage of subsidiary guarantor owned by company | 100.00% | |||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 1,566,823,000 | 1,729,531,000 | ||||||||||||||
Equity investment in consolidated entities | 0 | 0 | ||||||||||||||
Investment in unconsolidated entities | 8,312,000 | 9,575,000 | ||||||||||||||
Cash and cash equivalents | 47,317,000 | 59,786,000 | 59,786,000 | 47,147,000 | $ 59,786,000 | 47,147,000 | 45,645,000 | 47,317,000 | 59,786,000 | 47,147,000 | 45,645,000 | |||||
Restricted cash | 19,491,000 | 17,702,000 | ||||||||||||||
Accounts receivable, net | 42,080,000 | 28,136,000 | ||||||||||||||
Deferred expenses, net | 4,527,000 | 6,390,000 | ||||||||||||||
Other assets | 18,542,000 | 14,792,000 | ||||||||||||||
Total assets | 1,707,092,000 | 1,865,912,000 | ||||||||||||||
Debt, net | 1,338,326,000 | 1,409,889,000 | ||||||||||||||
Distributions payable | 14,858,000 | 15,140,000 | ||||||||||||||
Accrued expenses and other liabilities | 116,437,000 | 125,274,000 | ||||||||||||||
Total liabilities | 1,469,621,000 | 1,550,303,000 | ||||||||||||||
Redeemable units, at redemption value | 4,888,000 | 4,464,000 | ||||||||||||||
Preferred units | 309,337,000 | 309,337,000 | ||||||||||||||
Common units | (128,040,000) | (49,184,000) | ||||||||||||||
Total FelCor LP partners’ capital | 181,297,000 | 260,153,000 | ||||||||||||||
Noncontrolling interests | 7,503,000 | 7,806,000 | ||||||||||||||
Preferred capital in consolidated joint venture | 43,783,000 | 43,186,000 | ||||||||||||||
Total partners’ capital | 232,583,000 | 311,145,000 | 362,867,000 | 314,230,000 | ||||||||||||
Total liabilities and equity | 1,707,092,000 | 1,865,912,000 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 862,818,000 | 878,371,000 | 917,981,000 | |||||||||||||
Percentage lease revenue | 0 | 0 | 0 | |||||||||||||
Other revenue | 4,136,000 | 7,883,000 | 3,606,000 | |||||||||||||
Total revenues | 195,923,000 | 222,981,000 | 237,906,000 | 210,144,000 | 206,304,000 | 225,152,000 | 241,103,000 | 213,695,000 | 866,954,000 | 886,254,000 | 921,587,000 | |||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 551,165,000 | 572,259,000 | 606,113,000 | |||||||||||||
Taxes, insurance and lease expense | 57,317,000 | 59,207,000 | 84,266,000 | |||||||||||||
Corporate expenses | 27,037,000 | 27,283,000 | 29,585,000 | |||||||||||||
Depreciation and amortization | 114,054,000 | 114,452,000 | 115,819,000 | |||||||||||||
Impairment | 26,459,000 | 20,861,000 | 0 | |||||||||||||
Other expenses | 12,740,000 | 12,479,000 | 17,952,000 | |||||||||||||
Total operating expenses | 788,772,000 | 806,541,000 | 853,735,000 | |||||||||||||
Operating income (loss) | 78,182,000 | 79,713,000 | 67,852,000 | |||||||||||||
Interest expense, net | (78,182,000) | (79,118,000) | (90,695,000) | |||||||||||||
Debt extinguishment | 0 | (30,909,000) | (4,770,000) | |||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | 30,176,000 | |||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | 20,737,000 | |||||||||||||
Other gains, net | 342,000 | 166,000 | 100,000 | |||||||||||||
Income (loss) before equity in income from unconsolidated entities | 342,000 | (30,148,000) | 23,400,000 | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | 0 | 0 | 0 | |||||||||||||
Equity in income from unconsolidated entities | 1,533,000 | 7,833,000 | 5,010,000 | |||||||||||||
Income (loss) from continuing operations before income tax expense | 1,875,000 | (22,315,000) | 28,410,000 | |||||||||||||
Income tax expense | (873,000) | (1,245,000) | (660,000) | |||||||||||||
Income (loss) from continuing operations | 730,000 | (9,761,000) | 14,400,000 | (4,367,000) | (4,266,000) | (11,785,000) | (2,614,000) | (4,895,000) | 1,002,000 | (23,560,000) | 27,750,000 | |||||
Income (loss) from discontinued operations | 0 | (3,131,000) | 0 | 0 | 250,000 | 498,000 | (83,000) | 4,000 | (3,131,000) | 669,000 | (360,000) | |||||
Income (loss) before gain on sale of hotels | (2,129,000) | (22,891,000) | 27,390,000 | |||||||||||||
Gain on sale of hotels, net | 6,322,000 | 19,426,000 | 66,762,000 | |||||||||||||
Net income (loss) | 4,193,000 | (3,465,000) | 94,152,000 | |||||||||||||
Loss (income) attributable to noncontrolling interests | 673,000 | (4,157,000) | (697,000) | |||||||||||||
Preferred distributions - consolidated joint venture | (1,461,000) | (1,437,000) | (1,219,000) | |||||||||||||
Net income (loss) attributable to reporting entity | 102,000 | (5,149,000) | 13,422,000 | (4,970,000) | (4,200,000) | (8,269,000) | (3,359,000) | 6,769,000 | 3,405,000 | (9,059,000) | 92,236,000 | |||||
Preferred dividends | (25,115,000) | (30,138,000) | (38,712,000) | |||||||||||||
Redemption of Preferred Stock - Value | 0 | (6,096,000) | 0 | |||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | (6,176,000) | (11,428,000) | 7,143,000 | (11,249,000) | (10,478,000) | (14,548,000) | (17,358,000) | (2,909,000) | (21,710,000) | (45,293,000) | 53,524,000 | |||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Foreign currency translation adjustment | 0 | 0 | (490,000) | |||||||||||||
Reclassification of foreign currency translation to gain | 0 | 0 | (24,553,000) | |||||||||||||
Comprehensive income (loss) | 4,193,000 | (3,465,000) | 69,109,000 | |||||||||||||
Loss (income) attributable to noncontrolling interests | 673,000 | (4,157,000) | (697,000) | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | 102,000 | $ (5,149,000) | $ 13,422,000 | (4,970,000) | (4,200,000) | $ (8,269,000) | $ (3,359,000) | 6,769,000 | 3,405,000 | (9,059,000) | 67,193,000 | |||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 134,920,000 | 146,663,000 | 107,884,000 | |||||||||||||
Investing activities: | ||||||||||||||||
Acquisition of land | (8,226,000) | 0 | 0 | |||||||||||||
Improvements and additions to hotels | (74,264,000) | (48,436,000) | (83,664,000) | |||||||||||||
Hotel development | 0 | (33,525,000) | (86,565,000) | |||||||||||||
Net proceeds from asset sales | 100,970,000 | 187,949,000 | 163,618,000 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | 0 | 4,032,000 | |||||||||||||
Insurance proceeds | 341,000 | 477,000 | 521,000 | |||||||||||||
Change in restricted cash | (1,789,000) | 2,794,000 | 56,731,000 | |||||||||||||
Distributions from unconsolidated entities | 1,586,000 | 7,317,000 | 12,828,000 | |||||||||||||
Contributions to unconsolidated entities | 0 | (15,000) | (7,000) | |||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | |||||||||||||
Net cash flow from investing activities | 18,618,000 | 116,561,000 | 67,494,000 | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 85,000,000 | 1,025,438,000 | 473,062,000 | |||||||||||||
Repayment of borrowings | (158,662,000) | (1,203,809,000) | (623,106,000) | |||||||||||||
Payment of deferred financing costs | (12,000) | (14,952,000) | (3,215,000) | |||||||||||||
Acquisition of noncontrolling interest | 0 | 0 | (5,850,000) | |||||||||||||
Distributions paid to noncontrolling interests | (16,000) | (17,595,000) | (9,596,000) | |||||||||||||
Contributions from noncontrolling interests | 636,000 | 2,809,000 | 6,375,000 | |||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 597,000 | 1,744,000 | 41,442,000 | |||||||||||||
Net proceeds from common unit issuance | 0 | 198,648,000 | 0 | |||||||||||||
Redemption of preferred stock | 0 | (169,986,000) | 0 | |||||||||||||
Repurchase of common stock | (30,462,000) | (14,362,000) | 0 | |||||||||||||
Distributions paid to preferred unitholders | (25,115,000) | (32,404,000) | (38,712,000) | |||||||||||||
Distributions paid to common stockholders | (33,606,000) | (22,385,000) | (9,981,000) | |||||||||||||
Intercompany financing | 0 | 0 | 0 | |||||||||||||
Other | (4,358,000) | (3,578,000) | (4,210,000) | |||||||||||||
Net cash flow used in financing activities | (165,998,000) | (250,432,000) | (173,791,000) | |||||||||||||
Effect of exchange rate changes on cash | (9,000) | (153,000) | (85,000) | |||||||||||||
Change in cash and cash equivalents | (12,469,000) | 12,639,000 | 1,502,000 | |||||||||||||
Cash and cash equivalents at beginning of periods | 59,786,000 | 47,147,000 | 59,786,000 | 47,147,000 | 45,645,000 | |||||||||||
Cash and cash equivalents at end of periods | 47,317,000 | 59,786,000 | 47,317,000 | 59,786,000 | 47,147,000 | |||||||||||
Consolidation, Eliminations [Member] | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 0 | 0 | ||||||||||||||
Equity investment in consolidated entities | (1,190,737,000) | (1,260,779,000) | ||||||||||||||
Investment in unconsolidated entities | 0 | 0 | ||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 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 | (1,190,737,000) | (1,260,779,000) | ||||||||||||||
Debt, net | (39,436,000) | (39,436,000) | ||||||||||||||
Distributions payable | 0 | 0 | ||||||||||||||
Accrued expenses and other liabilities | 0 | 0 | ||||||||||||||
Total liabilities | (39,436,000) | (39,436,000) | ||||||||||||||
Redeemable units, at redemption value | 0 | 0 | ||||||||||||||
Preferred units | 0 | 0 | ||||||||||||||
Common units | (1,151,301,000) | (1,221,343,000) | ||||||||||||||
Total FelCor LP partners’ capital | (1,151,301,000) | (1,221,343,000) | ||||||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||||||||||||
Total partners’ capital | (1,151,301,000) | (1,221,343,000) | ||||||||||||||
Total liabilities and equity | $ (1,190,737,000) | $ (1,260,779,000) | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 0 | 0 | 0 | |||||||||||||
Percentage lease revenue | (134,462,000) | (126,867,000) | (97,117,000) | |||||||||||||
Other revenue | 0 | 0 | 0 | |||||||||||||
Total revenues | (134,462,000) | (126,867,000) | (97,117,000) | |||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 0 | 0 | 0 | |||||||||||||
Taxes, insurance and lease expense | (134,462,000) | (126,867,000) | (97,117,000) | |||||||||||||
Corporate expenses | 0 | 0 | 0 | |||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||||
Impairment | 0 | 0 | ||||||||||||||
Other expenses | 0 | 0 | 0 | |||||||||||||
Total operating expenses | (134,462,000) | (126,867,000) | (97,117,000) | |||||||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||||||
Debt extinguishment | 0 | 0 | ||||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | |||||||||||||||
Other gains, net | 0 | 0 | 0 | |||||||||||||
Income (loss) before equity in income from unconsolidated entities | 0 | 0 | 0 | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | (69,540,000) | (73,274,000) | (113,267,000) | |||||||||||||
Equity in income from unconsolidated entities | 0 | 0 | 0 | |||||||||||||
Income (loss) from continuing operations before income tax expense | (69,540,000) | (73,274,000) | (113,267,000) | |||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||
Income (loss) from continuing operations | (69,540,000) | (73,274,000) | (113,267,000) | |||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | |||||||||||||
Income (loss) before gain on sale of hotels | (69,540,000) | (73,274,000) | (113,267,000) | |||||||||||||
Gain on sale of hotels, net | 0 | 0 | 0 | |||||||||||||
Net income (loss) | (113,267,000) | |||||||||||||||
Loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to reporting entity | (69,540,000) | (73,274,000) | (113,267,000) | |||||||||||||
Preferred dividends | 0 | 0 | 0 | |||||||||||||
Redemption of Preferred Stock - Value | 0 | |||||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | (69,540,000) | (73,274,000) | (113,267,000) | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Foreign currency translation adjustment | 490,000 | |||||||||||||||
Reclassification of foreign currency translation to gain | (24,553,000) | |||||||||||||||
Comprehensive income (loss) | (69,540,000) | (73,274,000) | (88,224,000) | |||||||||||||
Loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | (69,540,000) | (73,274,000) | (88,224,000) | |||||||||||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 0 | 0 | 0 | |||||||||||||
Investing activities: | ||||||||||||||||
Acquisition of land | 0 | |||||||||||||||
Improvements and additions to hotels | 0 | 0 | 0 | |||||||||||||
Hotel development | 0 | 0 | ||||||||||||||
Net proceeds from asset sales | 0 | 0 | 0 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | |||||||||||||||
Insurance proceeds | 0 | 0 | 0 | |||||||||||||
Change in restricted cash | 0 | 0 | 0 | |||||||||||||
Distributions from unconsolidated entities | 0 | 0 | 0 | |||||||||||||
Contributions to unconsolidated entities | 0 | 0 | ||||||||||||||
Intercompany financing, investing activities | (149,667,000) | (184,776,000) | (334,905,000) | |||||||||||||
Net cash flow from investing activities | (149,667,000) | (184,776,000) | (334,905,000) | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | |||||||||||||
Repayment of borrowings | 0 | 0 | 0 | |||||||||||||
Payment of deferred financing costs | 0 | 0 | 0 | |||||||||||||
Acquisition of noncontrolling interest | 0 | |||||||||||||||
Distributions paid to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | 0 | 0 | |||||||||||||
Net proceeds from common unit issuance | 0 | |||||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Repurchase of common stock | 0 | 0 | ||||||||||||||
Distributions paid to preferred unitholders | 0 | 0 | 0 | |||||||||||||
Distributions paid to common stockholders | 0 | 0 | 0 | |||||||||||||
Intercompany financing | 149,667,000 | 184,776,000 | 334,905,000 | |||||||||||||
Other | 0 | 0 | 0 | |||||||||||||
Net cash flow used in financing activities | 149,667,000 | 184,776,000 | 334,905,000 | |||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | |||||||||||||
Change in cash and cash equivalents | 0 | 0 | 0 | |||||||||||||
Cash and cash equivalents at beginning of periods | $ 0 | $ 0 | 0 | 0 | 0 | |||||||||||
Cash and cash equivalents at end of periods | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Schedule III - Real Estate an91
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 354,293 | |||||
Initial Cost | ||||||
Land | 263,462 | |||||
Building and Improvements | 1,480,057 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 8,200 | |||||
Building and Improvements | 356,398 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 271,662 | |||||
Building and Improvements | 1,836,455 | |||||
Total | $ 2,229,492 | $ 2,062,289 | $ 2,175,100 | 2,108,117 | $ 2,229,492 | $ 2,062,289 |
Accumulated Depreciation Buildings & Improvements | 697,386 | 661,758 | 698,146 | 716,376 | 697,386 | 661,758 |
Reconciliation of Land and Buildings and Improvements: | ||||||
Balance at beginning of period | 2,229,492 | 2,062,289 | 2,175,100 | |||
Additions during period: | ||||||
Completed hotel development | 0 | 299,341 | 0 | |||
Acquisitions from joint venture transaction | 0 | 0 | 108,901 | |||
Purchase of land | 8,226 | 0 | 0 | |||
Improvements | 20,973 | 15,324 | 21,167 | |||
Deductions during period: | ||||||
Disposition of properties and other | (150,574) | (147,462) | (242,879) | |||
Balance at end of period before impairment charges | 2,108,117 | 2,229,492 | 2,062,289 | |||
Cumulative impairment charges on real estate assets owned at end of period | (75,227) | (76,008) | (65,277) | |||
Balance at end of period | 2,032,890 | $ 2,153,484 | $ 1,997,012 | |||
Reconciliation of Accumulated Depreciation | ||||||
Balance at beginning of period | 697,386 | 661,758 | 698,146 | |||
Additions during period: | ||||||
Depreciation for the period | 57,044 | 57,022 | 56,564 | |||
Deductions during period: | ||||||
Disposition of properties and other | (38,054) | (21,394) | (92,952) | |||
Balance at end of period | 716,376 | $ 697,386 | $ 661,758 | |||
SEC Schedule III, Real Estate, Federal Income Tax Basis | 2,000,000 | |||||
Birmingham, AL [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,760 | |||||
Initial Cost | ||||||
Land | 2,843 | |||||
Building and Improvements | 29,286 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 4,759 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 2,843 | |||||
Building and Improvements | 34,045 | |||||
Total | 36,888 | 36,888 | ||||
Accumulated Depreciation Buildings & Improvements | 17,433 | 17,433 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 36,888 | |||||
Deductions during period: | ||||||
Balance at end of period | 17,433 | |||||
Phoenix - Biltmore, AZ [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Land | 4,694 | |||||
Building and Improvements | 38,998 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 4,981 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 4,694 | |||||
Building and Improvements | 43,979 | |||||
Total | 48,673 | 48,673 | ||||
Accumulated Depreciation Buildings & Improvements | 22,385 | 22,385 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 48,673 | |||||
Deductions during period: | ||||||
Balance at end of period | 22,385 | |||||
Los Angeles - International Airport - South, CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 14,089 | |||||
Initial Cost | ||||||
Land | 2,660 | |||||
Building and Improvements | 17,997 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 6,609 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 2,660 | |||||
Building and Improvements | 24,606 | |||||
Total | 27,266 | 27,266 | ||||
Accumulated Depreciation Buildings & Improvements | 11,787 | 11,787 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 27,266 | |||||
Deductions during period: | ||||||
Balance at end of period | 11,787 | |||||
Milpitas - Silicon Valley, CA [Member] | ||||||
Initial Cost | ||||||
Land | 4,021 | |||||
Building and Improvements | 23,677 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 4,928 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 4,021 | |||||
Building and Improvements | 28,605 | |||||
Total | 32,626 | 32,626 | ||||
Accumulated Depreciation Buildings & Improvements | 14,440 | 14,440 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 32,626 | |||||
Deductions during period: | ||||||
Balance at end of period | 14,440 | |||||
Napa Valley, CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 26,639 | |||||
Initial Cost | ||||||
Land | 2,218 | |||||
Building and Improvements | 14,205 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 6,933 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 2,218 | |||||
Building and Improvements | 21,138 | |||||
Total | 23,356 | 23,356 | ||||
Accumulated Depreciation Buildings & Improvements | 9,791 | 9,791 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 23,356 | |||||
Deductions during period: | ||||||
Balance at end of period | 9,791 | |||||
Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Land | 2,930 | |||||
Building and Improvements | 22,125 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 11,473 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 2,930 | |||||
Building and Improvements | 33,598 | |||||
Total | 36,528 | 36,528 | ||||
Accumulated Depreciation Buildings & Improvements | 16,466 | 16,466 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 36,528 | |||||
Deductions during period: | ||||||
Balance at end of period | 16,466 | |||||
San Diego Bayside, CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Building and Improvements | 68,229 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 13,535 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 0 | |||||
Building and Improvements | 81,764 | |||||
Total | 81,764 | 81,764 | ||||
Accumulated Depreciation Buildings & Improvements | 49,340 | 49,340 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 81,764 | |||||
Deductions during period: | ||||||
Balance at end of period | 49,340 | |||||
San Francisco - Airport/Waterfront, CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Building and Improvements | 39,929 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 8,556 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 0 | |||||
Building and Improvements | 48,485 | |||||
Total | 48,485 | 48,485 | ||||
Accumulated Depreciation Buildings & Improvements | 23,213 | 23,213 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 48,485 | |||||
Deductions during period: | ||||||
Balance at end of period | 23,213 | |||||
San Francisco - Airport/South San Francisco, CA [Member] | ||||||
Initial Cost | ||||||
Land | 3,418 | |||||
Building and Improvements | 31,737 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 5,805 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 3,418 | |||||
Building and Improvements | 37,542 | |||||
Total | 40,960 | 40,960 | ||||
Accumulated Depreciation Buildings & Improvements | 18,967 | 18,967 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 40,960 | |||||
Deductions during period: | ||||||
Balance at end of period | 18,967 | |||||
San Francisco - Fisherman's Wharf, CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Building and Improvements | 61,883 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 18,681 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 0 | |||||
Building and Improvements | 80,564 | |||||
Total | 80,564 | 80,564 | ||||
Accumulated Depreciation Buildings & Improvements | 40,629 | 40,629 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 80,564 | |||||
Deductions during period: | ||||||
Balance at end of period | 40,629 | |||||
San Francisco - Union Square, CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 28,881 | |||||
Initial Cost | ||||||
Land | 8,466 | |||||
Building and Improvements | 73,684 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | (434) | |||||
Building and Improvements | 54,504 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 8,032 | |||||
Building and Improvements | 128,188 | |||||
Total | 136,220 | 136,220 | ||||
Accumulated Depreciation Buildings & Improvements | 54,995 | 54,995 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 136,220 | |||||
Deductions during period: | ||||||
Balance at end of period | 54,995 | |||||
Santa Monica Beach - at the Pier, CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 9,746 | |||||
Initial Cost | ||||||
Land | 10,200 | |||||
Building and Improvements | 16,580 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 1,917 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 10,200 | |||||
Building and Improvements | 18,497 | |||||
Total | 28,697 | 28,697 | ||||
Accumulated Depreciation Buildings & Improvements | 5,697 | 5,697 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 28,697 | |||||
Deductions during period: | ||||||
Balance at end of period | 5,697 | |||||
Deerfield Beach - Resort & Spa, FL [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,184 | |||||
Initial Cost | ||||||
Land | 4,523 | |||||
Building and Improvements | 29,443 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 68 | |||||
Building and Improvements | 7,357 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 4,591 | |||||
Building and Improvements | 36,800 | |||||
Total | 41,391 | 41,391 | ||||
Accumulated Depreciation Buildings & Improvements | 18,715 | 18,715 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 41,391 | |||||
Deductions during period: | ||||||
Balance at end of period | 18,715 | |||||
Ft. Lauderdale - 17th Street, FL [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,117 | |||||
Initial Cost | ||||||
Land | 5,329 | |||||
Building and Improvements | 47,850 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | (163) | |||||
Building and Improvements | 7,700 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 5,166 | |||||
Building and Improvements | 55,550 | |||||
Total | 60,716 | 60,716 | ||||
Accumulated Depreciation Buildings & Improvements | 28,498 | 28,498 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 60,716 | |||||
Deductions during period: | ||||||
Balance at end of period | 28,498 | |||||
Miami - International Airport, FL [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Land | 4,135 | |||||
Building and Improvements | 24,950 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 7,441 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 4,135 | |||||
Building and Improvements | 32,391 | |||||
Total | 36,526 | 36,526 | ||||
Accumulated Depreciation Buildings & Improvements | 16,470 | 16,470 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 36,526 | |||||
Deductions during period: | ||||||
Balance at end of period | 16,470 | |||||
Orlando - International Drive South/Convention, FL [Member] | ||||||
Initial Cost | ||||||
Land | 1,632 | |||||
Building and Improvements | 13,870 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 5,876 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 1,632 | |||||
Building and Improvements | 19,746 | |||||
Total | 21,378 | 21,378 | ||||
Accumulated Depreciation Buildings & Improvements | 9,879 | 9,879 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 21,378 | |||||
Deductions during period: | ||||||
Balance at end of period | 9,879 | |||||
Orlando - Walt Disney World Resort, FL [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Building and Improvements | 28,092 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 3,978 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 0 | |||||
Building and Improvements | 32,070 | |||||
Total | 32,070 | 32,070 | ||||
Accumulated Depreciation Buildings & Improvements | 22,536 | 22,536 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 32,070 | |||||
Deductions during period: | ||||||
Balance at end of period | 22,536 | |||||
St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 20,528 | |||||
Initial Cost | ||||||
Building and Improvements | 100,823 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 11,687 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 0 | |||||
Building and Improvements | 112,510 | |||||
Total | 112,510 | 112,510 | ||||
Accumulated Depreciation Buildings & Improvements | 27,440 | 27,440 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 112,510 | |||||
Deductions during period: | ||||||
Balance at end of period | 27,440 | |||||
Atlanta - Buckhead, GA [Member] | ||||||
Initial Cost | ||||||
Land | 7,303 | |||||
Building and Improvements | 38,996 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | (300) | |||||
Building and Improvements | 4,722 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 7,003 | |||||
Building and Improvements | 43,718 | |||||
Total | 50,721 | 50,721 | ||||
Accumulated Depreciation Buildings & Improvements | 21,363 | 21,363 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 50,721 | |||||
Deductions during period: | ||||||
Balance at end of period | 21,363 | |||||
New Orleans - French Quarter, LA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Building and Improvements | 50,732 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 11,671 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 0 | |||||
Building and Improvements | 62,403 | |||||
Total | 62,403 | 62,403 | ||||
Accumulated Depreciation Buildings & Improvements | 26,187 | 26,187 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 62,403 | |||||
Deductions during period: | ||||||
Balance at end of period | 26,187 | |||||
Boston - at Beacon Hill, MA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Building and Improvements | 45,192 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 6,622 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 0 | |||||
Building and Improvements | 51,814 | |||||
Total | 51,814 | 51,814 | ||||
Accumulated Depreciation Buildings & Improvements | 33,114 | 33,114 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 51,814 | |||||
Deductions during period: | ||||||
Balance at end of period | 33,114 | |||||
Boston - Copley Plaza, MA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 24,014 | |||||
Initial Cost | ||||||
Land | 27,600 | |||||
Building and Improvements | 62,500 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 15,086 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 27,600 | |||||
Building and Improvements | 77,586 | |||||
Total | 105,186 | 105,186 | ||||
Accumulated Depreciation Buildings & Improvements | 12,863 | 12,863 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 105,186 | |||||
Deductions during period: | ||||||
Balance at end of period | 12,863 | |||||
Boston - Marlborough, MA [Member] | ||||||
Initial Cost | ||||||
Land | 948 | |||||
Building and Improvements | 8,143 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 761 | |||||
Building and Improvements | 16,399 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 1,709 | |||||
Building and Improvements | 24,542 | |||||
Total | 26,251 | 26,251 | ||||
Accumulated Depreciation Buildings & Improvements | 11,719 | 11,719 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 26,251 | |||||
Deductions during period: | ||||||
Balance at end of period | 11,719 | |||||
Minneapolis - Airport, MN [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 36,594 | |||||
Initial Cost | ||||||
Land | 5,417 | |||||
Building and Improvements | 36,508 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 24 | |||||
Building and Improvements | 3,205 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 5,441 | |||||
Building and Improvements | 39,713 | |||||
Total | 45,154 | 45,154 | ||||
Accumulated Depreciation Buildings & Improvements | 20,539 | 20,539 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 45,154 | |||||
Deductions during period: | ||||||
Balance at end of period | 20,539 | |||||
New York - Morgans [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Land | 16,200 | |||||
Building and Improvements | 29,872 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 2,916 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 16,200 | |||||
Building and Improvements | 32,788 | |||||
Total | 48,988 | 48,988 | ||||
Accumulated Depreciation Buildings & Improvements | 4,349 | 4,349 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 48,988 | |||||
Deductions during period: | ||||||
Balance at end of period | 4,349 | |||||
New York - Royalton [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Land | 32,500 | |||||
Building and Improvements | 48,423 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 3,839 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 32,500 | |||||
Building and Improvements | 52,262 | |||||
Total | 84,762 | 84,762 | ||||
Accumulated Depreciation Buildings & Improvements | 7,327 | 7,327 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 84,762 | |||||
Deductions during period: | ||||||
Balance at end of period | 7,327 | |||||
New York - The Knickerbocker [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 85,000 | |||||
Initial Cost | ||||||
Land | 85,400 | |||||
Building and Improvements | 213,941 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 1,741 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 85,400 | |||||
Building and Improvements | 215,682 | |||||
Total | 301,082 | 301,082 | ||||
Accumulated Depreciation Buildings & Improvements | 8,463 | 8,463 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 301,082 | |||||
Deductions during period: | ||||||
Balance at end of period | 8,463 | |||||
Philadelphia - Historic District, PA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Land | 3,164 | |||||
Building and Improvements | 27,535 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 7 | |||||
Building and Improvements | 7,741 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 3,171 | |||||
Building and Improvements | 35,276 | |||||
Total | 38,447 | 38,447 | ||||
Accumulated Depreciation Buildings & Improvements | 15,871 | 15,871 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 38,447 | |||||
Deductions during period: | ||||||
Balance at end of period | 15,871 | |||||
Philadelphia - Society Hill, PA [Member] | ||||||
Initial Cost | ||||||
Land | 4,542 | |||||
Building and Improvements | 45,121 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 10,553 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 4,542 | |||||
Building and Improvements | 55,674 | |||||
Total | 60,216 | 60,216 | ||||
Accumulated Depreciation Buildings & Improvements | 26,430 | 26,430 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 60,216 | |||||
Deductions during period: | ||||||
Balance at end of period | 26,430 | |||||
Pittsburgh - at University Center (Oakland), PA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Building and Improvements | 25,031 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 3,265 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 0 | |||||
Building and Improvements | 28,296 | |||||
Total | 28,296 | 28,296 | ||||
Accumulated Depreciation Buildings & Improvements | 12,828 | 12,828 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 28,296 | |||||
Deductions during period: | ||||||
Balance at end of period | 12,828 | |||||
Charleston - Mills House, SC [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 12,352 | |||||
Initial Cost | ||||||
Land | 3,251 | |||||
Building and Improvements | 28,295 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 7 | |||||
Building and Improvements | 8,666 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 3,258 | |||||
Building and Improvements | 36,961 | |||||
Total | 40,219 | 40,219 | ||||
Accumulated Depreciation Buildings & Improvements | 15,910 | 15,910 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 40,219 | |||||
Deductions during period: | ||||||
Balance at end of period | 15,910 | |||||
Myrtle Beach - Oceanfront Resort, SC [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Land | 2,940 | |||||
Building and Improvements | 24,988 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 13,268 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 2,940 | |||||
Building and Improvements | 38,256 | |||||
Total | 41,196 | 41,196 | ||||
Accumulated Depreciation Buildings & Improvements | 16,875 | 16,875 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 41,196 | |||||
Deductions during period: | ||||||
Balance at end of period | 16,875 | |||||
Myrtle Beach Resort [Member] | ||||||
Initial Cost | ||||||
Land | 9,000 | |||||
Building and Improvements | 19,844 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 6 | |||||
Building and Improvements | 32,688 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 9,006 | |||||
Building and Improvements | 52,532 | |||||
Total | 61,538 | 61,538 | ||||
Accumulated Depreciation Buildings & Improvements | 20,435 | 20,435 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 61,538 | |||||
Deductions during period: | ||||||
Balance at end of period | 20,435 | |||||
Austin, TX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 9,389 | |||||
Initial Cost | ||||||
Land | 2,508 | |||||
Building and Improvements | 21,908 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 5,067 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 2,508 | |||||
Building and Improvements | 26,975 | |||||
Total | 29,483 | 29,483 | ||||
Accumulated Depreciation Buildings & Improvements | 13,118 | 13,118 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 29,483 | |||||
Deductions during period: | ||||||
Balance at end of period | 13,118 | |||||
Dallas - Love Field, TX [Member] | ||||||
Initial Cost | ||||||
Land | 1,934 | |||||
Building and Improvements | 16,674 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 6,751 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 1,934 | |||||
Building and Improvements | 23,425 | |||||
Total | 25,359 | 25,359 | ||||
Accumulated Depreciation Buildings & Improvements | 11,328 | 11,328 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 25,359 | |||||
Deductions during period: | ||||||
Balance at end of period | 11,328 | |||||
Houston - Medical Center, TX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Building and Improvements | 22,027 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 8,226 | |||||
Building and Improvements | 6,914 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 8,226 | |||||
Building and Improvements | 28,941 | |||||
Total | 37,167 | 37,167 | ||||
Accumulated Depreciation Buildings & Improvements | 12,468 | 12,468 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 37,167 | |||||
Deductions during period: | ||||||
Balance at end of period | 12,468 | |||||
Burlington Hotel & Conference Center, VT [Member] | ||||||
Initial Cost | ||||||
Land | 3,136 | |||||
Building and Improvements | 27,283 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | (2) | |||||
Building and Improvements | 8,297 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 3,134 | |||||
Building and Improvements | 35,580 | |||||
Total | 38,714 | 38,714 | ||||
Accumulated Depreciation Buildings & Improvements | 15,335 | 15,335 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 38,714 | |||||
Deductions during period: | ||||||
Balance at end of period | 15,335 | |||||
Hotels [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 354,293 | |||||
Initial Cost | ||||||
Land | 262,912 | |||||
Building and Improvements | 1,476,371 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 8,200 | |||||
Building and Improvements | 356,131 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 271,112 | |||||
Building and Improvements | 1,832,502 | |||||
Total | 2,103,614 | 2,103,614 | ||||
Accumulated Depreciation Buildings & Improvements | 715,203 | 715,203 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 2,103,614 | |||||
Deductions during period: | ||||||
Balance at end of period | 715,203 | |||||
Other properties (less than 5% of total) [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost | ||||||
Land | 550 | |||||
Building and Improvements | 3,686 | |||||
Cost Capitalized Subsequent to Acquisition | ||||||
Land | 0 | |||||
Building and Improvements | 267 | |||||
Gross Amounts at Which Carried at Close of Period | ||||||
Land | 550 | |||||
Building and Improvements | 3,953 | |||||
Total | 4,503 | 4,503 | ||||
Accumulated Depreciation Buildings & Improvements | 1,173 | $ 1,173 | ||||
Deductions during period: | ||||||
Balance at end of period before impairment charges | 4,503 | |||||
Deductions during period: | ||||||
Balance at end of period | $ 1,173 | |||||
Minimum [Member] | Birmingham, AL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Phoenix - Biltmore, AZ [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Los Angeles - International Airport - South, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Milpitas - Silicon Valley, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Napa Valley, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | San Diego Bayside, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | San Francisco - Airport/Waterfront, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | San Francisco - Airport/South San Francisco, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | San Francisco - Fisherman's Wharf, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | San Francisco - Union Square, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Santa Monica Beach - at the Pier, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Deerfield Beach - Resort & Spa, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Ft. Lauderdale - 17th Street, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Miami - International Airport, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Orlando - International Drive South/Convention, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Orlando - Walt Disney World Resort, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Atlanta - Buckhead, GA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | New Orleans - French Quarter, LA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Boston - at Beacon Hill, MA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Boston - Copley Plaza, MA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Boston - Marlborough, MA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Minneapolis - Airport, MN [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | New York - Morgans [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | New York - Royalton [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | New York - The Knickerbocker [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Philadelphia - Historic District, PA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Philadelphia - Society Hill, PA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Pittsburgh - at University Center (Oakland), PA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Charleston - Mills House, SC [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Myrtle Beach - Oceanfront Resort, SC [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Myrtle Beach Resort [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Austin, TX [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Dallas - Love Field, TX [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Houston - Medical Center, TX [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Minimum [Member] | Burlington Hotel & Conference Center, VT [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 15 years | |||||
Maximum [Member] | Birmingham, AL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Phoenix - Biltmore, AZ [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Los Angeles - International Airport - South, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Milpitas - Silicon Valley, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Napa Valley, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | San Diego Bayside, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | San Francisco - Airport/Waterfront, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | San Francisco - Airport/South San Francisco, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | San Francisco - Fisherman's Wharf, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | San Francisco - Union Square, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Santa Monica Beach - at the Pier, CA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Deerfield Beach - Resort & Spa, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Ft. Lauderdale - 17th Street, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Miami - International Airport, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Orlando - International Drive South/Convention, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Orlando - Walt Disney World Resort, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Atlanta - Buckhead, GA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | New Orleans - French Quarter, LA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Boston - at Beacon Hill, MA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Boston - Copley Plaza, MA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Boston - Marlborough, MA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Minneapolis - Airport, MN [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | New York - Morgans [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | New York - Royalton [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | New York - The Knickerbocker [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Philadelphia - Historic District, PA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Philadelphia - Society Hill, PA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Pittsburgh - at University Center (Oakland), PA [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Charleston - Mills House, SC [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Myrtle Beach - Oceanfront Resort, SC [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Myrtle Beach Resort [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Austin, TX [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Dallas - Love Field, TX [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Houston - Medical Center, TX [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Maximum [Member] | Burlington Hotel & Conference Center, VT [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Life Upon Which Depreciation is Computed() | 40 years | |||||
Six Point Seven Five Percent Due June 2019 [Member] | Senior Notes [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Interest rate | 6.75% | |||||
Five Point Six Two Five Percent Due March 2023 [Member] | Senior Notes [Member] | ||||||
Gross Amounts at Which Carried at Close of Period | ||||||
Interest rate | 5.625% |