EX-99 5 dex99.txt EXHIBIT 99 Independent Auditors' Report ---------------------------- The Partners MeriStar Hospitality Operating Partnership, L.P.: Under date of March 20, 2002, we reported on the consolidated balance sheets of MeriStar Hospitality Operating Partnership, L.P. and subsidiaries (the Partnership) as of December 31, 2001 and 2000, and the related consolidated statements of operations, partners' capital and cash flows for each of the years in the three-year period ended December 31, 2001, as contained in the annual report on Form 10-K for the year 2001. Our audits were made for the purpose of forming an opinion on the consolidated financial statements of MeriStar Hospitality Operating Partnership, L.P. and subsidiaries taken as a whole. The consolidating information is presented for purposes of additional analysis of the consolidated financial statements rather than to present the financial position, results of operations, and cash flows of the individual companies. The consolidating information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the consolidated financial statements taken as a whole. KPMG LLP Washington, D.C. March 20, 2002 MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar Non- MeriStar Hospitality Guarantor MeriStar Sub AGH MeriStar Sub MeriStar Sub Sub Assets OP, L.P. Subsidiaries 7C, LLC Upreit LLC 5N, LLC 8A, LLC 8F, L.P. Investment in hotel properties 14,662 1,547,038 - - 4,074 7,306 11,335 Accumulated depreciation (5,085) (184,188) - - (408) (936) (1,481) -------------------------------------------------------------------------------------- 9,577 1,362,850 - - 3,666 6,370 9,854 Cash and cash equivalents 6,798 - - - - - Accounts receivable, net 4,092 1,183 - - (16) (32) (20) Prepaid expenses and other 3,982 612 - - - 21 Note receivable 127,550 (389) - - - - Due from MeriStar Hotels & Resorts 12,392 - - - - - Due from subsidiaries (32,703) (7,275) - 66 2,809 4,720 3,889 Investments in affiliates 2,714,272 8,242 32 3,056 - - Restricted cash 13,751 7,438 - - - 115 Intangible assets, net 19,791 757 - - - - -------------------------------------------------------------------------------------- 2,879,502 1,373,418 32 3,122 6,459 11,058 13,859 ====================================================================================== Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 17,678 14,060 - - 14 (42) 160 Accrued interest 40,913 4,022 - - - - Income taxes payable 285 - - - - - Distributions payable 1,090 - - - - - Deferred income taxes 7,467 - - - - - Interest rate swaps 12,100 - - - - - Notes payable to MeriStar 357,117 - - - - - Long-term debt 1,328,011 286,512 - - - - -------------------------------------------------------------------------------------- Total liabilities 1,764,661 304,594 - - 14 (42) 160 -------------------------------------------------------------------------------------- Minority interests 2,639 - - - - - Redeemable OP units at redemption value 67,012 - - - - - Partners' capital (deficit) 1,045,190 1,068,824 32 3,122 6,445 11,100 13,699 -------------------------------------------------------------------------------------- 2,879,502 1,373,418 32 3,122 6,459 11,058 13,859 ====================================================================================== MeriStar Sub MeriStar Sub MeriStar Sub 6H, L.P. 8B, LLC Assets 8G, LLC Investment in hotel properties - 13,569 80,972 Accumulated depreciation - (1,445) (7,509) ----------------------------------------- - 12,124 73,463 Cash and cash equivalents - - - Accounts receivable, net - - - Prepaid expenses and other - - - Note receivable - - - Due from MeriStar Hotels & Resorts - - - Due from subsidiaries 82 4,467 21,498 Investments in affiliates - - - Restricted cash - - - Intangible assets, net - - 52 ----------------------------------------- 82 16,591 95,013 ========================================= Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities - 184 2,412 Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - ----------------------------------------- Total liabilities - 184 2,412 ----------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital (deficit) 82 16,407 92,601 ----------------------------------------- 82 16,591 95,013 =========================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Sub Assets 1C, L.P. 8E, LLC 7F, LLC 5L, LLC 3C, LLC 5R, LLC 5A, LLC Investment in hotel properties 24,925 15,157 11,985 11,292 17,274 - - Accumulated depreciation (3,865) (1,850) (1,989) (368) (2,302) - - --------------------------------------------------------------------------------------- 21,060 13,307 9,996 10,924 14,972 - - Cash and cash equivalents - - - - - - - Accounts receivable, net - - - - - - - Prepaid expenses and other - - - - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries (3,297) 4,323 3,499 3,090 2,741 (43) (4,627) Investments in affiliates - - - - - 43 4,627 Restricted cash - - - - - - - Intangible assets, net 2 9 - - 59 - - --------------------------------------------------------------------------------------- 17,765 17,639 13,495 14,014 17,772 - - ======================================================================================= Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 45 8 168 3 170 - - Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - - - - - - --------------------------------------------------------------------------------------- Total liabilities 45 8 168 3 170 - - --------------------------------------------------------------------------------------- Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - Partners' capital (deficit) 17,720 17,631 13,327 14,011 17,602 - - --------------------------------------------------------------------------------------- 17,765 17,639 13,495 14,014 17,772 - - ======================================================================================= MeriStar MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Sub Assets 8A, LLC 6D, LLC 6E, LLC 4E, L.P. 1B, LLC 5F, L.P. 6G, LLC Investment in hotel properties (1) 17,266 43,931 24,547 18,110 30,953 22,050 Accumulated depreciation - (1,820) (6,642) (3,072) (2,927) (3,363) (3,329) --------------------------------------------------------------------------------------- (1) 15,446 37,289 21,475 15,183 27,590 18,721 Cash and cash equivalents - - - - - - - Accounts receivable, net - 115 - - - - - Prepaid expenses and other 1 - - - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries 7,918 5,147 13,660 2,005 10,480 8,695 3,410 Investments in affiliates - - - - - - - Restricted cash - - - - - - - Intangible assets, net - - - 7 - - - --------------------------------------------------------------------------------------- 7,918 20,708 50,949 23,487 25,663 36,285 22,131 ======================================================================================= Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 46 101 (295) 456 (11) 94 151 Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - - - 48 - - --------------------------------------------------------------------------------------- Total liabilities 46 101 (295) 456 37 94 151 --------------------------------------------------------------------------------------- Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 7,872 20,607 51,244 23,031 25,626 36,191 21,980 --------------------------------------------------------------------------------------- 7,918 20,708 50,949 23,487 25,663 36,285 22,131 =======================================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub Assets 8C, LLC 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC 1A, LLC 5E, LLC Investment in hotel properties 36,668 16,345 12,363 17,822 22,305 11,231 52,817 Accumulated depreciation (3,917) (3,356) (1,712) (2,081) (5,411) (2,024) (6,221) ---------------------------------------------------------------------------- 32,751 12,989 10,651 15,741 16,894 9,207 46,596 Cash and cash equivalents - - - - - - - Accounts receivable, net - - - - - - - Prepaid expenses and other - - - - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries 3,419 289 (1,000) 4,799 5,619 4,953 9,219 Investments in affiliates - - - - - - - Restricted cash - - - - - - - Intangible assets, net 3 - - 7 - - 10 ---------------------------------------------------------------------------- 36,173 13,278 9,651 20,547 22,513 14,160 55,825 ============================================================================ Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities (21) 447 193 117 - 148 301 Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - - - - - - ---------------------------------------------------------------------------- Total liabilities (21) 447 193 117 - 148 301 ---------------------------------------------------------------------------- Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 36,194 12,831 9,458 20,430 22,513 14,012 55,524 ---------------------------------------------------------------------------- 36,173 13,278 9,651 20,547 22,513 14,160 55,825 ============================================================================ Assets MeriStar Sub MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar 7A Sub Sub Sub Sub Sub Sub Sub Joint Venture 6K, LLC 2B, LLC 3A, LLC 4A, L.P. 4D, LLC 2A, LLC Investment in hotel properties 12,891 22,642 9,424 6,274 8,619 8,664 8,209 Accumulated depreciation (1,345) (3,560) (1,558) (1,292) (1,112) (1,179) (1,141) ---------------------------------------------------------------------------- 11,546 19,082 7,866 4,982 7,507 7,485 7,068 ============================================================================ Cash and cash equivalents - - - - - - - Accounts receivable, net - - (12) - - - - Prepaid expenses and other - - - - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries 3,585 13,504 (486) 1,742 3,572 14 (620) Investments in affiliates - - - - - - - Restricted cash - - - - - - - Intangible assets, net - - 1 2 - 26 25 ---------------------------------------------------------------------------- 15,131 32,586 7,369 6,726 11,079 7,525 6,473 ============================================================================ Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 230 78 147 98 313 62 31 Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - 4,851 - - - 7,912 ---------------------------------------------------------------------------- Total liabilities 230 78 4,998 98 313 62 7,943 ---------------------------------------------------------------------------- Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 14,901 32,508 2,371 6,628 10,766 7,463 (1,470) ---------------------------------------------------------------------------- 15,131 32,586 7,369 6,726 11,079 7,525 6,473 ============================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub Assets 8C, LLC 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC 1A, LLC 5E, LLC Investment in hotel properties 36,668 16,345 12,363 17,822 22,305 11,231 52,817 Accumulated depreciation (3,917) (3,356) (1,712) (2,081) (5,411) (2,024) (6,221) ---------------------------------------------------------------------------- 32,751 12,989 10,651 15,741 16,894 9,207 46,596 Cash and cash equivalents - - - - - - - Accounts receivable, net - - - - - - - Prepaid expenses and other - - - - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries 3,419 289 (1,000) 4,799 5,619 4,953 9,219 Investments in affiliates - - - - - - - Restricted cash - - - - - - - Intangible assets, net 3 - - 7 - - 10 ---------------------------------------------------------------------------- 36,173 13,278 9,651 20,547 22,513 14,160 55,825 ============================================================================ Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities (21) 447 193 117 - 148 301 Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - - - - - - ---------------------------------------------------------------------------- Total liabilities (21) 447 193 117 - 148 301 ---------------------------------------------------------------------------- Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 36,194 12,831 9,458 20,430 22,513 14,012 55,524 ---------------------------------------------------------------------------- 36,173 13,278 9,651 20,547 22,513 14,160 55,825 ============================================================================ Assets MeriStar Sub MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar 7A Sub Sub Sub Sub Sub Sub Sub Joint Venture 6K, LLC 2B, LLC 3A, LLC 4A, L.P. 4D, LLC 2A, LLC Investment in hotel properties 12,891 22,642 9,424 6,274 8,619 8,664 8,209 Accumulated depreciation (1,345) (3,560) (1,558) (1,292) (1,112) (1,179) (1,141) ---------------------------------------------------------------------------- 11,546 19,082 7,866 4,982 7,507 7,485 7,068 ============================================================================ Cash and cash equivalents - - - - - - - Accounts receivable, net - - (12) - - - - Prepaid expenses and other - - - - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries 3,585 13,504 (486) 1,742 3,572 14 (620) Investments in affiliates - - - - - - - Restricted cash - - - - - - - Intangible assets, net - - 1 2 - 26 25 ---------------------------------------------------------------------------- 15,131 32,586 7,369 6,726 11,079 7,525 6,473 ============================================================================ Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 230 78 147 98 313 62 31 Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - 4,851 - - - 7,912 ---------------------------------------------------------------------------- Total liabilities 230 78 4,998 98 313 62 7,943 ---------------------------------------------------------------------------- Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 14,901 32,508 2,371 6,628 10,766 7,463 (1,470) ---------------------------------------------------------------------------- 15,131 32,586 7,369 6,726 11,079 7,525 6,473 ============================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar MDV MeriStar MeriStar MeriStar MeriStar MeriStar Sub Limited Sub Sub Sub Sub Sub Assets 6L, LLC Partnership 5C, LLC 6J, LLC 1D, L.P. 7B, L.P. 7D, LLC Investment in hotel properties 29,443 3,816 13,826 19,169 67,929 25,399 52,031 Accumulated depreciation (2,464) (410) (2,215) (2,573) (7,516) (2,277) (6,516) ----------------------------------------------------------------------------- 26,979 3,406 11,611 16,596 60,413 23,122 45,515 Cash and cash equivalents - - - - - - - Accounts receivable, net - - - - - - 912 Prepaid expenses and other - 4 17 - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - 200 Due from subsidiaries 3,604 1,796 (345) 4,047 13,481 (4,749) 18,380 Investments in affiliates - - - - - - - Restricted cash - - - - - - - Intangible assets, net - 9 - 58 55 - 393 ----------------------------------------------------------------------------- 30,583 5,215 11,283 20,701 73,949 18,373 65,400 ============================================================================= Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 68 87 828 (57) 553 1,011 4,688 Accrued interest - - - - 57 - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - - - - - - ----------------------------------------------------------------------------- Total liabilities 68 87 828 (57) 610 1,011 4,688 ----------------------------------------------------------------------------- Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 30,515 5,128 10,455 20,758 73,339 17,362 60,712 ----------------------------------------------------------------------------- 30,583 5,215 11,283 20,701 73,949 18,373 65,400 ============================================================================= MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub AGH PSS I, Assets 7G, LLC 6B, LLC 4I, L.P. 5D, LLC 5H, LLC 7H, LLC Inc. Investment in hotel properties 16,462 10,528 12,477 41,617 52,475 9,978 17,317 Accumulated depreciation (3,387) (1,292) (3,677) (5,199) (6,012) (4,063) (2,049) ------------------------------------------------------------------------------ 13,075 9,236 8,800 36,418 46,463 5,915 15,268 Cash and cash equivalents - - - - - - - Accounts receivable, net - - - - - - - Prepaid expenses and other - - - - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries 44 1,602 1,289 (6,818) 6,867 5,202 9,631 Investments in affiliates - - - 51,398 - - - Restricted cash - - - - - - - Intangible assets, net 34 9 - 21 - - - ------------------------------------------------------------------------------ 13,153 10,847 10,089 81,019 53,330 11,117 24,899 ============================================================================== Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 161 (60) 360 241 (115) 414 29 Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - - 24,000 - 13 - ------------------------------------------------------------------------------ Total liabilities 161 (60) 360 24,241 (115) 427 29 ------------------------------------------------------------------------------ Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 12,992 10,907 9,729 56,778 53,445 10,690 24,870 ------------------------------------------------------------------------------ 13,153 10,847 10,089 81,019 53,330 11,117 24,899 ==============================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub 6M Assets 2D, LLC 4F, L.P. 5K, LLC 5M, LLC 1E, L.P. 5O, LLC Company Investment in hotel properties 15,307 31,467 27,304 21,917 10,379 8,674 32,724 Accumulated depreciation (1,949) (3,617) (2,729) (1,429) (1,350) (697) (3,594) ------------------------------------------------------------------------------ 13,358 27,850 24,575 20,488 9,029 7,977 29,130 Cash and cash equivalents - - - - - - - Accounts receivable, net - - - - - - - Prepaid expenses and other - - - - - - 13 Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries 215 3,292 (781) 5,344 5,927 1,939 12,127 Investments in affiliates - - - - - - - Restricted cash - - - - - - - Intangible assets, net 2 37 - - - - 47 ------------------------------------------------------------------------------ 13,575 31,179 23,794 25,832 14,956 9,916 41,317 ============================================================================== Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 43 388 5,644 21 22 18 (99) Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt 9,167 - - - - - - ------------------------------------------------------------------------------ Total liabilities 9,210 388 5,644 21 22 18 (99) ------------------------------------------------------------------------------ Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 4,365 30,791 18,150 25,811 14,934 9,898 41,416 ------------------------------------------------------------------------------ 13,575 31,179 23,794 25,832 14,956 9,916 41,317 ============================================================================== MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub 5G Sub 4B, L.P. 6C, LLC 2C, LLC 4G, L.P. 3B, LLC L.P. 5P, LLC Investment in hotel properties 15,830 20,493 28,300 25,493 24,577 161,783 - Accumulated depreciation (4,630) (2,815) (4,322) (3,112) (2,971) (18,012) - ------------------------------------------------------------------------------ 11,200 17,678 23,978 22,381 21,606 143,771 - Cash and cash equivalents - - - - - - - Accounts receivable, net - - - - - - 319 Prepaid expenses and other - - - - - - - Note receivable - - - - - - - Due from MeriStar Hotels & Resorts - - - - - - - Due from subsidiaries (3,367) 7,763 7,596 5,849 1,864 28,207 1,117 Investments in affiliates - - - - - - - Restricted cash - - - - - - - Intangible assets, net 29 - 2 28 - - - ------------------------------------------------------------------------------ 7,862 25,441 31,576 28,258 23,470 171,978 1,436 ============================================================================== Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 387 (128) 255 574 115 678 19 Accrued interest - - - - - - - Income taxes payable - - - - - - - Distributions payable - - - - - - - Deferred income taxes - - - - - - - Interest rate swaps - - - - - - - Notes payable to MeriStar - - - - - - - Long-term debt - - 16,011 - - - - ------------------------------------------------------------------------------ Total liabilities (deficit) 387 (128) 16,266 574 115 678 19 ------------------------------------------------------------------------------ Minority interests - - - - - - - Redeemable OP units at redemption value - - - - - - - Partners' capital (deficit) 7,475 25,569 15,310 27,684 23,355 171,300 1,417 ------------------------------------------------------------------------------ 7,862 25,441 31,576 28,258 23,470 171,978 1,436 ==============================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Assets 5J, LLC 5Q, LLC 5R, LLC 8D, LLC 4J, LLC Investment in hotel properties 104,381 15,964 34,663 30,448 37,923 Accumulated depreciation (9,859) (1,216) (7,908) (3,813) (4,561) --------------------------------------------------------------------- 94,522 14,748 26,755 26,635 33,362 Cash and cash equivalents - - - - - Accounts receivable, net - - - - 21 Prepaid expenses and other 483 - - 1 - Note receivable - - - - - Due from MeriStar Hotels & Resorts - - - - - Due from subsidiaries 12,862 2,083 7,622 5,308 3,090 Investments in affiliates - - - - - Restricted cash - - - - - Intangible assets, net - - (53) - 47 --------------------------------------------------------------------- 107,867 16,831 34,324 31,944 36,520 ===================================================================== Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 318 (201) (69) (71) 243 Accrued interest - - - - - Income taxes payable - - - - - Distributions payable - - - - - Deferred income taxes - - - - - Interest rate swaps - - - - - Notes payable to MeriStar - - - - - Long-term debt - - 23,609 - - --------------------------------------------------------------------- Total liabilities 318 (201) 23,540 (71) 243 --------------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital (deficit) 107,549 17,032 10,784 32,015 36,277 --------------------------------------------------------------------- 107,867 16,831 34,324 31,944 36,520 ===================================================================== MeriStar Hotel Total Assets Lessee, Inc. Eliminations Consolidated Investment in hotel properties 864 - 3,183,677 Accumulated depreciation (658) - (397,380) ---------------------------------------------- 206 - 2,786,297 Cash and cash equivalents 16,643 - 23,441 Accounts receivable, net 40,616 - 47,178 Prepaid expenses and other 13,172 - 18,306 Note receivable 389 (91,550) 36,000 Due from MeriStar Hotels & Resorts (3,715) - 8,877 Due from subsidiaries 6,316 (271,567) - Investments in affiliates 1,629 (2,741,585) 41,714 Restricted cash - - 21,304 Intangible assets, net - - 21,469 ---------------------------------------------- 75,256 (3,104,702) 3,004,586 ============================================== Liabilities and Partners' capital (deficit) Accounts payable, accrued expenses and other liabilities 70,061 - 123,972 Accrued interest 17 - 45,009 Income taxes payable 25 - 310 Distributions payable - - 1,090 Deferred income taxes (337) - 7,130 Interest rate swaps - - 12,100 Notes payable to MeriStar - - 357,117 Long-term debt 6,000 (363,117) 1,343,017 ---------------------------------------------- Total liabilities 75,766 (363,117) 1,889,745 ---------------------------------------------- Minority interests - - 2,639 Redeemable OP units at redemption value - - 67,012 Partners' capital (deficit) (510) (2,741,585) 1,045,190 ---------------------------------------------- 75,256 (3,104,702) 3,004,586 ==============================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2001 (in thousands of dollars)
Meristar Hospitality Non-Guarantor MeriStar Sub AGH MeriStar Sub Revenue: OP, L.P Subsidiaries 7C, LLC Upreit, LLC 5N, LLC Participating lease revenue 6,970 155,336 - - 1,092 Hotel operations: Rooms - - - - - Food and beverage - 4,333 - - - Other operating departments - 62,758 - - - Office rental and other revenues - (62,941) - - - ------------------------------------------------------------------------ Total revenue 6,970 159,486 - - 1,092 ------------------------------------------------------------------------ Hotel operating expenses by department: Rooms - 253 - - - Food and beverage - 2,074 - - - Other operating departments - 29,342 - - - Office rental, parking and other operating expenses - (28,881) - - - Undistributed operating expenses: Administrative and general 8,828 (1,057) - - 1 Property operating costs - (435) - - - Property taxes, insurance and other (1,702) 21,917 - - 75 Depreciation and amortization 5,988 52,547 - - 128 Write down of investment in STS Hotel Net 2,112 - - - - Loss on asset impairment - 5,306 - - - Swap termination costs 9,297 - - - - Loss on fair value of non-hedging derivatives 6,666 - - - - FelCor merger costs 5,817 - - - - Costs to terminate leases with Prime Hospitality Corporation 1,315 - - - - Restructuring charge 1,080 - - - - ------------------------------------------------------------------------ Total operating expenses 39,401 81,066 - - 204 ------------------------------------------------------------------------ Net operating income (32,431) 78,420 - - 888 ------------------------------------------------------------------------ Interest expense, net 88,840 27,638 - - (7) Equity in income from consolidated entities 78,751 - - - - ------------------------------------------------------------------------ Income (loss) before minority interests, income tax benefit, loss on sale of assets (42,520) 50,782 - - 895 Minority interests (48) - - - - ------------------------------------------------------------------------ Income (loss) before income tax benefit, loss on sale of assets (42,472) 50,782 - - 895 Income tax benefit (707) - - - - ------------------------------------------------------------------------ Income (loss) before loss on sale of assets (41,765) 50,782 - - 895 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect (2,720) - - - - ------------------------------------------------------------------------ ------------------------------------------------------------------------ Net inccome (loss) (44,485) 50,782 - - 895 ========================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Revenue: 8A, LLC 8F, L.P. 8G, LLC 6H, L.P. 8B, LLC Participating lease revenue - - - 1,389 8,934 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - 1 - - - Office rental and other revenues 1,518 2,938 - - - ------------------------------------------------------------------- Total revenue 1,518 2,939 - 1,389 8,934 ------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses - - - - - Undistributed operating expenses: Administrative and general - (7) - (2) 1 Property operating costs - - - - - Property taxes, insurance and other 141 601 - 18 1,537 Depreciation and amortization 291 439 - 424 2,337 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Swap termination costs - - - - - Loss on fair value of non-hedging derivatives - - - - - FelCor merger costs - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - Restructuring charge - - - - - ------------------------------------------------------------------- Total operating expenses 432 1,033 - 440 3,875 ------------------------------------------------------------------- Net operating income 1,086 1,906 - 949 5,059 ------------------------------------------------------------------- Interest expense, net (10) 6 - (4) (60) Equity in income from consolidated entities - - - - - ------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 1,096 1,900 - 953 5,119 Minority interests - - - - - ------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 1,096 1,900 - 953 5,119 Income tax benefit - - - - - ------------------------------------------------------------------- Income (loss) before loss on sale of assets 1,096 1,900 - 953 5,119 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ------------------------------------------------------------------- ------------------------------------------------------------------- Net inccome (loss) 1,096 1,900 - 953 5,119 ===================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Revenue: 1C, L.P., 8E, LLC 7F, LLC 5L, LLC 3C, LLC Participating lease revenue 1,387 1,980 1,106 1,274 1,823 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - 17 - - 6 ------------------------------------------------------------------------ Total revenue 1,387 1,997 1,106 1,274 1,829 ------------------------------------------------------------------------ Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses (5) (2) - - - Undistributed operating expenses: Administrative and general (1) 1 1 1 1 Property operating costs - - - - - Property taxes, insurance and other 790 161 166 57 477 Depreciation and amortization 1,014 547 461 122 690 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Swap termination costs - - - - - Loss on fair value of non-hedging derivatives - - - - - FelCor merger costs - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - Restructuring charge - - - - - ------------------------------------------------------------------------ Total operating expenses 1,798 707 628 180 1,168 ------------------------------------------------------------------------ Net operating income (411) 1,290 478 1,094 661 ------------------------------------------------------------------------ Interest expense, net (25) (34) (13) (12) (22) Equity in income from consolidated entities - - - - - ------------------------------------------------------------------------ Income (loss) before minority interests, income tax benefit, loss on sale of assets (386) 1,324 491 1,106 683 Minority interests - - - - - ------------------------------------------------------------------------ Income (loss) before income tax benefit, loss on sale of assets (386) 1,324 491 1,106 683 Income tax benefit - - - - - ------------------------------------------------------------------------ Income (loss) before loss on sale of assets (386) 1,324 491 1,106 683 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ------------------------------------------------------------------------ ------------------------------------------------------------------------ Net income (loss) (386) 1,324 491 1,106 683 ========================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2001 (in thousands of dollars)
Revenue: MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub Sub 5R, LLC 5A, LLC 8A, LLC 6D, LLC 6E, LLC 4E, LLC 1B, LLC 5F, L.P. Participating lease revenue - - 377 2,230 5,575 1,516 2,890 2,709 Hotel operations: Rooms - - - - - - - - Food and beverage - - - - - - - - Other operating departments - - - - - - - - Office rental and other revenues - - - 13 - 12 276 - ---------------------------------------------------------------------------- Total revenue - - 377 2,243 5,575 1,528 3,166 2,709 ---------------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - - - - Food and beverage - - - - - - - - Other operating departments - - - - - - - - Office rental, parking and other operating expenses - - - - - - - - Undistributed operating expenses: Administrative and general - - - 1 1 3 25 1 Property operating costs - - - - - - - - Property taxes, insurance and other - - 54 287 622 465 192 214 Depreciation and amortization - - 89 513 1,672 913 617 1,049 Write down of investment in STS Hotel Net - - - - - - - - Loss on asset impairment - - - - - - - - Swap termination costs - - - - - - - - Loss on fair value of non-hedging derivatives - - - - - - - - FelCor merger costs - - - - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - - - - Restructuring charge - - - - - - - - ---------------------------------------------------------------------------- Total operating expenses - - 143 801 2,295 1,381 834 1,264 ---------------------------------------------------------------------------- Net operating income - - 234 1,442 3,280 147 2,332 1,445 ---------------------------------------------------------------------------- Interest expense, net - - (5) (20) (44) (22) (31) (19) Equity in income from consolidated entities - - - - - - - - ---------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets - - 239 1,462 3,324 169 2,363 1,464 Minority interests - - - - - - - - ---------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets - - 239 1,462 3,324 169 2,363 1,464 Income tax benefit - - - - - - - - ---------------------------------------------------------------------------- Income (loss) before loss on sale of assets - - 239 1,462 3,324 169 2,363 1,464 Loss on sale of assets, net of tax effect - - 1,061 - - - - - Extraordinary item, net of tax effect - - - - - - - - ---------------------------------------------------------------------------- Net income (loss) - - (822) 1,462 3,324 169 2,363 1,464 ============================================================================ Revenue: MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub 6G, LLC 8C, LLC 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC 1A, LLC Participating lease revenue 2,510 2,278 1,111 501 1,660 1,832 1,925 Hotel operations: Rooms - - - - - - - Food and beverage - - - - - - - Other operating departments - - - - - - - Office rental and other revenues - 9 - - - - - ------------------------------------------------------------------ Total revenue 2,510 2,287 1,111 501 1,660 1,832 1,925 ------------------------------------------------------------------ Hotel operating expenses by department: Rooms - - - - - - - Food and beverage - - - - - - - Other operating departments - - - - - - - Office rental, parking and other operating expenses - - - - - - - Undistributed operating expenses: Administrative and general 1 1 13 2 1 1 1 Property operating costs - - - - - - - Property taxes, insurance and other 519 789 605 171 306 255 350 Depreciation and amortization 788 1,327 721 532 607 944 475 Write down of investment in STS Hotel Net - - - - - - - Loss on asset impairment - - 5,940 - - - - Swap termination costs - - - - - - - Loss on fair value of non-hedging derivatives - - - - - - - FelCor merger costs - - - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - - - Restructuring charge - - - - - - - ------------------------------------------------------------------ Total operating expenses 1,308 2,117 7,279 705 914 1,200 826 ------------------------------------------------------------------ Net operating income 1,202 170 (6,168) (204) 746 632 1,099 ------------------------------------------------------------------ Interest expense, net (68) (42) (45) (11) (20) (87) (21) Equity in income from consolidated entities - - - - - - - ------------------------------------------------------------------ Income (loss) before minority interests, income tax benefit, loss on sale of assets 1,270 212 (6,123) (193) 766 719 1,120 Minority interests - - - - - - - ------------------------------------------------------------------ Income (loss) before income tax benefit, loss on sale of assets 1,270 212 (6,123) (193) 766 719 1,120 Income tax benefit - - - - - - - ------------------------------------------------------------------ Income (loss) before loss on sale of assets 1,270 212 (6,123) (193) 766 719 1,120 Loss on sale of assets, net of tax effect - - - - - - - Extraordinary item, net of tax effect - - - - - - - ------------------------------------------------------------------ Net inccome (loss) 1,270 212 (6,123) (193) 766 719 1,120 ==================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2001 (in thousands of dollars)
MeriStar MeriStar Sub MeriStarr MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub 7A Joint Sub Sub Sub Sub Sub Sub Sub 5E, LLC Venture 6K, LLC 2B, LLC 3A, LLC 4A, L.P. 4D, LLC 2A, LLC 6L, LLC Revenue: Participating lease revenue 5,455 1,324 3,803 569 575 1,094 537 674 1,755 Hotel operations: Rooms - - - - - - - - - Food and beverage - - - - - - - - - Other operating departments - - - - - - - - - Office rental and other revenues - - - - - - 3 - - ------------------------------------------------------------------------------------ Total revenue 5,455 1,324 3,803 569 575 1,094 540 674 1,755 ------------------------------------------------------------------------------------ Hotel operating expenses by department: Rooms - - - - - - - - - Food and beverage - - - - - - - - - Other operating departments - - - - - - - - - Office rental, parking and other operating expenses - - 2 - 3 - - - - Undistributed operating expenses: Administrative and general 9 (42) 1 - 1 5 1 - 1 Property operating costs - - - - - - - - - Property taxes, insurance and other 521 137 630 53 76 303 157 182 213 Depreciation and amortization 1,866 403 741 380 344 - 299 315 882 Write down of investment in STS Hotel Net - - - - - - - - - Loss on asset impairment - - - - 2,278 3,433 - - - Swap termination costs - - - - - - - - - Loss on fair value of non-hedging derivatives - - - - - - - - - FelCor merger costs - - - - - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - - - - - Restructuring charge - - - - - - - - - ------------------------------------------------------------------------------------ Total operating expenses 2,396 498 1,374 433 2,702 3,741 457 497 1,096 ------------------------------------------------------------------------------------ Net operating income 3,059 826 2,429 136 (2,127) (2,647) 83 177 659 ------------------------------------------------------------------------------------ Interest expense, net (96) (16) (29) 364 (13) (31) (44) 684 (20) Equity in income from consolidated entities - - - - - - - - - ------------------------------------------------------------------------------------ Income (loss) before minority interests, income tax benefit, loss on sale of assets 3,155 842 2,458 (228) (2,114) (2,616) 127 (507) 679 Minority interests - - - - - - - - - ------------------------------------------------------------------------------------ Income (loss) before income tax benefit, loss on sale of assets 3,155 842 2,458 (228) (2,114) (2,616) 127 (507) 679 Income tax benefit - - - - - - - - - Income (loss) before loss on sale of assets 3,155 842 2,458 (228) (2,114) (2,616) 127 (507) 679 Loss on sale of assets, net of tax effect - - - - - - - - - Extraordinary item, net of tax effect - - - - - - - - - ------------------------------------------------------------------------------------ Net inccome (loss) 3,155 842 2,458 (228) (2,114) (2,616) 127 (507) 679 ==================================================================================== MDV MeriStar Limited Sub Partnership 5C, LLC Revenue: Participating lease revenue 635 1,196 Hotel operations: Rooms - - Food and beverage - - Other operating departments - - Office rental and other revenues - - --------------------- Total revenue 635 1,196 --------------------- Hotel operating expenses by department: Rooms - - Food and beverage - - Other operating departments - - Office rental, parking and other operating expenses - - Undistributed operating expenses: Administrative and general (7) 9 Property operating costs - - Property taxes, insurance and other 130 194 Depreciation and amortization 123 583 Write down of investment in STS Hotel Net - - Loss on asset impairment - - Swap termination costs - - Loss on fair value of non-hedging derivatives - - FelCor merger costs - - Costs to terminate leases with Prime Hospitality Corporation - - Restructuring charge - - --------------------- Total operating expenses 246 786 --------------------- Net operating income 389 410 --------------------- Interest expense, net (8) (37) Equity in income from consolidated entities - - --------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 397 447 Minority interests - - --------------------- Income (loss) before income tax benefit, loss on sale of assets 397 447 Income tax benefit - - --------------------- Income (loss) before loss on sale of assets 397 447 Loss on sale of assets, net of tax effect - - Extraordinary item, net of tax effect - - --------------------- Net inccome (loss) 397 447 ===================== MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub 6J, LLC 1D, L.P. 7B, L.P. 7D, LLC Revenue: Participating lease revenue 2,391 6,313 1,532 7,588 Hotel operations: Rooms - - - - Food and beverage - - - - Other operating departments - - - - Office rental and other revenues - 7 - - ------------------------------------- Total revenue 2,391 6,320 1,532 7,588 ------------------------------------- Hotel operating expenses by department: Rooms - - - - Food and beverage - - - - Other operating departments - - - - Office rental, parking and other operating expenses - 6 - 253 Undistributed operating expenses: Administrative and general 1 37 (100) 706 Property operating costs - 87 - 100 Property taxes, insurance and other 179 1,065 1,028 2,382 Depreciation and amortization 611 2,186 888 1,623 Write down of investment in STS Hotel Net - - - - Loss on asset impairment - - - - Swap termination costs - - - - Loss on fair value of non-hedging derivatives - - - - FelCor merger costs - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - Restructuring charge - - - - ------------------------------------- Total operating expenses 791 3,381 1,816 5,064 ------------------------------------- Net operating income 1,600 2,939 (284) 2,524 ------------------------------------- Interest expense, net (35) (44) (59) (76) Equity in income from consolidated entities - - - - ------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 1,635 2,983 (225) 2,600 Minority interests - - - - ------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 1,635 2,983 (225) 2,600 Income tax benefit - - - - ------------------------------------- Income (loss) before loss on sale of assets 1,635 2,983 (225) 2,600 Loss on sale of assets, net of tax effect - - - - Extraordinary item, net of tax effect - - - - ------------------------------------- Net inccome (loss) 1,635 2,983 (225) 2,600 =====================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Conolidating Statement of Operations Year ended December 31, 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Revenue: 7G, LLC 6B, LLC 4I, L.P. 5D, LLC 5H, LLC Participating lease revenue 781 1,106 85 1,841 4,130 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - 3 - ---------------------------------------------------------------------- Total revenue 781 1,106 85 1,844 4,130 ---------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses - - - - - Undistributed operating expenses: Administrative and general 3 1 12 7 1 Property operating costs - - - - - Property taxes, insurance and other 227 258 359 383 526 Depreciation and amortization 731 451 855 1,420 1,946 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - 11,594 - - Swap termination costs - - - - - Loss on fair value of non-hedging derivatives - - - - - FelCor merger costs - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - Restructuring charge - - - - - ---------------------------------------------------------------------- Total operating expenses 961 710 12,820 1,810 2,473 ---------------------------------------------------------------------- Net operating income (180) 396 (12,735) 34 1,657 ---------------------------------------------------------------------- Interest expense, net (57) (7) (15) 1,773 (39) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (123) 403 (12,720) (1,739) 1,696 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets (123) 403 (12,720) (1,739) 1,696 Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets (123) 403 (12,720) (1,739) 1,696 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - --------------------------------------------------------------------- Net income (loss) (123) 403 (12,720) (1,739) 1,696 ===================================================================== MeriStar Sub AGH PSS I, MeriStar Sub MeriStar Sub MeriStar Sub Revenue: 7H, LLC Inc. 2D, LLC 4F, L.P. 5K, LLC Participating lease revenue 1,234 2,994 1,392 2,234 2,755 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - 3 - 17 - ------------------------------------------------------------------------ Total revenue 1,234 2,997 1,392 2,251 2,755 ------------------------------------------------------------------------ Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses - - - - - Undistributed operating expenses: Administrative and general 1 2 - 16 1 Property operating costs - - - - - Property taxes, insurance and other 319 459 358 459 321 Depreciation and amortization 699 - 460 1,092 1,181 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment 2,705 - - - - Swap termination costs - - - - - Loss on fair value of non-hedging derivatives - - - - - FelCor merger costs - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - Restructuring charge - - - - - ------------------------------------------------------------------------ Total operating expenses 3,724 461 818 1,567 1,503 ------------------------------------------------------------------------ Net operating income (2,490) 2,536 574 684 1,252 ------------------------------------------------------------------------ Interest expense, net (25) (10) 780 (26) (35) Equity in income from consolidated entities - - - - - ------------------------------------------------------------------------ Income (loss) before minority interests, income tax benefit, loss on sale of assets (2,465) 2,546 (206) 710 1,287 Minority interests - - - - - ------------------------------------------------------------------------ Income (loss) before income tax benefit, loss on sale of assets (2,465) 2,546 (206) 710 1,287 Income tax benefit - - - - - ------------------------------------------------------------------------ Income (loss) before loss on sale of assets (2,465) 2,546 (206) 710 1,287 Loss on sale of assets, net of tax effect - 1,076 - - - Extraordinary item, net of tax effect - - - - - ------------------------------------------------------------------------ (2,465) 1,470 (206) 710 1,287 Net inccome (loss) ======================================================================== MeriStar Sub 5M,MeriStar Sub MeriStar Sub MetriStar Sub MeriStar Sub Revenue: 5M, LLC 1E, L.P. 50, LLC 6M, Company 4B, L.P. Participating lease revenue 2,141 1,702 857 4,757 180 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - - - ------------------------------------------------------------------------ Total revenue 2,141 1,702 857 4,757 180 ------------------------------------------------------------------------ Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses - - - - - Undistributed operating expenses: Administrative and general 1 1 1 1 1 Property operating costs - - - - - Property taxes, insurance and other 213 142 93 302 405 Depreciation and amortization 440 291 220 1,194 1,100 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - 12,326 Swap termination costs - - - - - Loss on fair value of non-hedging derivatives - - - - - FelCor merger costs - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - Restructuring charge - - - - - ------------------------------------------------------------------------ Total operating expenses 654 434 314 1,497 13,832 ------------------------------------------------------------------------ Net operating income 1,487 1,268 543 3,260 (13,652) ------------------------------------------------------------------------ Interest expense, net (28) (28) (6) (16) (100) Equity in income from consolidated entities - - - - - ------------------------------------------------------------------------ Income (loss) before minority interests, income tax benefit, loss on sale of assets 1,515 1,296 549 3,276 (13,552) Minority interests - - - - - ------------------------------------------------------------------------ Income (loss) before income tax benefit, loss on sale of assets 1,515 1,296 549 3,276 (13,552) Income tax benefit - - - - - ------------------------------------------------------------------------ Income (loss) before loss on sale of assets 1,515 1,296 549 3,276 (13,552) Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ------------------------------------------------------------------------ Net inccome (loss) 1,515 1,296 549 3,276 (13,552) ========================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2001 (in thousands of dollars)
MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub Sub Revenue: 6C, LLC 2C, LLC 4G, L.P. 3B, LLC 5G, L.P. 5P, LLC 5J, LLC 5Q, LLC Participating lease revenue 3,168 1,791 3,080 1,162 11,629 623 10,530 2,281 Hotel operations: Rooms - - - - - - - - Food and beverage - - - - - - - - Other operating departments - - - - - - - - Office rental and other revenues 13 50 24 14 54 - - - --------------------------------------------------------------------------------- Total revenue 3,181 1,841 3,104 1,176 11,683 623 10,530 2,281 --------------------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - - - - Food and beverage - - - - - - - - Other operating departments - - - - - - - - Office rental, parking and other operating expenses - - - (9) - - - - Undistributed operating expenses: Administrative and general 1 - 12 1 6 - 2 - Property operating costs - - - - - - - - Property taxes, insurance and other 139 496 711 339 1,676 22 1,053 71 Depreciation and amortization 755 1,026 870 890 6,165 - 3,364 410 Write down of investment in STS Hotel Net - - - - - - - - Loss on asset impairment - - - - - - - - Swap termination costs - - - - - - - - Loss on fair value of non-hedging derivatives - - - - - - - - FelCor merger costs - - - - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - - - - Restructuring charge - - - - - - - - --------------------------------------------------------------------------------- Total operating expenses 895 1,522 1,593 1,221 7,847 22 4,419 481 --------------------------------------------------------------------------------- Net operating income 2,286 319 1,511 (45) 3,836 601 6,111 1,800 --------------------------------------------------------------------------------- Interest expense, net (49) 1,347 (41) (25) (42) - (112) (110) Equity in income from consolidated entities - - - - - - - - --------------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 2,335 (1,028) 1,552 (20) 3,878 601 6,223 1,910 Minority interests - - - - - - - - --------------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 2,335 (1,028) 1,552 (20) 3,878 601 6,223 1,910 Income tax benefit - - - - - - - - --------------------------------------------------------------------------------- Income (loss) before loss on sale of assets 2,335 (1,028) 1,552 (20) 3,878 601 6,223 1,910 Loss on sale of assets, net of tax effect - - - - - - - - Extraordinary item, net of tax effect - - - - - - - - --------------------------------------------------------------------------------- Net income (loss) 2,335 (1,028) 1,552 (20) 3,878 601 6,223 1,910 ================================================================================= MeriStar MeriStar MeriStar MeriStar Hotel Sub Sub Sub Lessee, Total Revenue: 5R, LLC 8D, LLC 4J, LLC Inc. Eliminations Consolidated Participating lease revenue 5,143 3,388 3,050 - (300,585) 17,295 Hotel operations: Rooms - - - 706,381 - 706,381 Food and beverage - - - 265,049 - 269,382 Other operating departments - - - 19,212 - 81,971 Office rental and other revenues 81 - 5 67,737 - 9,859 ---------------------------------------------------------------------- Total revenue 5,224 3,388 3,055 1,058,379 (300,585) 1,084,888 ---------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - 170,672 - 170,925 Food and beverage - - - 192,421 - 194,495 Other operating departments - - - 14,216 - 43,558 Office rental, parking and other operating expenses - 5 8 31,677 - 3,057 Undistributed operating expenses: Administrative and general 2 37 49 160,680 - 169,279 Property operating costs - - 497 159,792 - 160,041 Property taxes, insurance and other 554 337 196 329,363 (300,585) 75,513 Depreciation and amortization 1,673 1,251 1,279 253 - 116,495 Write down of investment in STS Hotel Net - - - - - 2,112 Loss on asset impairment - - - - - 43,582 Swap termination costs - - - - - 9,297 Loss on fair value of non-hedging derivatives - - - - - 6,666 FelCor merger costs - - - - - 5,817 Costs to terminate leases with Prime Hospitality Corporation - - - - - 1,315 Restructuring charge - - - - - 1,080 ---------------------------------------------------------------------- Total operating expenses 2,229 1,630 2,029 1,059,074 (300,585) 1,003,232 ---------------------------------------------------------------------- Net operating income 2,995 1,758 1,026 (695) - 81,656 ---------------------------------------------------------------------- Interest expense, net 2,791 (22) (76) 152 - 122,376 Equity in income from consolidated entities - - - - (78,751) 0 ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 204 1,780 1,102 (847) (78,751) (40,720) Minority interests - - - - - (48) ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 204 1,780 1,102 (847) (78,751) (40,672) Income tax benefit - - - (337) - (1,044) ---------------------------------------------------------------------- Income (loss) before loss on sale of assets 204 1,780 1,102 (510) (78,751) (39,628) Loss on sale of assets, net of tax effect - - - - - 2,137 Extraordinary item, net of tax effect - - - - - (2,720) ---------------------------------------------------------------------- Net income (loss) 204 1,780 1,102 (510) (78,751) (44,485) ======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condendsed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars)
------------------------------------------------------------------------ MeriStar Hospitality Non- MeriStar AGH MeriStar MeriStar OP, Guarantor Sub Upreit, Sub 5N Sub 8A L.P. Subsidiaries 7C, LLC LLC LLC LLC ------------------------------------------------------------------------ Cash flows from operating activities: Net Income (loss) (44,485) 50,782 - - 895 1,096 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 5,988 52,547 - - 128 291 (Gain) loss on assets sold, before tax effect - - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect 2,770 - - - - - Equity in earnings of affiliates (78,751) - - - - - Loss on asset impairment - 5,306 - - - - Loss on fiar value of non-hedging derivatives 6,666 - - - - - Write down of STS Hotel net 2,112 - - - - - Minority interests (48) - - - - - Amortization of unearned stock based compensation 2,263 - - - - - Deferred income taxes (1,454) - - - - - Changes in operating assets and liabilities: - - - - - Accounts receivable, net (3,998) 770 - - - 16 Prepaid expenses and other (1,419) (7,110) - - - - Accounts payable, accrued expenses and other liabilities 7,935 (380) - - (7) (61) Due from subsidiaries 221,716 (116,558) - - (1,043) (1,256) Due from MeriStar Hotels (24,522) 36,793 - - 111 - Income taxes payable (300) - - - - - ------------------------------------------------------------------------ Net cash provided by (used in) operating activities 94,473 22,150 - - 84 86 ------------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (1,121) (15,383) - - (84) (86) Proceeds from disposition of assets - - - - - - Hotel operating cash received in lease conversion - - - - - - Note receivable (36,000) - - - - - Change in restricted cash 958 (1,856) - - - - ------------------------------------------------------------------------ Net cash provided by (used in) investing activities (36,163) (17,239) - - (84) (86) ------------------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs (18,927) - - - - - Proceeds from mortgages and notes payable 926,903 334 - - - - Principal payments on mortgages and notes payable (859,653) (5,245) - - - - Repurchase of units (4,514) - - - - - Contributions from partners 847 - - - - - Distributions to stockholders (96,714) - - - - - ------------------------------------------------------------------------ Net cash provided by (used in) financing activities (52,058) (4,911) - - - - ------------------------------------------------------------------------ Effect of exchange rate changes on cash 304 - - - - - ------------------------------------------------------------------------ Net change in cash 6,556 - - - - - Cash and cash equivalents, beginning of period 242 - - - - - ------------------------------------------------------------------------ Cash and cash equivalents, end of period 6,798 - - - - - ======================================================================== MeriStar Hospitality Operating Partnership, L.P. Condendsed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars) ---------------------------------------------------------------------------- MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub 8G, Sub 6H, Sub 8B, Sub 1C, Sub 8E, Sub 7F, Sub 5L, Sub 8F, L.P. LLC L.P. LLC L.P. LLC LLC LLC ---------------------------------------------------------------------------- Cash flows from operating activities: Net Income (loss) 1,900 - 953 5,119 (386) 1,324 491 1,106 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 439 - 424 2,337 1,014 547 461 122 (Gain) loss on assets sold, before tax effect - - - - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - - - - Equity in earnings of affiliates - - - - - - - - Loss on asset impairment - - - - - - - - Loss on fiar value of non-hedging derivatives - - - - - - - - Write down of STS Hotel net - - - - - - - - Minority interests - - - - - - - - Amortization of unearned stock based compensation - - - - - - - - Deferred income taxes - - - - - - - - Changes in operating assets and liabilities: - - - - - - Accounts receivable, net 182 - (7) 184 (4) 62 (26) - Prepaid expenses and other (6) - - (11) 11 - - - Accounts payable, accrued expenses and other liabilities 125 - (64) (262) (41) (15) 33 (59) Due from subsidiaries 1,979 - (1,275) (5,887) 4,879 (1,231) (1,307) (1,272) Due from MeriStar Hotels - - - (824) (5,002) (508) 464 239 Income taxes payable - - - - - - - - ---------------------------------------------------------------------------- Net cash provided by (used in) operating activities 4,619 - 31 656 471 179 116 136 ---------------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (152) - (31) (656) (471) (179) (116) (136) Proceeds from disposition of assets - - - - - - - - Hotel operating cash received in lease conversion - - - - - - - - Note receivable - - - - - - - - Change in restricted cash (488) - - - - - - - ---------------------------------------------------------------------------- Net cash provided by (used in) investing activities (640) - (31) (656) (471) (179) (116) (136) ---------------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - - - Proceeds from mortgages and notes payable - - - - - - - - Principal payments on mortgages and notes payable (3,979) - - - - - - - Repurchase of units - - - - - - - - Contributions from partners - - - - - - - - Distributions to stockholders - - - - - - - - ---------------------------------------------------------------------------- Net cash provided by (used in) financing activities (3,979) - - - - - - - ---------------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - - - ---------------------------------------------------------------------------- Net change in cash - - - - - - - - Cash and cash equivalents, beginning of period - - - - - - - - ---------------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - - - ============================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars)
--------------------------------------------------------- MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub 3C, LLC 5R, LLC 5A, LLC 8A, LLC 4D, LLC --------------------------------------------------------- Cash flows from operating activities: Net Income (loss) 683 - - (822) 1,462 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 690 - - 89 513 (Gain) loss on assets sold, before tax effect - - - 1,077 - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Loss on asset impairment - - - - - Loss on fiar value of non-hedging derivatives - - - - - Write down of STS Hotel net - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: - - - - - Accounts receivable, net 10 - - (31) (294) Prepaid expenses and other (3) - - (1) (5) Accounts payable, accrued expenses and other liabilities (65) - - 46 76 Due from subsidiaries (1,149) - - (6,670) (1,768) Due from MeriStar Hotels 98 - - (962) 375 Income taxes payable - - - - - --------------------------------------------------------- Net cash provided by (used in) operating activities 264 - - (7,274) 359 --------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (264) - - - (359) Proceeds from disposition of assets - - - 7,274 - Hotel operating cash received in lease conversion - - - - - Note receivable - - - - - Change in restricted cash - - - - - --------------------------------------------------------- Net cash provided by (used in) investing activities (264) - - 7,274 (359) --------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Repurchase of units - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - --------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - --------------------------------------------------------- Effect of exchange rate changes on cash - - - - - --------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - --------------------------------------------------------- Cash and cash equivalents, end of period - - - - - ========================================================= MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ending December 31, 2001 (in thousands of dollars) --------------------------------------------------------- MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub 6E, LLC 4E, LLC 1B, LLC 5F, L.P. 6G, LLC --------------------------------------------------------- Cash flows from operating activities: Net Income (loss) 3,324 169 2,363 1,464 1,270 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,672 913 617 1,049 788 (Gain) loss on assets sold, before tax effect - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Loss on asset impairment - - - - - Loss on fiar value of non-hedging derivatives - - - - - Write down of STS Hotel net - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: - - - - - Accounts receivable, net 34 (19) 16 (25) 36 Prepaid expenses and other - - (13) (11) (6) Accounts payable, accrued expenses and other liabilities (304) 1 (18) (164) 121 Due from subsidiaries (2,905) 254 (6,311) (1,945) 21 Due from MeriStar Hotels (1,000) (1,029) 3,478 - (1,786) Income taxes payable - - - - - --------------------------------------------------------- Net cash provided by (used in) operating activities 821 289 132 368 444 --------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (821) (289) (132) (368) (444) Proceeds from disposition of assets - - - - - Hotel operating cash received in lease conversion - - - - - Note receivable - - - - - Change in restricted cash - - - - - --------------------------------------------------------- Net cash provided by (used in) investing activities (821) (289) (132) (368) (444) --------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Repurchase of units - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - --------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - --------------------------------------------------------- Effect of exchange rate changes on cash - - - - - --------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - --------------------------------------------------------- Cash and cash equivalents, end of period - - - - - ========================================================= MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars) --------------------------------------------- MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub 6C, LLC 4C, L.P. 4H, L.P. 7E, LLC --------------------------------------------- Cash flows from operating activities: Net Income (loss) 212 (6,123) (193) 766 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,327 721 532 607 (Gain) loss on assets sold, before tax effect - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - Equity in earnings of affiliates - - - - Loss on asset impairment - 5,940 - - Loss on fiar value of non-hedging derivatives - - - - Write down of STS Hotel net - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: - - - - Accounts receivable, net 8 (47) - 53 Prepaid expenses and other - (6) (2) 44 Accounts payable, accrued expenses and other liabilities 24 254 33 63 Due from subsidiaries (1,405) 535 495 (1,510) Due from MeriStar Hotels 305 (813) (794) 213 Income taxes payable - - - - --------------------------------------------- Net cash provided by (used in) operating activities 471 461 71 236 --------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (471) (461) (71) (236) Proceeds from disposition of assets - - - - Hotel operating cash received in lease conversion - - - - Note receivable - - - - Change in restricted cash - - - - --------------------------------------------- Net cash provided by (used in) investing activities (471) (461) (71) (236) --------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - - Repurchase of units - - - - Contributions from partners - - - - Distributions to stockholders - - - - --------------------------------------------- Net cash provided by (used in) financing activities - - - - --------------------------------------------- Effect of exchange rate changes on cash - - - - --------------------------------------------- Net change in cash - - - - Cash and cash equivalents, beginning of period - - - - --------------------------------------------- Cash and cash equivalents, end of period - - - - =============================================
MeriStar Hospitality Operating Partnership, L.P. Condendsed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars)
------------------------------------------------------------------------------------------------------------------------------------ MeriStar MeriStar MeriStar MeriStar Sub MeriStar MeriStar MeriStar Sub Sub Sub 7A Joint Sub Sub Sub 3D, LLC 1A, LLC 5E, LLC Venture 6K, LLC 2B, LLC 3A, LLC ------------------------------------------------------------------------------------------------------------------------------------ Cash flows from operating activities: Net Income (loss) 719 1,120 3,155 842 2,458 (228) (2,114) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 944 475 1,866 403 741 380 344 (Gain) loss on assets sold, before tax effect - - - - - - - Extraordinary (gain) loss on early extinguishment of debt benefit tax effect - - - - - - - Equity in earnings of affiliates - - - - - - - Loss on asset impairment - - - - - - 2,278 Loss on fair value of non-hedging derivatives - - - - - - - Write down of STS Hotel net - - - - - - - Minority interests - - - - - - - Amortization of unearned stock based compensation - - - - - - - Deferred income taxes - - - - - - - Changes in operating assets and liabilities: - - - - - - - Accounts receivable, net (19) 40 18 (13) (18) 12 (35) Prepaid expenses and other - - (15) (4) (1) - - Accounts payable, accrued expenses and other liabilities (27) (121) 374 (107) 116 135 (68) Due from subsidiaries (3,088) (620) (5,056) (816) (6,051) 298 (875) Due from MeriStar Hotels 1,999 (659) 263 - 3,142 389 533 Income taxes payable - - - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) operating activities 528 235 605 305 387 986 63 ---------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (528) (235) (605) (305) (387) (688) (63) Proceeds from disposition of assets - - - - - - - Hotel operating cash received in lease conversion - - - - - - - Note receivable - - - - - - - Change in restricted cash - - - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) investing activities (528) (235) (605) (305) (387) (63) (63) ---------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - - Proceeds from mortgages and notes payable - - - - - - - Principal payments on mortgages and notes payable - - - - - (298) - Repurchase of units - - - - - - - Contributions from partners - - - - - - - Distributions to stockholders - - - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - (298) - ---------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - - ---------------------------------------------------------------------- Net change in cash - - - - - - - Cash and cash equivalents, beginning of period - - - - - - - ---------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - - ====================================================================== ------------------------------------------------------------------------------------------------------------------------------------ MDV MeriStar MeriStar MeriStar MeriStar Limited MeriStar MeriStar Sub Sub Sub Sub Partner- Sub Sub 4A, L.P. 4D, LLC 2A, LLC 6L, LLC ship 5C, LLC 6J, LLC ------------------------------------------------------------------------------------------------------------------------------------ Cash flows from operating activities: Net Income (loss) (2,616) 127 (507) 679 397 447 1,635 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - 299 315 882 123 583 611 (Gain) loss on assets sold, before tax effect - - - - - - - Extraordinary (gain) loss on early extinguishment of debt benefit tax effect - - - - - - - Equity in earnings of affiliates - - - - - - - Loss on asset impairment 3,433 - - - - - - Loss on fair value of non-hedging derivatives - - - - - - - Write down of STS Hotel net - - - - - - - Minority interests - - - - - - - Amortization of unearned stock based compensation - - - - - - - Deferred income taxes - - - - - - - Changes in operating assets and liabilities: - - - - - - - Accounts receivable, net (4) (7) - (23) 26 (16) 19 Prepaid expenses and other - - (1) (5) - (4) (6) Accounts payable, accrued expenses and other liabilities (4) 30 20 (88) - (33) (67) Due from subsidiaries (481) 230 865 (1,321) (470) 1,909 450 Due from MeriStar Hotels (2) (209) (154) - - (2,487) (2,152) Income taxes payable - - - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) operating activities 326 470 538 124 76 399 490 ---------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (326) (470) (51) (124) (76) (399) (490) Proceeds from disposition of assets - - - - - - - Hotel operating cash received in lease conversion - - - - - - - Note receivable - - - - - - - Change in restricted cash - - - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) investing activities (326) (470) (51) (124) (76) (399) (490) ---------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - - Proceeds from mortgages and notes payable - - - - - - - Principal payments on mortgages and notes payable - - (487) - - - - Repurchase of units - - - - - - - Contributions from partners - - - - - - - Distributions to stockholders - - - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) financing activities - - (487) - - - - ---------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - - ---------------------------------------------------------------------- Net change in cash - - - - - - - Cash and cash equivalents, beginning of period - - - - - - - ---------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - - ======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars)
------------------------------------------------------------------ MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub 1D, L.P. 7B, L.P. 7D, LLC 7G, LLC 6H, LLC ------------------------------------------------------------------ Cash flows from operating activities: Net Income (loss) 2,983 (225) 2,600 (123) 403 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 2,186 888 1,623 731 451 (Gain) loss on assets sold, before tax effect - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Loss on asset impairment - - - - - Loss on fiar value of non-hedging derivatives - - - - - Write down of STS Hotel net - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: - - - - - Accounts receivable, net 30 (13) 741 - - Prepaid expenses and other (20) - - (4) (1) Accounts payable, accrued expenses and other liabilities (7) 6 440 (54) 23 Due from subsidiaries (5,076) (372) (9,079) 1,361 (1,324) Due from MeriStar Hotels 913 (1) 4,854 (1,582) 513 Income taxes payable - - - - - ------------------------------------------------------------------ Net cash provided by (used in) operating activities 1,009 283 1,179 329 65 ------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (1,009) (283) (1,179) (329) (65) Proceeds from disposition of assets - - - - - Hotel operating cash received in lease conversion - - - - - Note receivable - - - - - Change in restricted cash - - - - - ------------------------------------------------------------------ Net cash provided by (used in) investing activities (1,009) (283) (1,179) (329) (65) ------------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Repurchase of units - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ------------------------------------------------------------------ Net cash provided by (used in) financing activities - - - - - ------------------------------------------------------------------ Effect of exchange rate changes on cash - - - - - ------------------------------------------------------------------ Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ------------------------------------------------------------------ Cash and cash equivalents, end of period - - - - - ================================================================== MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars) ------------------------------------------------------------------ MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub AGH PSS I, 4I, L.P. 5D, LLC 5H, LLC 7H, LLC Inc. ------------------------------------------------------------------ Cash flows from operating activities: Net Income (loss) (12,720) (1,739) 1,696 (2,465) 1,470 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 855 1,420 1,946 699 - (Gain) loss on assets sold, before tax effect - - - - 1,099 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Loss on asset impairment 11,594 - - 2,705 - Loss on fiar value of non-hedging derivatives - - - - - Write down of STS Hotel net - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: - - - - - Accounts receivable, net - (24) - (39) (908) Prepaid expenses and other (7) (53) - - (10) Accounts payable, accrued expenses and other liabilities 50 314 (314) (56) (22) Due from subsidiaries 1,601 3,366 (3,114) (2,568) (3,757) Due from MeriStar Hotels (861) (2,815) 444 1,961 - Income taxes payable - - - - - ------------------------------------------------------------------ Net cash provided by (used in) operating activities 512 469 658 237 (2,128) ------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (512) (216) (658) (250) (313) Proceeds from disposition of assets - - - - 2,441 Hotel operating cash received in lease conversion - - - - - Note receivable - - - - - Change in restricted cash - - - - - ------------------------------------------------------------------ Net cash provided by (used in) investing activities (512) (216) (658) (250) 2,128 ------------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - 13 - Principal payments on mortgages and notes payable - (253) - - - Repurchase of units - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ------------------------------------------------------------------ Net cash provided by (used in) financing activities - (253) - 13 - ------------------------------------------------------------------ Effect of exchange rate changes on cash - - - - - ------------------------------------------------------------------ Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ------------------------------------------------------------------ Cash and cash equivalents, end of period - - - - - ================================================================== MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars) --------------------------------------------------------- MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub 2D, LLC 4F, L.P. 5K, LLC 5M, LLC --------------------------------------------------------- Cash flows from operating activities: Net Income (loss) (206) 710 1,287 1,515 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 460 1,092 1,181 440 (Gain) loss on assets sold, before tax effect - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - Equity in earnings of affiliates - - - - Loss on asset impairment - - - - Loss on fiar value of non-hedging derivatives - - - - Write down of STS Hotel net - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: - - - - Accounts receivable, net - (4) - - Prepaid expenses and other - - - - Accounts payable, accrued expenses and other liabilities 39 376 (2,397) (66) Due from subsidiaries (795) 481 841 (1,893) Due from MeriStar Hotels 1,226 (2,102) (24) 233 Income taxes payable - (336) - - --------------------------------------------------------- Net cash provided by (used in) operating activities 724 217 888 229 --------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (159) (217) (888) (229) Proceeds from disposition of assets - - - - Hotel operating cash received in lease conversion - - - - Note receivable - - - - Change in restricted cash - - - - --------------------------------------------------------- Net cash provided by (used in) investing activities (159) (217) (888) (229) --------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable (565) - - - Repurchase of units - - - - Contributions from partners - - - - Distributions to stockholders - - - - --------------------------------------------------------- Net cash provided by (used in) financing activities (565) - - - --------------------------------------------------------- Effect of exchange rate changes on cash - - - - --------------------------------------------------------- Net change in cash - - - - Cash and cash equivalents, beginning of period - - - - --------------------------------------------------------- Cash and cash equivalents, end of period - - - - =========================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars)
------------------------------------------------------------------ MeriStar MeriStar Sub MeriStar Sub Sub MeriStar Sub MeriStar Sub 1E, L.P. 5O, LLC 6M Company 4B, L.P. 6C, LLC --------------------------------------------------------------- Cash flows from operating activities: Net Income (loss) 1,296 549 3,276 (13,552) 2,335 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 291 220 1,194 1,100 755 (Gain) loss on assets sold, before tax effect - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Loss on asset impairment - - - 12,326 - Loss on fiar value of non-hedging derivatives - - - - - Write down of STS Hotel net - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: - - - - - Accounts receivable, net 35 - 72 - 56 Prepaid expenses and other - - (62) (6) 95 Accounts payable, accrued expenses and other liabilities - (16) (4) (12) (128) Due from subsidiaries (2,347) (704) (5,435) 5,225 (767) Due from MeriStar Hotels 934 17 1,183 (2,594) (1,870) Income taxes payable - - - - - ---------------------------------------------------------------- Net cash provided by (used in) operating activities 209 66 224 2,487 476 ---------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (209) (66) (224) (2,487) (476) Proceeds from disposition of assets - - - - - Hotel operating cash received in lease conversion - - - - - Note receivable - - - - - Change in restricted cash - - - - - ---------------------------------------------------------------- Net cash provided by (used in) investing activities (209) (66) (224) (2,487) (476) ---------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Repurchase of units - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ---------------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - ---------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - ---------------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ---------------------------------------------------------------- ---------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - ================================================================ ------------------------------------------------------------------ MeriStar MeriStar Sub MeriStar Sub MeriStar Sub Sub MeriStar Sub 2C, LLC 4G, L.P. 3B, LLC 5G, L.P. 5P, LLC ------------------------------------------------------------------ Cash flows from operating activities: Net Income (loss) (1,028) 1,552 (20) 3,878 601 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,026 870 890 6,165 - (Gain) loss on assets sold, before tax effect - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Loss on asset impairment - - - - - Loss on fiar value of non-hedging derivatives - - - - - Write down of STS Hotel net - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: - - - - - Accounts receivable, net - 67 8 383 (319) Prepaid expenses and other - - (7) (14) - Accounts payable, accrued expenses and other liabilities 101 226 (102) (132) 19 Due from subsidiaries (1,738) (1,170) (964) (9,303) (343) Due from MeriStar Hotels 3,278 (1,208) 551 (1) 42 Income taxes payable - - - - - ---------------------------------------------------------------- 1,639 337 356 976 Net cash provided by (used in) operating activities ---------------------------------------------------------------- ---------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (652) (337) (356) (976) - Proceeds from disposition of assets - - - - - Hotel operating cash received in lease conversion - - - - Note receivable - - - - - Change in restricted cash - - - - ---------------------------------------------------------------- ---------------------------------------------------------------- Net cash provided by (used in) investing activities (652) (337) (356) (976) ---------------------------------------------------------------- ---------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable (987) - - - - Repurchase of units - - - - Contributions from partners - - - - - Distributions to stockholders - - - - ---------------------------------------------------------------- ---------------------------------------------------------------- Net cash provided by (used in) financing activities (987) - - - - ---------------------------------------------------------------- ---------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - ---------------------------------------------------------------- ---------------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ---------------------------------------------------------------- ---------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - ================================================================ ---------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5J, LLC 5Q, LLC 5R, LLC 8D, LLC ---------------------------------------------------------------- Cash flows from operating activities: Net Income (loss) 6,223 1,910 204 1,780 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 3,364 410 1,673 1,251 (Gain) loss on assets sold, before tax effect - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - Equity in earnings of affiliates - - - - Loss on asset impairment - - - - Loss on fiar value of non-hedging derivatives - - - - Write down of STS Hotel net - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: - - - - Accounts receivable, net - - 11 119 Prepaid expenses and other - - (11) - Accounts payable, accrued expenses and other liabilities (692) (416) (115) (83) Due from subsidiaries (7,305) (319) (2,444) (2,618) Due from MeriStar Hotels 480 (514) 2,269 (184) Income taxes payable - - - - ------------------------------------------------------------- Net cash provided by (used in) operating activities (2,070) 1,071 1,587 265 ------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (2,070) (1,071) (762) (265) Proceeds from disposition of assets - - - - Hotel operating cash received in lease conversion - - - - Note receivable - - - - Change in restricted cash - - - - ------------------------------------------------------------- Net cash provided by (used in) investing activities (2,070) (1,071) (762) (265) ------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - - Repurchase of units - - - - Contributions from partners - - - - Distributions to stockholders - - (825) - ------------------------------------------------------------- Net cash provided by (used in) financing activities - - (825) - ------------------------------------------------------------- Effect of exchange rate changes on cash - - - - ------------------------------------------------------------- Net change in cash - - - - Cash and cash equivalents, beginning of period - - - - ------------------------------------------------------------- Cash and cash equivalents, end of period - - - - =============================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars)
---------------------------------------------------------- MeriStar MeriStar Sub Hotel Lessee, Total 4J, LLC Inc Eliminations Consolidated ---------------------------------------------------------- Cash flows from operating activities: Net Income (loss) 1,102 (510) (78,751) (44,485) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,279 253 - 116,495 (Gain) loss on assets sold, before tax effect - - - 2,176 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - 2,770 Equity in earnings of affiliates - - 78,751 - Loss on asset impairment - - - 43,582 Loss on fiar value of non-hedging derivatives - - - 6,666 Write down of STS Hotel net - - - 2,112 Minority interests - - - (48) Amortization of unearned stock based compensation - - - 2,263 Deferred income taxes - - - (1,454) Changes in operating assets and liabilities: - - - Accounts receivable, net 23 5,717 - 2,855 Prepaid expenses and other - 6,635 - (2,039) Accounts payable, accrued expenses and other liabilities (198) 2,298 - 6,509 Due from subsidiaries (601) (10,200) - - Due from MeriStar Hotels (1,012) 3,715 - 13,344 Income taxes payable - 25 - (611) ---------------------------------------------------------- Net cash provided by (used in) operating activities 593 7,933 - 150,135 ---------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (593) (547) - (44,476) Proceeds from disposition of assets - - - 9,715 Hotel operating cash received in lease conversion - 3,257 - 3,257 Note receivable - - - (36,000) Change in restricted cash - - - (1,386) ---------------------------------------------------------- Net cash provided by (used in) investing activities (593) 2,710 - (68,890) ---------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - (18,927) Proceeds from mortgages and notes payable - 6,000 - 933,250 Principal payments on mortgages and notes payable - - - (871,467) Repurchase of units - - - (4,514) Contributions from partners - - - 847 Distributions to stockholders - - - (97,539) ---------------------------------------------------------- Net cash provided by (used in) financing activities - 6,000 - (58,350) ---------------------------------------------------------- Effect of exchange rate changes on cash - - - 304 ---------------------------------------------------------- Net change in cash - 16,643 - 23,199 Cash and cash equivalents, beginning of period - - - 242 ---------------------------------------------------------- Cash and cash equivalents, end of period - 16,643 - 23,441 ==========================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2000 (in thousands of dollars)
MerStar MeriStar MeriStar Hospitality Non-Guarantor MeriStar Sub AGH Upreit, Sub Sub OP, L.P. Subsidiaries 7C, LLC LLC 5N, LLC 8A, LLC Assets Investment in hotel properties $ 10,068 $ 1,533,550 $ - $ - $ 3,990 $ 7,220 Accumulated depreciation (2,625) (131,719) - - (281) (645) ----------------------------------------------------------------------------- 7,443 1,401,831 - - 3,709 6,575 Cash and cash equivalents 242 - - - - - Accounts receivable, net 94 1,070 - - - (16) Prepaid expenses and other 2,563 (191) - - - - Note receivable 87,887 - - - - - Due from MeriStar Hotels & Resorts (12,130) 36,793 - - 111 - Due from subsidiaries 164,979 (102,686) - 66 1,751 3,464 Investments in affiliates 2,661,521 8,190 32 3,056 - - Restricted cash 14,709 4,606 - - - - Intangible assets, net 7,531 795 - - - - ----------------------------------------------------------------------------- $ 2,934,839 $ 1,350,408 $ 32 $ 3,122 $ 5,571 $ 10,023 ============================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 32,061 15,413 - - 21 19 Accrued interest 23,701 4,648 - - - - Income taxes payable 921 - - - - - Distributions payable 24,581 - - - - - Deferred income taxes 8,113 - - - - - Interest rate swaps - - - - - - Notes payable to MeriStar 356,729 - - - - - Long-term debt 1,254,729 291,423 - - - - ----------------------------------------------------------------------------- Total liabilities 1,700,835 311,484 - - 21 19 ----------------------------------------------------------------------------- Minority interests 2,687 - - - - - Redeemable OP units at redemption value 88,545 - - - - - Partners' capital 1,142,772 1,038,924 32 3,122 5,550 10,004 ----------------------------------------------------------------------------- $ 2,934,839 $ 1,350,408 $ 32 $ 3,122 $ 5,571 $ 10,023 ============================================================================= MeriStar Sub AGH Secaucus, MeriStar Sub MeriStar Sub MeriStar Sub 8F, L.P. LLC 6H, LLC 8B, LLC 1C, L.P. Assets Investment in hotel properties $ 11,183 $ - $ 13,538 $ 80,316 $ 24,454 Accumulated depreciation (1,041) - (1,021) (5,192) (2,854) ------------------------------------------------------------------- 10,142 - 12,517 75,124 21,600 Cash and cash equivalents - - - - - Accounts receivable, net 162 - (7) 184 (4) Prepaid expenses and other 15 - - (11) 11 Note receivable - - - - - Due from MeriStar Hotels & Resorts - - - (824) (5,002) Due from subsidiaries 5,014 - 3,186 15,524 1,567 Investments in affiliates - 82 - - - Restricted cash 603 - - - - Intangible assets, net - - - 72 5 ------------------------------------------------------------------- $ 15,936 $ 82 $ 15,696 $ 90,069 $ 18,177 =================================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 142 - 242 2,587 71 Accrued interest 16 - - - - Income taxes payable - - - - - Distributions payable - - - - - Deferred income taxes - - - - - Interest rate swaps - - - - - Notes payable to MeriStar - - - - - Long-term debt 3,979 - - - - ------------------------------------------------------------------- Total liabilities 4,137 - 242 2,587 71 ------------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital 11,799 82 15,454 87,482 18,106 ------------------------------------------------------------------- $ 15,936 $ 82 $ 15,696 $ 90,069 $ 18,177 =================================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 8E, LLC 7F, LLC 5L, LLC 3C, LLC Assets Investment in hotel properties $ 14,978 $ 11,869 $ 11,156 $ 17,010 Accumulated depreciation (1,312) (1,528) (246) (1,621) --------------------------------------------------------- 13,666 10,341 10,910 15,389 Cash and cash equivalents - - - - Accounts receivable, net 62 (26) - 10 Prepaid expenses and other - - - (3) Note receivable - - - - Due from MeriStar Hotels & Resorts (508) 464 239 98 Due from subsidiaries 3,087 2,184 1,812 1,565 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net 18 - - 69 --------------------------------------------------------- $ 16,325 $ 12,963 $ 12,961 $ 17,128 ========================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 18 127 56 209 Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - --------------------------------------------------------- Total liabilities 18 127 56 209 --------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 16,307 12,836 12,905 16,919 --------------------------------------------------------- $ 16,325 $ 12,963 $ 12,961 $ 17,128 =========================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2000 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5R, LLC 5A, LLC 8A, LLC 6D, LLC 6E, LLC Assets Investment in hotel properties $ - $ - $ 9,600 $ 16,907 $ 43,110 Accumulated depreciation - - (1,160) (1,307) (4,974) ----------------------------------------------------------------- - - 8,440 15,600 38,136 Cash and cash equivalents - - - - - Accounts receivable, net - - (31) (179) 34 Prepaid expenses and other - - - (5) - Note receivable - - - - - Due from MeriStar Hotels & Resorts - - (962) 375 (1,000) Due from subsidiaries (51) (5,370) 1,235 3,371 10,741 Investments in affiliates 51 5,370 - - - Restricted cash - - - - - Intangible assets, net - - - - - ----------------------------------------------------------------- $ - $ - $ 8,682 $ 19,162 $ 47,911 ================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities - - (12) 17 (9) Accrued interest - - - - - Income taxes payable - - - - - Distributions payable - - - - - Deferred income taxes - - - - - Interest rate swaps - - - - - Notes payable to MeriStar - - - - - Long-term debt - - - - - ----------------------------------------------------------------- Total liabilities - - (12) 17 (9) ----------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital - - 8,694 19,145 47,920 ----------------------------------------------------------------- $ - $ - $ 8,682 $ 19,162 $ 47,911 ================================================================= MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 4E, LP 1B, LLC 5F, L.P. 6G, LLC 8C, LLC Assets Investment in hotel properties $ 24,258 $ 18,419 $ 30,585 $ 21,606 $ 36,197 Accumulated depreciation (2,163) (2,311) (2,314) (2,541) (2,592) ----------------------------------------------------------------- 22,095 16,108 28,271 19,065 33,605 Cash and cash equivalents - - - - - Accounts receivable, net (19) 16 (25) 36 8 Prepaid expenses and other - (13) (11) (6) - Note receivable - - - - - Due from MeriStar Hotels & Resorts (1,029) 3,478 - (1,786) 305 Due from subsidiaries 2,232 3,721 6,734 3,418 1,989 Investments in affiliates - - - - - Restricted cash - - - - - Intangible assets, net 11 - - - 5 ----------------------------------------------------------------- $ 23,290 $ 23,310 $ 34,969 $ 20,727 $ 35,912 ================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 428 (1) 242 17 (70) Accrued interest - - - - - Income taxes payable - - - - - Distributions payable - - - - - Deferred income taxes - - - - - Interest rate swaps - - - - - Notes payable to MeriStar - - - - - Long-term debt - 48 - - - ----------------------------------------------------------------- Total liabilities 428 47 242 17 (70) ----------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital 22,862 23,263 34,727 20,710 35,982 ----------------------------------------------------------------- $ 23,290 $ 23,310 $ 34,969 $ 20,727 $ 35,912 ================================================================= MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC 1A, LLC Assets Investment in hotel properties $ 21,824 $ 12,292 $ 17,586 $ 21,777 $ 10,996 Accumulated depreciation (2,634) (1,179) (1,478) (4,467) (1,550) --------------------------------------------------------------- 19,190 11,113 16,108 17,310 9,446 Cash and cash equivalents - - - - - Accounts receivable, net (47) - 53 (19) 40 Prepaid expenses and other (6) (2) 44 - - Note receivable - - - - - Due from MeriStar Hotels & Resorts (813) (794) 213 1,999 (659) Due from subsidiaries 798 (516) 3,282 2,512 4,328 Investments in affiliates - - - - - Restricted cash - - - - - Intangible assets, net - - 10 - - --------------------------------------------------------------- $ 19,122 $ 9,801 $ 19,710 $ 21,802 $ 13,155 =============================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 168 150 46 8 263 Accrued interest - - - - - Income taxes payable - - - - - Distributions payable - - - - - Deferred income taxes - - - - - Interest rate swaps - - - - - Notes payable to MeriStar - - - - - Long-term debt - - - - - --------------------------------------------------------------- Total liabilities 168 150 46 8 263 --------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital 18,954 9,651 19,664 21,794 12,892 --------------------------------------------------------------- $ 19,122 $ 9,801 $ 19,710 $ 21,802 $ 13,155 ===============================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2000 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub 5E, LLC 7A Joint Venture 6K, LLC Assets Investment in hotel properties $ 52,212 $ 12,586 $ 22,255 Accumulated depreciation (4,364) (943) (2,819) --------------------------------------------------- 47,848 11,643 19,436 Cash and cash equivalents - - - Accounts receivable, net 18 (13) (18) Prepaid expenses and other (15) (4) (1) Note receivable - - - Due from MeriStar Hotels & Resorts 263 - 3,142 Due from subsidiaries 4,132 2,764 7,438 Investments in affiliates - - - Restricted cash - - - Intangible assets, net 19 - - --------------------------------------------------- $ 52,265 $ 14,390 $ 29,997 =================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (104) 331 (53) Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - --------------------------------------------------- Total liabilities (104) 331 (53) --------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 52,369 14,059 30,050 --------------------------------------------------- $ 52,265 $ 14,390 $ 29,997 =================================================== - - - MeriStar Sub MeriStar Sub MeriStar Sub 2B, LLC 3A, LLC 4A, L.P. Assets Investment in hotel properties $ 9,563 $ 8,489 $ 11,726 Accumulated depreciation (1,261) (953) (1,112) ---------------------------------------------------- 8,302 7,536 10,614 Cash and cash equivalents - - - Accounts receivable, net - (35) (4) Prepaid expenses and other - - - Note receivable - - - Due from MeriStar Hotels & Resorts 389 533 (2) Due from subsidiaries (779) 859 3,077 Investments in affiliates - - - Restricted cash - - - Intangible assets, net 1 7 - ---------------------------------------------------- $ 7,913 $ 8,900 $ 13,685 ==================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 2 158 303 Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt 5,149 - - ---------------------------------------------------- Total liabilities 5,151 158 303 ---------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 2,762 8,742 13,382 ---------------------------------------------------- $ 7,913 $ 8,900 $ 13,685 ==================================================== MeriStar Sub MeriStar Sub MeriStar Sub 4D, LLC 2A, LLC 6L, LLC Assets Investment in hotel properties $ 8,194 $ 8,509 $ 29,319 Accumulated depreciation (885) (890) (1,583) ---------------------------------------------------- 7,309 7,619 27,736 Cash and cash equivalents - - - Accounts receivable, net (7) - (23) Prepaid expenses and other - (1) (5) Note receivable - - - Due from MeriStar Hotels & Resorts (209) (154) - Due from subsidiaries 235 (122) 2,273 Investments in affiliates - - - Restricted cash - - - Intangible assets, net 30 31 - ---------------------------------------------------- $ 7,358 $ 7,373 $ 29,981 ==================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 22 4 145 Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - 8,399 - ---------------------------------------------------- Total liabilities 22 8,403 145 ---------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 7,336 (1,030) 29,836 ---------------------------------------------------- $ 7,358 $ 7,373 $ 29,981 ==================================================== MDV Limited MeriStar Sub MeriStar Sub Partnership 5C, LLC 6J, LLC Assets Investment in hotel properties $ 3,740 $ 13,427 $ 18,679 Accumulated depreciation (287) (1,632) (1,975) -------------------------------------------------- 3,453 11,795 16,704 Cash and cash equivalents - - - Accounts receivable, net 26 (16) 19 Prepaid expenses and other 4 13 (6) Note receivable - - - Due from MeriStar Hotels & Resorts - (2,487) (2,152) Due from subsidiaries 1,323 1,560 4,488 Investments in affiliates - - - Restricted cash - - - Intangible assets, net 9 - 71 -------------------------------------------------- $ 4,815 $ 10,865 $ 19,124 ================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 84 857 1 Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - -------------------------------------------------- Total liabilities 84 857 1 -------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 4,731 10,008 19,123 -------------------------------------------------- $ 4,815 $ 10,865 $ 19,124 ================================================== MeriStar Sub MeriStar Sub MeriStar Sub 1D, LLC 7B, L.P. 7D, LLC Assets Investment in hotel properties $ 66,920 $ 25,116 $ 50,851 Accumulated depreciation (5,375) (1,388) (4,977) ------------------------------------------------ 61,545 23,728 45,874 Cash and cash equivalents - - - Accounts receivable, net 30 (13) 1,653 Prepaid expenses and other (20) - - Note receivable - - - Due from MeriStar Hotels & Resorts 913 (1) 5,054 Due from subsidiaries 8,335 (5,164) 9,280 Investments in affiliates - - - Restricted cash - - - Intangible assets, net 99 - 477 ------------------------------------------------ $ 70,902 $ 18,550 $ 62,338 ================================================ Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 546 963 4,088 Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - ------------------------------------------------ Total liabilities 546 963 4,088 ------------------------------------------------ Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 70,356 17,587 58,250 ------------------------------------------------ $ 70,902 $ 18,550 $ 62,338 ================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2000 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 7G, LLC 6B, LLC 4I, L.P. 5D, LLC 5H, LLC 7H, LLC Assets Investment in hotel properties $ 16,133 $ 10,463 $ 23,560 $ 41,401 $ 51,816 $ 12,432 Accumulated depreciation (2,693) (847) (2,822) (3,782) (4,066) (3,364) ----------------------------------------------------------------------------- 13,440 9,616 20,738 37,619 47,750 9,068 Cash and cash equivalents - - - - - - Accounts receivable, net - - - (24) - (39) Prepaid expenses and other (4) (1) (7) (53) - - Note receivable - - - - - - Due from MeriStar Hotels & Resorts (1,582) 513 (861) (2,815) 444 1,961 Due from subsidiaries 1,393 258 2,871 (1,880) 3,726 2,623 Investments in affiliates - - - 51,368 - - Restricted cash - - - - - - Intangible assets, net 71 16 - 25 - - ----------------------------------------------------------------------------- $ 13,318 $ 10,402 $ 22,741 $ 84,240 $ 51,920 $ 13,613 ============================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 203 (102) 292 (93) 171 458 Accrued interest - - - - - - Income taxes payable - - - - - - Distributions payable - - - - - - Deferred income taxes - - - - - - Interest rate swaps - - - - - - Notes payable to MeriStar - - - - - - Long-term debt - - - 24,253 - - ----------------------------------------------------------------------------- Total liabilities 203 (102) 292 24,160 171 458 ----------------------------------------------------------------------------- Minority interests - - - - - - Redeemable OP units at redemption value - - - - - - Partners' capital 13,115 10,504 22,449 60,080 51,749 13,155 ----------------------------------------------------------------------------- $ 13,318 $ 10,402 $ 22,741 $ 84,240 $ 51,920 $ 13,613 ============================================================================= AGH PSS I, MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Inc. 2D, LLC 4F, L.P. 5K, LLC 5M, LLC 1E, L.P. Assets Investment in hotel properties $ 21,376 $ 16,017 $ 31,250 $ 26,416 $ 21,688 $ 10,170 Accumulated depreciation (2,881) (1,595) (2,551) (1,547) (989) (1,059) ----------------------------------------------------------------------------- 18,495 14,422 28,699 24,869 20,699 9,111 Cash and cash equivalents - - - - - - Accounts receivable, net (908) - (4) - - 35 Prepaid expenses and other (10) - - - - - Note receivable - - - - - - Due from MeriStar Hotels & Resorts - 1,226 (2,102) (24) 233 934 Due from subsidiaries 8,319 (1,068) 3,753 43 3,440 3,573 Investments in affiliates - - - - - - Restricted cash - - - - - - Intangible assets, net - 2 63 - - - ----------------------------------------------------------------------------- $ 25,896 $ 14,582 $ 30,409 $ 24,888 $ 24,372 $ 13,653 ============================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 86 (10) 328 8,025 76 15 Accrued interest - - - - - - Income taxes payable - - - - - - Distributions payable - - - - - - Deferred income taxes - - - - - - Interest rate swaps - - - - - - Notes payable to MeriStar - - - - - - Long-term debt - 9,732 - - - - ----------------------------------------------------------------------------- Total liabilities 86 9,722 328 8,025 76 15 ----------------------------------------------------------------------------- Minority interests - - - - - - Redeemable OP units at redemption value - - - - - - Partners' capital 25,810 4,860 30,081 16,863 24,296 13,638 ----------------------------------------------------------------------------- $ 25,896 $ 14,582 $ 30,409 $ 24,888 $ 24,372 $ 13,653 ============================================================================= MeriStar Sub MeriStar Sub MeriStar Sub 5O, LLC 6M Company 4B, L.P. Assets Investment in hotel properties $ 8,608 $ 32,500 $ 25,669 Accumulated depreciation (481) (2,426) (3,567) --------------------------------------------- 8,127 30,074 22,102 Cash and cash equivalents - - - Accounts receivable, net - 72 - Prepaid expenses and other - (49) (6) Note receivable - - - Due from MeriStar Hotels & Resorts 17 1,183 (2,594) Due from subsidiaries 1,234 6,677 1,838 Investments in affiliates - - - Restricted cash - - - Intangible assets, net - 72 67 --------------------------------------------- $ 9,378 $ 38,029 $ 21,407 ============================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 29 (111) 380 Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - --------------------------------------------- Total liabilities 29 (111) 380 --------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 9,349 38,140 21,027 --------------------------------------------- $ 9,378 $ 38,029 $ 21,407 =============================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2000 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub 6C, LLC 2C, LLC 4G, L.P. Assets Investment in hotel properties $ 20,017 $ 29,338 $ 25,156 Accumulated depreciation (2,060) (3,528) (2,260) ---------------------------------------------------- 17,957 25,810 22,896 Cash and cash equivalents - - - Accounts receivable, net 56 - 67 Prepaid expenses and other 95 - - Note receivable - - - Due from MeriStar Hotels & Resorts (1,870) 3,278 (1,208) Due from subsidiaries 6,986 2,756 4,656 Investments in affiliates - - - Restricted cash - - - Intangible assets, net - 2 46 ---------------------------------------------------- $ 23,224 $ 31,846 $ 26,457 ==================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (10) 73 325 Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - 16,998 - ---------------------------------------------------- Total liabilities (10) 17,071 325 ---------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 23,234 14,775 26,132 ---------------------------------------------------- $ 23,224 $ 31,846 $ 26,457 ==================================================== MeriStar Sub MeriStar Sub MeriStar Sub Assets 3B, LLC 5G, L.P. 5P, LLC Investment in hotel properties $ 24,221 $ 160,806 $ - Accumulated depreciation (2,081) (11,846) - ------------------------------------------------ 22,140 148,960 - Cash and cash equivalents - - - Accounts receivable, net 8 383 - Prepaid expenses and other (7) (14) - Note receivable - - - Due from MeriStar Hotels & Resorts 551 (1) 42 Due from subsidiaries 880 18,823 774 Investments in affiliates - - - Restricted cash - - - Intangible assets, net 1 - - ------------------------------------------------- $ 23,573 $ 168,151 $ 816 ================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 198 729 - Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - ------------------------------------------------- Total liabilities 198 729 - ------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 23,375 167,422 816 ------------------------------------------------- $ 23,573 $ 168,151 $ 816 ================================================= MeriStar Sub MeriStar Sub MeriStar Sub Assets 5J, LLC 5Q, LLC 5R, LLC Investment in hotel properties $ 102,311 $ 14,893 $ 33,901 Accumulated depreciation (6,495) (806) (6,397) ---------------------------------------------- 95,816 14,087 27,504 Cash and cash equivalents - - - Accounts receivable, net - - 11 Prepaid expenses and other 483 - (11) Note receivable - - - Due from MeriStar Hotels & Resorts 480 (514) 2,269 Due from subsidiaries 5,497 1,756 5,146 Investments in affiliates - - - Restricted cash - - - Intangible assets, net - - 108 ---------------------------------------------- $ 102,276 $ 15,329 $ 35,027 ============================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 950 207 13 Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - 23,609 ---------------------------------------------- Total liabilities 950 207 23,622 ---------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 101,326 15,122 11,405 ---------------------------------------------- $ 102,276 $ 15,329 $ 35,027 ============================================== MeriStar Sub MeriStar Sub Eliminations Assets 8D, LLC 4J, LLC Investment in hotel properties $ 30,183 $ 37,330 $ - Accumulated depreciation (2,562) (3,325) - --------------------------------------------------- 27,621 34,005 - Cash and cash equivalents - - - Accounts receivable, net 119 44 - Prepaid expenses and other 1 - - Note receivable - - (87,887) Due from MeriStar Hotels & Resorts (184) (1,012) - Due from subsidiaries 2,676 2,456 (268,842) Investments in affiliates - - (2,687,474) Restricted cash - - - Intangible assets, net - 89 - --------------------------------------------------- $ 30,233 $ 35,582 $ (3,044,203) =================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (2) 407 - Accrued interest - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - (356,729) --------------------------------------------------- Total liabilities (2) 407 (356,729) --------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 30,235 35,175 (2,687,474) --------------------------------------------------- $ 30,233 $ 35,582 $ (3,044,203) =================================================== Total Consolidated Assets Investment in hotel properties $ 3,193,730 Accumulated depreciation (287,229) -------------------- 2,906,501 Cash and cash equivalents 242 Accounts receivable, net 2,833 Prepaid expenses and other 2,767 Note receivable - Due from MeriStar Hotels & Resorts 22,221 Due from subsidiaries - Investments in affiliates 42,196 Restricted cash 19,918 Intangible assets, net 9,822 --------------------- $ 3,006,500 ===================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 72,197 Accrued interest 28,365 Income taxes payable 921 Distributions payable 24,581 Deferred income taxes 8,113 Interest rate swaps - Notes payable to MeriStar 356,729 Long-term debt 1,281,590 Total liabilities ----------------------- 1,772,496 ----------------------- Minority interests 2,687 Redeemable OP units at redemption value 88,545 Partners' capital 1,142,772 ----------------------- $ 3,006,500 =======================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2000 (in thousands of dollars)
-------------------------------------------------------------------- MeriStar Hospitality Non-Guarantor MeriStar Sub AGH Upreit, OP, L.P. Subsidiaries 7C, LLC LLC -------------------------------------------------------------------- Revenue: Participating lease revenue $ 6,544 $ 189,325 $ - $ - Office rental and other revenues 2,149 4,343 - - -------------------------------------------------------------------- Total revenue 8,693 193,668 - - -------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - 1,803 - - Undistributed operating expenses: Administrative and general 8,823 134 - - Property taxes, insurance and other 2,732 20,229 - - Depreciation and amortization 4,588 50,591 - - -------------------------------------------------------------------- Total operating expenses 16,143 72,757 - - -------------------------------------------------------------------- Net operating income (7,450) 120,911 - - -------------------------------------------------------------------- Interest expense, net 86,748 26,072 - - Equity in income from consolidated entities 210,453 - - - -------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 116,255 94,839 - - Minority interests (3) - - - -------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 116,258 94,839 - - Income tax expense 1,622 - - - -------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 114,636 94,839 - - Gain on sale of assets, net of tax - 3,439 - - Extraordinary gain, net of tax effect 3,400 - - - -------------------------------------------------------------------- Net income (loss) $ 118,036 $ 98,278 $ - $ - ==================================================================== -------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5N, LLC 8A, LLC 8F, L.P. 8G, LLC -------------------------------------------------------------------- Revenue: Participating lease revenue $ 1,081 $ 1,890 $ 3,356 $ - Office rental and other revenues - - 9 - -------------------------------------------------------------------- Total revenue 1,081 1,890 3,365 - -------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 - - - Property taxes, insurance and other 78 167 648 - Depreciation and amortization 128 285 436 - -------------------------------------------------------------------- Total operating expenses 207 452 1,084 - -------------------------------------------------------------------- Net operating income 874 1,438 2,281 - -------------------------------------------------------------------- Interest expense, net (4) (13) 248 - Equity in income from consolidated entities - - - - -------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 878 1,451 2,033 - Minority interests - - - - -------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 878 1,451 2,033 - Income tax expense - - - - -------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 878 1,451 2,033 - Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - -------------------------------------------------------------------- Net income (loss) $ 878 $ 1,451 $ 2,033 $ - ==================================================================== ---------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 6H, LLC 8B, LLC 1C L.P. 8E, LLC 7F, LLC ---------------------------------------------------------------------- Revenue: Participating lease revenue $ 1,480 $ 10,997 $ 1,826 $ 2,336 $ 1,425 Office rental and other revenues - - 1 25 1 ---------------------------------------------------------------------- Total revenue 1,480 10,997 1,827 2,361 1,426 ---------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - - Undistributed operating expenses: Administrative and general - 5 - - 1 Property taxes, insurance and other 101 1,394 687 90 136 Depreciation and amortization 423 2,305 1,009 521 460 ---------------------------------------------------------------------- Total operating expenses 524 3,704 1,696 611 597 ---------------------------------------------------------------------- Net operating income 956 7,293 131 1,750 829 ---------------------------------------------------------------------- Interest expense, net (2) (106) (12) (57) (9) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 958 7,399 143 1,807 838 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 958 7,399 143 1,807 838 Income tax expense - - - - - ---------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 958 7,399 143 1,807 838 Gain on sale of assets, net of tax - - - - - Extraordinary gain, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) $ 958 $ 7,399 $ 143 $ 1,807 $ 838 ======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2000 (in thousands of dollars)
--------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5L, LLC 3C, LLC 5R, LLC 5A, LLC --------------------------------------------------------------- Revenue: Participating lease revenue $ 1,297 $ 2,220 $ - $ - Office rental and other revenues - 2 - - --------------------------------------------------------------- Total revenue 1,297 2,222 - - --------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 1 - - Property taxes, insurance and other 145 418 - - Depreciation and amortization 119 684 - - --------------------------------------------------------------- Total operating expenses 265 1,103 - - --------------------------------------------------------------- Net operating income 1,032 1,119 - - --------------------------------------------------------------- Interest expense, net (6) (26) - - Equity in income from consolidated entities - - - - --------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 1,038 1,145 - - Minority interests - - - - --------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 1,038 1,145 - - Income tax expense - - - - --------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 1,038 1,145 - - Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - --------------------------------------------------------------- Net income (loss) $ 1,038 $ 1,145 $ - $ - =============================================================== --------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 8A, LLC 6D, LLC 6E, LLC 4E, L.P. --------------------------------------------------------------- Revenue: Participating lease revenue $ 916 $ 2,530 $ 6,325 $ 2,341 Office rental and other revenues 1 7 1 12 --------------------------------------------------------------- Total revenue 917 2,537 6,326 2,353 --------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 1 1 2 Property taxes, insurance and other 198 135 298 434 Depreciation and amortization 358 441 1,633 887 --------------------------------------------------------------- Total operating expenses 557 577 1,932 1,323 --------------------------------------------------------------- Net operating income 360 1,960 4,394 1,030 --------------------------------------------------------------- Interest expense, net (15) (92) (27) (33) Equity in income from consolidated entities - - - - --------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 375 2,052 4,421 1,063 Minority interests - - - - --------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 375 2,052 4,421 1,063 Income tax expense - - - - --------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 375 2,052 4,421 1,063 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - --------------------------------------------------------------- Net income (loss) $ 375 $ 2,052 $ 4,421 $ 1,063 =============================================================== --------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 1B, LLC 5F, L.P. 6G, LLC 8C, LLC --------------------------------------------------------------- Revenue: Participating lease revenue $ 3,139 $ 3,240 $ 2,875 $ 3,566 Office rental and other revenues - - 1 14 --------------------------------------------------------------- Total revenue 3,139 3,240 2,876 3,580 --------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general - - 1 1 Property taxes, insurance and other 191 276 316 407 Depreciation and amortization 588 1,048 739 1,205 --------------------------------------------------------------- Total operating expenses 779 1,324 1,056 1,613 --------------------------------------------------------------- Net operating income 2,360 1,916 1,820 1,967 --------------------------------------------------------------- Interest expense, net (87) (10) (109) (125) Equity in income from consolidated entities - - - - --------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 2,447 1,926 1,929 2,092 Minority interests - - - - --------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 2,447 1,926 1,929 2,092 Income tax expense - - - - --------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 2,447 1,926 1,929 2,092 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - --------------------------------------------------------------- Net income (loss) $ 2,447 $ 1,926 $ 1,929 $ 2,092 =============================================================== ------------------------------------- MeriStar Sub MeriStar Sub 4C, L.P. 4H, L.P. ------------------------------------- Revenue: Participating lease revenue $ 1,291 $ 700 Office rental and other revenues 2 - ------------------------------------- Total revenue 1,293 700 ------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - Undistributed operating expenses: Administrative and general 10 1 Property taxes, insurance and other 431 184 Depreciation and amortization 703 475 ------------------------------------- Total operating expenses 1,144 660 ------------------------------------- Net operating income 149 40 ------------------------------------- Interest expense, net (35) (57) Equity in income from consolidated entities - - ------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 184 97 Minority interests - - ------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 184 97 Income tax expense - - ------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 184 97 Gain on sale of assets, net of tax - - Extraordinary gain, net of tax effect - - ------------------------------------- Net income (loss) $ 184 $ 97 =====================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2000 (in thousands of dollars)
----------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 7E, LLC 3D, LLC 1A, LLC 5E, LLC ----------------------------------------------------------------- Revenue: Participating lease revenue $ 2,245 $ 2,329 $ 2,511 $ 5,749 Office rental and other revenues - 8 - 1 ----------------------------------------------------------------- Total revenue 2,245 2,337 2,511 5,750 ----------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 - 1 17 Property taxes, insurance and other 144 357 293 514 Depreciation and amortization 597 905 466 1,645 ----------------------------------------------------------------- Total operating expenses 742 1,262 760 2,176 ----------------------------------------------------------------- Net operating income 1,503 1,075 1,751 3,574 ----------------------------------------------------------------- Interest expense, net (18) (109) (24) (357) Equity in income from consolidated entities - - - - ----------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 1,521 1,184 1,775 3,931 Minority interests - - - - ----------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 1,521 1,184 1,775 3,931 Income tax expense - - - - ----------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 1,521 1,184 1,775 3,931 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ----------------------------------------------------------------- Net income (loss) $ 1,521 $ 1,184 $ 1,775 $ 3,931 ================================================================= ----------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 7A Joint Venture 6K, LLC 2B, LLC 3A, LLC ----------------------------------------------------------------- Revenue: Participating lease revenue $ 1,443 $ 3,955 $ 934 $ 1,008 Office rental and other revenues - - - 2 ----------------------------------------------------------------- Total revenue 1,443 3,955 934 1,010 ----------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general - 2 5 - Property taxes, insurance and other 156 260 148 126 Depreciation and amortization 401 740 400 328 ----------------------------------------------------------------- Total operating expenses 557 1,002 553 454 ----------------------------------------------------------------- Net operating income 886 2,953 381 556 ----------------------------------------------------------------- Interest expense, net (5) (14) 389 (18) Equity in income from consolidated entities - - - - ----------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 891 2,967 (8) 574 Minority interests - - - - ----------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 891 2,967 (8) 574 Income tax expense - - - - ----------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 891 2,967 (8) 574 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ----------------------------------------------------------------- Net income (loss) $ 891 $ 2,967 $ (8) $ 574 ================================================================= ----------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 4A, L.P. 4D, LLC 2A, LLC 6L, LLC ----------------------------------------------------------------- Revenue: Participating lease revenue $ 1,590 $ 723 $ 950 $ 2,208 Office rental and other revenues 1 1 - - ----------------------------------------------------------------- Total revenue 1,591 724 950 2,208 ----------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 1 6 - Property taxes, insurance and other 223 165 119 182 Depreciation and amortization - 284 319 657 ----------------------------------------------------------------- Total operating expenses 224 450 444 839 ----------------------------------------------------------------- Net operating income 1,367 274 506 1,369 ----------------------------------------------------------------- Interest expense, net (28) (54) 718 (294) Equity in income from consolidated entities - - - - ----------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 1,395 328 (212) 1,663 Minority interests - - - - ----------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 1,395 328 (212) 1,663 Income tax expense - - - - ----------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 1,395 328 (212) 1,663 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ----------------------------------------------------------------- Net income (loss) $ 1,395 $ 328 $ (212) $ 1,663 ================================================================= ----------------------------------------- MDV Limited MeriStar Sub Partnership 5C, LLC ----------------------------------------- Revenue: Participating lease revenue $ 760 $ 1,516 Office rental and other revenues 1 - ----------------------------------------- Total revenue 761 1,516 ----------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - Undistributed operating expenses: Administrative and general - 1 Property taxes, insurance and other 89 234 Depreciation and amortization 120 572 ----------------------------------------- Total operating expenses 209 807 ----------------------------------------- Net operating income 552 709 ----------------------------------------- Interest expense, net (6) (25) Equity in income from consolidated entities - - ----------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 558 734 Minority interests - - ----------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 558 734 Income tax expense - - ----------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 558 734 Gain on sale of assets, net of tax - - Extraordinary gain, net of tax effect - - ----------------------------------------- Net income (loss) $ 558 $ 734 =========================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2000 (in thousands of dollars)
------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 6J, LLC 1D, LLC 7B, L.P. 7D, LLC ------------------------------------------------------------------- Revenue: Participating lease revenue $ 2,620 $ 7,848 $ 1,964 $ 8,203 Office rental and other revenues 1 302 1 1,433 ------------------------------------------------------------------- Total revenue 2,621 8,150 1,965 9,636 ------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - 178 - 412 Undistributed operating expenses: Administrative and general 1 40 5 251 Property taxes, insurance and other 144 1,175 667 2,516 Depreciation and amortization 596 1,993 853 1,565 ------------------------------------------------------------------- Total operating expenses 741 3,386 1,525 4,744 ------------------------------------------------------------------- Net operating income 1,880 4,764 440 4,892 ------------------------------------------------------------------- Interest expense, net (41) (220) (102) (105) Equity in income from consolidated entities - - - - ------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 1,921 4,984 542 4,997 Minority interests - - - - ------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 1,921 4,984 542 4,997 Income tax expense - - - - ------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 1,921 4,984 542 4,997 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ------------------------------------------------------------------- Net income (loss) $ 1,921 $ 4,984 $ 542 $ 4,997 =================================================================== ------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 7G, LLC 6B, LLC 4I, L.P. 5D, LLC ------------------------------------------------------------------- Revenue: Participating lease revenue $ 1,424 $ 1,420 $ 1,668 $ 2,143 Office rental and other revenues - - 1 1 ------------------------------------------------------------------- Total revenue 1,424 1,420 1,669 2,144 ------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 - 1 18 Property taxes, insurance and other 188 302 297 180 Depreciation and amortization 722 417 847 1,187 ------------------------------------------------------------------- Total operating expenses 911 719 1,145 1,385 ------------------------------------------------------------------- Net operating income 513 701 524 759 ------------------------------------------------------------------- Interest expense, net (85) (37) (18) 2,016 Equity in income from consolidated entities - - - - ------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 598 738 542 (1,257) Minority interests - - - - ------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 598 738 542 (1,257) Income tax expense - - - - ------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 598 738 542 (1,257) Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ------------------------------------------------------------------- Net income (loss) $ 598 $ 738 $ 542 $ (1,257) =================================================================== ------------------------------------------------------------------- MeriStar Sub MeriStar Sub AGH PSS I, MeriStar Sub 5H, LLC 7H, LLC Inc. 2D, LLC ------------------------------------------------------------------- Revenue: Participating lease revenue $ 4,695 $ 1,834 $ 3,158 $ 1,358 Office rental and other revenues - 1 3 - ------------------------------------------------------------------- Total revenue 4,695 1,835 3,161 1,358 --------------------------------- --------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general - 1 - 7 Property taxes, insurance and other 621 418 295 335 Depreciation and amortization 1,927 698 - 476 ------------------------------------------------------------------- Total operating expenses 2,548 1,117 295 818 ------------------------------------------------------------------- Net operating income 2,147 718 2,866 540 ------------------------------------------------------------------- Interest expense, net (52) (28) (3) 816 Equity in income from consolidated entities - - - - ------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 2,199 746 2,869 (276) Minority interests - - - - ------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 2,199 746 2,869 (276) Income tax expense - - - - ------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 2,199 746 2,869 (276) Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ------------------------------------------------------------------- Net income (loss) $ 2,199 $ 746 $ 2,869 $ (276) =================================================================== ---------------------------------- MeriStar Sub MeriStar Sub 4F, L.P. 5K, LLC ---------------------------------- Revenue: Participating lease revenue $ 3,233 $ 2,703 Office rental and other revenue 35 - ---------------------------------- Total revenue 3,268 2,703 ---------------------------------- Hotel operating expenses by department Office rental, parking and other operating expenses - - Undistributed operating expenses: Administrative and general 2 2 Property taxes, insurance and other 327 697 Depreciation and amortization 1,007 959 ---------------------------------- Total operating expenses 1,336 1,658 ---------------------------------- Net operating income 1,932 1,045 ---------------------------------- Interest expense, net (112) (82) Equity in income from consolidated entity - - ---------------------------------- Income (loss) before minor taxes, gain on sale of assets and extraordinary gain 2,044 1,127 Minority interests - - ---------------------------------- Income (loss) before income gain on sale of assets and extraordinary 2,044 1,127 Income tax expense - - ---------------------------------- Income (loss) before gain and extraordinary gain 2,044 1,127 Gain on sale of assets, net of tax - - Extraordinary gain, net of - - ---------------------------------- Net income (loss) $ 2,044 $ 1,127 ==================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2000 (in thousands of dollars)
------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5M, LLC 1E, L.P. 5O, LLC 6M Company ------------------------------------------------------------------- Revenue: Participating lease revenue $ 2,338 $ 1,898 $ 838 $ 5,411 Office rental and other revenues - 1 - 1 ------------------------------------------------------------------- Total revenue 2,338 1,899 838 5,412 ------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 1 1 - Property taxes, insurance and other 267 117 98 269 Depreciation and amortization 441 285 216 989 ------------------------------------------------------------------- Total operating expenses 709 403 315 1,258 ------------------------------------------------------------------- Net operating income 1,629 1,496 523 4,154 ------------------------------------------------------------------- Interest expense, net (23) (27) (5) (292) Equity in income from consolidated entities - - - - ------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 1,652 1,523 528 4,446 Minority interests - - - - ------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 1,652 1,523 528 4,446 Income tax expense - - - - ------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 1,652 1,523 528 4,446 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ------------------------------------------------------------------- Net income (loss) $ 1,652 $ 1,523 $ 528 $ 4,446 =================================================================== ------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 4B, L.P. 6C, LLC 2C, LLC 4G, L.P. ------------------------------------------------------------------- Revenue: Participating lease revenue $ 1,813 $ 3,682 $ 3,202 $ 3,357 Office rental and other revenues - 14 77 (2) ------------------------------------------------------------------- Total revenue 1,813 3,696 3,279 3,355 ------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 1 6 1 Property taxes, insurance and other 318 211 351 355 Depreciation and amortization 1,077 723 1,040 835 ------------------------------------------------------------------- Total operating expenses 1,396 935 1,397 1,191 ------------------------------------------------------------------- Net operating income 417 2,761 1,882 2,164 ------------------------------------------------------------------- Interest expense, net (71) (137) 1,447 (46) Equity in income from consolidated entities - - - - ------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 488 2,898 435 2,210 Minority interests - - - - ------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 488 2,898 435 2,210 Income tax expense - - - - ------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 488 2,898 435 2,210 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ------------------------------------------------------------------- Net income (loss) $ 488 $ 2,898 $ 435 $ 2,210 =================================================================== ------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 3B, LLC 5G, L.P. 5P, LLC 5J, LLC ------------------------------------------------------------------- Revenue: Participating lease revenue $ 2,290 $ 14,980 $ 816 $ 12,441 Office rental and other revenues 12 59 - 75 ------------------------------------------------------------------- Total revenue 2,302 15,039 816 12,516 ------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 - - 2 Property taxes, insurance and other 300 1,372 - 1,341 Depreciation and amortization 835 6,157 - 3,287 ------------------------------------------------------------------- Total operating expenses 1,136 7,529 - 4,630 ------------------------------------------------------------------- Net operating income 1,166 7,510 816 7,886 ------------------------------------------------------------------- Interest expense, net (53) (114) - (122) Equity in income from consolidated entities - - - - ------------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 1,219 7,624 816 8,008 Minority interests - - - - ------------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 1,219 7,624 816 8,008 Income tax expense - - - - ------------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 1,219 7,624 816 8,008 Gain on sale of assets, net of tax - - - - Extraordinary gain, net of tax effect - - - - ------------------------------------------------------------------- Net income (loss) $ 1,219 $ 7,624 $ 816 $ 8,008 =================================================================== ------------------------------ MeriStar Sub MeriStar Sub 5Q, LLC 5R, LLC ------------------------------ Revenue: Participating lease revenue $ 2,285 $ 6,639 Office rental and other revenues - 108 ------------------------------ Total revenue 2,285 6,747 ------------------------------ Hotel operating expenses by department: Office rental, parking and other operating expenses - - Undistributed operating expenses: Administrative and general 1 - Property taxes, insurance and other 173 588 Depreciation and amortization 406 1,667 ------------------------------ Total operating expenses 580 2,255 ------------------------------ Net operating income 1,705 4,492 ------------------------------ Interest expense, net (76) 2,819 Equity in income from consolidated entities - - ------------------------------ Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 1,781 1,673 Minority interests - - ------------------------------ Income (loss) before income taxes gain on sale of assets and extraordinary gain 1,781 1,673 Income tax expense - - ------------------------------ Income (loss) before gain on sale of assets and extraordinary gain 1,781 1,673 Gain on sale of assets, net of tax - - Extraordinary gain, net of tax effect - - ------------------------------ Net income (loss) $ 1,781 $ 1,673 ==============================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 2000 (in thousands of dollars)
---------------------------------------------------------------- MeriStar Sub MeriStar Sub Total 8D, LLC 4J, LLC Eliminations Consolidated ---------------------------------------------------------------- Revenue: Participating lease revenue $ 4,018 $ 2,829 $ - $ 391,729 Office rental and other revenues - 251 - 8,956 ---------------------------------------------------------------- Total revenue 4,018 3,080 - 400,685 ---------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - 338 - 2,731 Undistributed operating expenses: - Administrative and general 1 80 - 9,445 Property taxes, insurance and other 271 583 - 47,481 Depreciation and amortization 1,186 1,237 - 110,688 ---------------------------------------------------------------- Total operating expenses 1,458 2,238 - 170,345 ---------------------------------------------------------------- Net operating income 2,560 842 - 230,340 ---------------------------------------------------------------- Interest expense, net (28) (93) - 117,524 Equity in income from consolidated entities - - (210,453) - ---------------------------------------------------------------- Income (loss) before minority interests, income taxes, gain on sale of assets and extraordinary gain 2,588 935 (210,453) 112,816 Minority interests - - - (3) ---------------------------------------------------------------- Income (loss) before income taxes gain on sale of assets and extraordinary gain 2,588 935 (210,453) 112,819 Income tax expense - - - 1,622 ---------------------------------------------------------------- Income (loss) before gain on sale of assets and extraordinary gain 2,588 935 (210,453) 111,197 Gain on sale of assets, net of tax - - - 3,439 Extraordinary gain, net of tax effect - - - 3,400 ---------------------------------------------------------------- Net income (loss) $ 2,588 $ 935 $ (210,453) $ 118,036 ================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2000 (in thousands of dollars)
------------------------------------------------- MerStar Non- Hospitality Guarantor MeriStar Sub OP, L.P. Subsidiaries 7C, LLC ------------------------------------------------- Net Income (loss) 118,036 98,278 - Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 4,588 50,591 - (Gain) loss on assets sold, before tax effect - (3,495) - Extraordinary (gain) loss on early extinguishment of debt before tax effect (3,450) - - Equity in earnings of affiliates (210,453) - - Minority interests (3) - - Amortization of unearned stock based compensation 3,070 - - Deferred income taxes 636 - - Changes in operating assets and liabilities: Accounts receivable, net (94) (1,263) - Prepaid expenses and other 3,313 724 - Accounts payable, accrued expenses and other liabilities (3,272) 1,524 - Due from subsidiaries 233,993 (104,876) - Due from MeriStar Hotels (8,453) (1,141) - Income taxes payable 191 - - ------------------------------------------------- Net cash provided by (used in) operating activities 138,102 40,342 - ------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (6,537) (40,799) - Proceeds from disposition of assets - 24,148 - Investments in and advances to affiliates, net (2,704) 215 - Note receivable 57,110 - - Change in restricted cash (1,609) (1,370) - ------------------------------------------------- Net cash provided by (used in) investing activities 46,260 (17,806) - ------------------------------------------------- Cash flows from financing activities: Deferred financing costs (1,590) (25) - Proceeds from mortgages and notes payable 179,388 - - Principal payments on mortgages and notes payable (189,388) (8,149) - Repayments to MeriStar Hospitality on borrowing - (14,362) - Repurchase of units (73,638) - - Contributions from partners 1,356 - - Distributions to stockholders (102,861) - - ------------------------------------------------- Net cash provided by (used in) financing activities (186,733) (22,536) - ------------------------------------------------- Effect of exchange rate changes on cash 64 - - ------------------------------------------------- Net change in cash (2,307) - - Cash and cash equivalents, beginning of period 2,549 - - ------------------------------------------------- Cash and cash equivalents, end of period 242 - - ================================================= ------------------------------------------------- AGH Upreit, MeriStar Sub MeriStar Sub LLC 5N, LLC 8A, LLC ------------------------------------------------- Net Income (loss) - 878 1,451 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - 128 285 (Gain) loss on assets sold, before tax effect - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - Equity in earnings of affiliates - - - Minority interests - - - Amortization of unearned stock based compensation - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - - 57 Prepaid expenses and other - (5) - Accounts payable, accrued expenses and other liabilities - 21 17 Due from subsidiaries - (979) (1,697) Due from MeriStar Hotels - 3 - Income taxes payable - - - ------------------------------------------------- Net cash provided by (used in) operating activities - 46 113 ------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net - (46) (113) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Note receivable - - - Change in restricted cash - - - ------------------------------------------------- Net cash provided by (used in) investing activities - (46) (113) ------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - - Repayments to MeriStar Hospitality on borrowing - - - Repurchase of units - - - Contributions from partners - - - Distributions to stockholders - - - ------------------------------------------------- Net cash provided by (used in) financing activities - - - ------------------------------------------------- Effect of exchange rate changes on cash - - ------------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ------------------------------------------------- Cash and cash equivalents, end of period - - - ================================================= ------------------------------------------------- MeriStar MeriStar Sub MeriStar Sub Sub 8F, L.P. 8G, LLC 6H, LLC ------------------------------------------------- Net Income (loss) 2,033 - 958 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 436 - 423 (Gain) loss on assets sold, before tax effect - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - Equity in earnings of affiliates - - - Minority interests - - - Amortization of unearned stock based compensation - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net 10 - 7 Prepaid expenses and other 1 - 2 Accounts payable, accrued expenses and other liabilities 5 - 23 Due from subsidiaries (2,559) - (1,329) Due from MeriStar Hotels - - (21) Income taxes payable - - - ------------------------------------------------- Net cash provided by (used in) operating activities (74) - 63 ------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (132) - (63) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Note receivable - - - Change in restricted cash 206 - - ------------------------------------------------- Net cash provided by (used in) investing activities 74 - (63) ------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - - Repayments to MeriStar Hospitality on borrowing - - - Repurchase of units - - - Contributions from partners - - - Distributions to stockholders - - - ------------------------------------------------- Net cash provided by (used in) financing activities - - - ------------------------------------------------- Effect of exchange rate changes on cash - - - ------------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ------------------------------------------------- Cash and cash equivalents, end of period - - - ================================================= ------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub 8B, LLC 1C, L.P. 8E, LLC ------------------------------------------------- Net Income (loss) 7,399 143 1,807 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 2,305 1,009 521 (Gain) loss on assets sold, before tax effect - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - Equity in earnings of affiliates - - - Minority interests - - - Amortization of unearned stock based compensation - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net (184) 4 (62) Prepaid expenses and other 25 5 3 Accounts payable, accrued expenses and other liabilities (3,626) 18 (35) Due from subsidiaries (5,559) (908) (2,024) Due from MeriStar Hotels 359 (24) 50 Income taxes payable - - - ------------------------------------------------- Net cash provided by (used in) operating activities 719 247 260 ------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (719) (247) (260) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Note receivable - - - Change in restricted cash - - - ------------------------------------------------- Net cash provided by (used in) investing activities (719) (247) (260) ------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - - Repayments to MeriStar Hospitality on borrowing - - - Repurchase of units - - - Contributions from partners - - - Distributions to stockholders - - - ------------------------------------------------- Net cash provided by (used in) financing activities - - - ------------------------------------------------- Effect of exchange rate changes on cash - - - ------------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ------------------------------------------------- Cash and cash equivalents, end of period - - - ================================================= ------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub 7F, LLC 5L, LLC 3C, LLC ------------------------------------------------- Net Income (loss) 838 1,038 1,145 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 460 119 684 (Gain) loss on assets sold, before tax effect - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - Equity in earnings of affiliates - - - Minority interests - - - Amortization of unearned stock based compensation - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net 26 - (10) Prepaid expenses and other 2 15 4 Accounts payable, accrued expenses and other liabilities 5 61 9 Due from subsidiaries (1,166) (1,160) (1,526) Due from MeriStar Hotels (1) 22 17 Income taxes payable - - - ------------------------------------------------ Net cash provided by (used in) operating activities 164 95 323 ------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (164) (95) (323) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Note receivable - - - Change in restricted cash - - - ------------------------------------------------- Net cash provided by (used in) investing activities (164) (95) (323) ------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - - Repayments to MeriStar Hospitality on borrowing - - - Repurchase of units - - - Contributions from partners - - - Distributions to stockholders - - - ------------------------------------------------- Net cash provided by (used in) financing activities - - - ------------------------------------------------- Effect of exchange rate changes on cash - - - ------------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ------------------------------------------------- Cash and cash equivalents, end of period - - - =================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2000 (in thousands of dollars)
----------------------------------------------------------------------- MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub 5R, LLC 5A, LLC 8A, LLC 6D, LLC 6E, LLC 4E, L.P. 1B, LLC ----------------------------------------------------------------------- Net Income (loss) - - 375 2,052 4,421 1,063 2,447 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - - 358 441 1,633 887 588 (Gain) loss on assets sold, before tax effect - - - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - - - Equity in earnings of affiliates - - - - - - - Minority interests - - - - - - - Amortization of unearned stock based compensation - - - - - - - Deferred income taxes - - - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - 33 179 (34) 19 (16) Prepaid expenses and other - - 2 21 10 5 16 Accounts payable, accrued expenses and other liabilities (4) (361) (9) (11) 21 (7) (176) Due from subsidiaries - (10) (450) (2,185) (5,592) (1,776) (2,239) Due from MeriStar Hotels - - (42) (104) 1 31 215 Income taxes payable - - - - - - - ----------------------------------------------------------------------- Net cash provided by (used in) operating activities (4) (371) 267 393 460 222 835 ----------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net - - (267) (393) (460) (222) (835) Proceeds from disposition of assets - - - - - - - Investments in and advances to affiliates, net 4 371 - - - - - Note receivable - - - - - - - Change in restricted cash - - - - - - - ----------------------------------------------------------------------- Net cash provided by (used in) investing activities 4 371 (267) (393) (460) (222) (835) ----------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - - Proceeds from mortgages and notes payable - - - - - - - Principal payments on mortgages and notes payable - - - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - - - Repurchase of units - - - - - - - Contributions from partners - - - - - - - Distributions to stockholders - - - - - - - ----------------------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - - - ----------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - - ----------------------------------------------------------------------- Net change in cash - - - - - - - Cash and cash equivalents, beginning of period - - - - - - - ----------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - - ======================================================================= ----------------------------------------------------------------------- MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub Sub 5F, L.P. 6G, LLC 8C, LLC 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC 1A, LLC ----------------------------------------------------------------------- Net Income (loss) 1,926 1,929 2,092 184 97 1,521 1,184 1,775 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,048 739 1,205 703 475 597 905 466 (Gain) loss on assets sold, before tax effect - - - - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - - - - Equity in earnings of affiliates - - - - - - - - Minority interests - - - - - - - - Amortization of unearned stock based compensation - - - - - - - - Deferred income taxes - - - - - - - - Changes in operating assets and liabilities: Accounts receivable, net 25 (36) 365 47 - (53) 19 (40) Prepaid expenses and other 18 61 31 10 5 4 4 3 Accounts payable, accrued expenses and other liabilities 3 (8) (130) (22) (3) 37 18 (120) Due from subsidiaries (2,865) (1,942) (2,439) (238) (413) (1,852) (953) (2,021) Due from MeriStar Hotels (9) 43 (94) (21) (15) 22 29 45 Income taxes payable - - - - - - - - ----------------------------------------------------------------------- Net cash provided by (used in) operating activities 146 786 1,030 663 146 276 1,206 108 ----------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (146) (786) (1,030) (663) (146) (276) (1,206) (108) Proceeds from disposition of assets - - - - - - - - Investments in and advances to affiliates, net - - - - - - - - Note receivable - - - - - - - - Change in restricted cash - - - - - - - - ----------------------------------------------------------------------- Net cash provided by (used in) investing activities (146) (786) (1,030) (663) (146) (276) (1,206) (108) ----------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - - - Proceeds from mortgages and notes payable - - - - - - - - Principal payments on mortgages and notes payable - - - - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - - - - Repurchase of units - - - - - - - - Contributions from partners - - - - - - - - Distributions to stockholders - - - - - - - - ----------------------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - - - - ----------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - - - ----------------------------------------------------------------------- Net change in cash - - - - - - - - Cash and cash equivalents, beginning of period - - - - - - - - ----------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - - - =======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2001 (in thousands of dollars)
------------------------------------------------------------------------------------------------------------------------------------ MeriStar Sub MeriStar Sub 7A MeriStar Sub MeriStar Sub MeriStar Sub 5E, LLC Joint Venture 6K, LLC 2B, LLC 3A, LLC ------------------------------------------------------------------------------------------------------------------------------------ Net Income (loss) 3,931 891 2,967 (8) 574 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,645 401 740 400 328 (Gain) loss on assets sold, before tax effect - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net (18) 13 18 - 35 Prepaid expenses and other 25 13 18 1 1 Accounts payable, accrued expenses and other liabilities (31) 19 (43) (344) 33 Due from subsidiaries (3,090) (1,230) (3,313) 398 (719) Due from MeriStar Hotels 43 19 17 35 (20) Income taxes payable - - - - - --------------------------------------------------------------------- Net cash provided by (used in) operating activities 2,505 126 404 482 232 --------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (2,505) (126) (404) (279) (232) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Note receivable - - - - - Change in restricted cash - - - - - --------------------------------------------------------------------- Net cash provided by (used in) investing activities (2,505) (126) (404) (279) (232) --------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - (203) - Repayments to MeriStar Hospitality on borrowing - - - - - Repurchase of units - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - --------------------------------------------------------------------- Net cash provided by (used in) financing activities - - - (203) - --------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - --------------------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - --------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - ===================================================================== ------------------------------------------------------------------------------------------------------------------------------------ MeriStar Sub MeriStar MeriStar MeriStar Sub MDV Limited 4A, L.P. Sub 4D, LLC Sub 2A, LLC 6L, LLC Partnership ------------------------------------------------------------------------------------------------------------------------------------ Net Income (loss) 1,395 328 (212) 1,663 558 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - 284 319 657 120 (Gain) loss on assets sold, before tax effect - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net 4 7 - 23 (26) Prepaid expenses and other 2 2 2 8 1 Accounts payable, accrued expenses and other liabilities 6 10 23 116 (9) Due from subsidiaries (974) (365) (88) (1,234) (579) Due from MeriStar Hotels 30 (35) (7) (5) 46 Income taxes payable - - - - - ------------------------------------------------------------------- Net cash provided by (used in) operating activities 463 231 37 1,228 111 ------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (463) (231) 294 (1,228) (111) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Note receivable - - - - - Change in restricted cash - - - - - ------------------------------------------------------------------- Net cash provided by (used in) investing activities (463) (231) 294 (1,228) (111) ------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - (331) - - Repayments to MeriStar Hospitality on borrowing - - - - - Repurchase of units - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ------------------------------------------------------------------- Net cash provided by (used in) financing activities - - (331) - - ------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - ------------------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - =================================================================== ------------------------------------------------------------------------------------------------------------------------------------ MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5C, LLC 6J, LLC 1D, LLC 7B, L.P. 7D, LLC ------------------------------------------------------------------------------------------------------------------------------------ Net Income (loss) 734 1,921 4,984 542 4,997 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 572 596 1,993 853 1,565 (Gain) loss on assets sold, before tax effect - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net 16 (19) (30) 13 (751) Prepaid expenses and other 7 31 34 4 11 Accounts payable, accrued expenses and other liabilities 859 (28) 17 (6) 206 Due from subsidiaries (940) (1,958) (6,063) 2,555 (4,566) Due from MeriStar Hotels (19) 4 219 (64) 24 Income taxes payable - - - - - ------------------------------------------------------------------ Net cash provided by (used in) operating activities 1,229 547 1,154 3,897 1,486 ------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (379) (547) (1,154) (3,897) (1,486) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Note receivable - - - - - Change in restricted cash - - - - - ----------------------------------------------------------------- Net cash provided by (used in) investing activities (379) (547) (1,154) (3,897) (1,486) ----------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable (850) - - - - Repayments to MeriStar Hospitality on borrowing - - - - - Repurchase of units - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ----------------------------------------------------------------- Net cash provided by (used in) financing activities (850) - - - - ----------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - ----------------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ----------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - =================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2000 (in thousands of dollars)
--------------------------------------------------------------- MeriStar MeriSta MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub AGH PSS 7G, LLC 6B, LLC 4I, L.P. 5D, LLC 5H, LLC 7H, LLC I, Inc. --------------------------------------------------------------- Net Income (loss) 598 738 542 (1,257) 2,199 746 2,763 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 722 417 847 1,187 1,927 698 - (Gain) loss on assets sold, before tax effect - - - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - - - Equity in earnings of affiliates - - - - - - - Minority interests - - - - - - - Amortization of unearned stock based compensation - - - - - - - Deferred income taxes - - - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - 24 - 39 908 Prepaid expenses and other 7 2 12 119 66 2 19 Accounts payable, accrued expenses and other liabilities 35 199 4 (264) 187 48 (17) Due from subsidiaries (941) (1,159) (982) 780 (3,844) (1,137) (3,560) Due from MeriStar Hotels (92) 19 (100) 37 (23) 28 (13) Income taxes payable - - - - - - - ---------------------------------------------------------------- Net cash provided by (used in) operating activities 329 216 323 626 512 424 100 ---------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (329) (216) (323) (616) (512) (424) (100) Proceeds from disposition of assets - - - - - - - Investments in and advances to affiliates, net - - - 3 - - - Note receivable - - - - - - - Change in restricted cash - - - - - - - ---------------------------------------------------------------- Net cash provided by (used in) investing activities (329) (216) (323) (613) (512) (424) (100) ---------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - - Proceeds from mortgages and notes payable - - - - - - - Principal payments on mortgages and notes payable - - - (13) - - - Repayments to MeriStar Hospitality on borrowing - - - - - - - Repurchase of units - - - - - - - Contributions from partners - - - - - - - Distributions to stockholders - - - - - - - ---------------------------------------------------------------- Net cash provided by (used in) financing activities - - - (13) - - - ---------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - - ---------------------------------------------------------------- Net change in cash - - - - - - - Cash and cash equivalents, beginning of period - - - - - - - ---------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - - ================================================================ ------------------------------------------------------------------------ MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub Sub 2D, LLC 4F, L.P. 5K, LLC 5M, LLC 1E, L.P. 5O, LLC 6M Company 4B, L.P. ------------------------------------------------------------------------ Net Income (loss) (170) 2,044 1,127 1,652 1,523 528 4,446 488 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 476 1,007 959 441 285 216 989 1,077 (Gain) loss on assets sold, before tax effect - - - - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - - - - Equity in earnings of affiliates - - - - - - - - Minority interests - - - - - - - - Amortization of unearned stock based compensation - - - - - - - - Deferred income taxes - - - - - - - - Changes in operating assets and liabilities: Accounts receivable, net - 4 13 21 (35) - (72) - Prepaid expenses and other 2 7 1,728 28 2 11 173 11 Accounts payable, accrued expenses and other liabilities (2) 72 8,008 84 (35) 33 (115) 67 Due from subsidiaries (377) (2,580) 374 (2,058) (1,518) (760) (4,652)(1,290) Due from MeriStar Hotels 59 10 (225) (68) 63 10 33 (123) Income taxes payable - - - - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) operating activities (12) 564 11,984 100 285 38 802 230 ---------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net 436 (564) (12,027) (100) (285) (38) (802) (230) Proceeds from disposition of assets - - - - - - - - Investments in and advances to affiliates, net - - - - - - - - Note receivable - - - - - - - - Change in restricted cash - - 43 - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) investing activities 436 (564) (11,984) (100) (285) (38) (802) (230) ---------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - - - Proceeds from mortgages and notes payable - - - - - - - - Principal payments on mortgages and notes payable (424) - - - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - - - - Repurchase of units - - - - - - - - Contributions from partners - - - - - - - - Distributions to stockholders - - - - - - - - ---------------------------------------------------------------------- Net cash provided by (used in) financing activities (424) - - - - - - - ---------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - - - ---------------------------------------------------------------------- Net change in cash - - - - - - - - Cash and cash equivalents, beginning of period - - - - - - - - ---------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - - - ======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2000 (in thousands of dollars)
MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub 6C, LLC 2C, LLC 4G, L.P. 3B, LLC 5G, L.P. 5P, LLC -------------------------------------------------------------- Net Income (loss) 2,898 435 2,210 1,219 7,624 816 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 723 1,040 835 835 6,157 - (Gain) loss on assets sold, before tax effect - - - - - - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - - Equity in earnings of affiliates - - - - - - Minority interests - - - - - - Amortization of unearned stock based compensation - - - - - - Deferred income taxes - - - - - - Changes in operating assets and liabilities: Accounts receivable, net (56) - (67) (8) (383) - Prepaid expenses and other (18) 4 5 11 48 - Accounts payable, accrued expenses and other liabilities (1) 76 (23) 31 (18) - Due from subsidiaries (3,343) (1,735) (2,786) (1,517) (12,365) (774) Due from MeriStar Hotels 87 102 46 12 (189) (42) Income taxes payable - - - - - - -------------------------------------------------------------- Net cash provided by (used in) operating activities 290 (78) 220 583 874 - -------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (290) 748 (220) (583) (874) - Proceeds from disposition of assets - - - - - - Investments in and advances to affiliates, net - - - - - - Note receivable - - - - - - Change in restricted cash - - - - - - -------------------------------------------------------------- Net cash provided by (used in) investing activities (290) 748 (220) (583) (874) - -------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - Proceeds from mortgages and notes payable - - - - - - Principal payments on mortgages and notes payable - (670) - - - - Repayments to MeriStar Hospitality on borrowing - - - - - - Repurchase of units - - - - - - Contributions from partners - - - - - - Distributions to stockholders - - - - - - -------------------------------------------------------------- Net cash provided by (used in) financing activities - (670) - - - - -------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - -------------------------------------------------------------- Net change in cash - - - - - - Cash and cash equivalents, beginning of period - - - - - - -------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - ============================================================== MeriStar MeriStar MeriStar MeriStar MeriStar Total Sub Sub Sub Sub Sub Elimin- Consoli- 5J, LLC 5Q, LLC 5R, LLC 8D, LLC 4J, LLC ations dated ------------------------------------------------------------------- Net Income (loss) 8,008 1,781 1,673 2,588 935 (210,453) 118,036 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 3,287 406 1,667 1,186 1,237 - 110,688 (Gain) loss on assets sold, before tax effect - - - - - - (3,495) Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - - (3,450) Equity in earnings of affiliates - - - - - 210,453 - Minority interests - - - - - - (3) Amortization of unearned stock based compensation - - - - - - 3,070 Deferred income taxes - - - - - - 636 Changes in operating assets and liabilities: Accounts receivable, net - - (11) (119) (47) - (1,505) Prepaid expenses and other (356) 18 18 4 8 - 6,370 Accounts payable, accrued expenses and other liabilities 639 211 23 13 234 - 4,295 Due from subsidiaries (7,670) (1,676) (2,617) (3,266) (1,616) - - Due from MeriStar Hotels (1,776) 29 28 118 26 - (10,745) Income taxes payable - - - - - - 191 -------------------------------------------------------------------- Net cash provided by (used in) operating activities 2,132 769 781 524 777 - 224,088 -------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (2,132) (769) (368) (524) (777) - (90,703) Proceeds from disposition of assets - - - - - - 24,148 Investments in and advances to affiliates, net - - - - - - (2,111) Note receivable - - - - - - 57,110 Change in restricted cash - - - - - - (2,730) -------------------------------------------------------------------- Net cash provided by (used in) investing activities (2,132) (769) (368) (524) (777) - (14,286) -------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - (1,615) Proceeds from mortgages and notes payable - - - - - - 179,388 Principal payments on mortgages and notes payable - - - - - - (200,028) Repayments to MeriStar Hospitality on borrowing - - - - - - (14,362) Repurchase of units - - - - - - (73,638) Contributions from partners - - - - - - 1,356 Distributions to stockholders - - (413) - - - (103,274) -------------------------------------------------------------------- Net cash provided by (used in) financing activities - - (413) - - - (212,173) ------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - 64 ------------------------------------------------------------------- Net change in cash - - - - - - (2,307) Cash and cash equivalents, beginning of period - - - - - - 2,549 ------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - 242 ====================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 1999 (in thousands of dollars)
MeriStar Non- AGH MeriStar MeriStar MeriStar Hospitality Guarantor MeriStar Upreit, Sub 5N, Sub 8A, Sub OP, L.P. Subsidiaries 7C, LLC LLC LLC LLC 8F, L.P. Revenue: Participating lease revenue $ 7,373 $ 176,511 $ - $ - $ 1,238 $ 1,717 $ 3,215 Office rental and other revenues 656 4,095 - - - - 6 ----------------------------------------------------------------------------- Total revenue 8,029 180,606 - - 1,238 1,717 3,221 ----------------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses 21 1,364 - - - - - Undistributed operating expenses: Administrative and general 5,185 104 - - - - 1 Property taxes, insurance and other 2,818 18,547 - - 59 156 683 Depreciation and amortization 4,196 47,466 - - 123 261 415 ----------------------------------------------------------------------------- Total operating expenses 12,220 67,481 - - 182 417 1,099 ----------------------------------------------------------------------------- Net operating income (4,191) 113,125 - - 1,056 1,300 2,122 ----------------------------------------------------------------------------- Interest expense, net 80,798 17,199 - - (5) (12) 317 Equity in income from consolidated entities 200,350 - - - - - - ----------------------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 115,361 95,926 - - 1,061 1,312 1,805 Minority interests 24 - - - - - - ----------------------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 115,337 95,926 - - 1,061 1,312 1,805 Income tax expense 1,681 - - - - - - ----------------------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 113,656 95,026 - - 1,061 1,312 1,805 Extraordinary gain (loss), net of tax effect (2,000) (1,848) - - - - - ----------------------------------------------------------------------------- Net inccome (loss) $111,656 $ 94,078 $ - $ - $ 1,061 $ 1,312 $ 1,805 ============================================================================= MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Meristar Sub 8G, Sub Sub Sub Sub Sub Sub LLC 6H, LLC 8B, LLC 1C, L.P. 8E, LLC 7F, LLC 5L, LLC Revenue: Participating lease revenue $ - $ 1,375 $ 11,262 $ 1,915 $ 2,086 $ 1,466 $ 1,411 Office rental and other revenues - - - - 31 - - ------------------------------------------------------------------------------- Total revenue - 1,375 11,262 1,915 2,117 1,466 1,411 ------------------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - - - - Undistributed operating expenses: Administrative and general - - - - 1 - - Property taxes, insurance and other - 170 1,446 684 83 128 98 Depreciation and amortization - 415 2,089 965 426 437 101 ------------------------------------------------------------------------------- Total operating expenses - 585 3,535 1,649 510 565 199 ------------------------------------------------------------------------------- Net operating income - 790 7,727 266 1,607 901 1,212 ------------------------------------------------------------------------------- Interest expense, net - 6 (51) (169) (141) 137 (5) Equity in income from consolidated entities - - - - - - - ------------------------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) - 784 7,778 435 1,748 764 1,217 Minority interests - - - - - - - ------------------------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) - 784 7,778 435 1,748 764 1,217 Income tax expense - - - - - - - ------------------------------------------------------------------------------- Income (loss) before extraordinary gain (loss) - 784 7,778 435 1,748 764 1,217 Extraordinary gain (loss), net of tax effect - - - - - (33) - ------------------------------------------------------------------------------- Net inccome (loss) $ - $ 784 $ 7,778 $ 435 $ 1,748 $ 731 $ 1,217 ===============================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 1999 (in thousands of dollars)
MeriStar MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Sub 3C, LLC 5R, LLC 5A, LLC 8A, LLC 6D, LLC 6E, LLC 4E, L.P. Revenue: Participating lease revenue $ 2,209 $ - $ - $ 1,148 $ 2,366 $ 5,500 $ 2,236 Office rental and other revenues 2 - - - 7 - 16 --------------------------------------------------------------------------------------- Total revenue 2,211 - - 1,148 2,373 5,500 2,252 --------------------------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - - - - Undistributed operating expenses: Administrative and general - - - - - - - Property taxes, insurance and other 458 - - 210 130 386 453 Depreciation and amortization 510 - - 320 366 1,521 687 --------------------------------------------------------------------------------------- Total operating expenses 968 - - 530 496 1,907 1,140 --------------------------------------------------------------------------------------- Net operating income 1,243 - - 618 1,877 3,593 1,112 --------------------------------------------------------------------------------------- Interest expense, net (154) - - (38) (127) (68) (202) Equity in income from consolidated entities - - - - - - - --------------------------------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 1,397 - - 656 2,004 3,661 1,314 Minority interests - - - - - - - --------------------------------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 1,397 - - 656 2,004 3,661 1,314 Income tax expense - - - - - - - --------------------------------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 1,397 - - 656 2,004 3,661 1,314 Extraordinary gain (loss), net of tax effect - - - - - - - --------------------------------------------------------------------------------------- Net inccome (loss) $ 1,397 $ - $ - $ 656 $ 2,004 $ 3,661 $ 1,314 ======================================================================================= MeriStar Meristar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Sub 1B, LLC 5F, L.P. 6G, LLC 8C, LLC 4C, L.P. 4H, L.P. 7E, LLC Revenue: Participating lease revenue $ 2,850 $ 3,092 $ 2,501 $ 3,748 $ 1,218 $ 680 $ 2,114 Office rental and other revenues - - - - - - - --------------------------------------------------------------------------------------- Total revenue 2,850 3,092 2,501 3,748 1,218 680 2,114 --------------------------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - - - - Undistributed operating expenses: Administrative and general - - - - 4 - - Property taxes, insurance and other 173 268 317 450 242 177 158 Depreciation and amortization 452 964 695 873 673 390 461 --------------------------------------------------------------------------------------- Total operating expenses 625 1,232 1,012 1,323 919 567 619 --------------------------------------------------------------------------------------- Net operating income 2,225 1,860 1,489 2,425 299 113 1,495 --------------------------------------------------------------------------------------- Interest expense, net (134) (231) (93) (136) (8) (127) (113) Equity in income from consolidated entities - - - - - - - --------------------------------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 2,359 2,091 1,582 2,561 307 240 1,608 Minority interests - - - - - - - --------------------------------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 2,359 2,091 1,582 2,561 307 240 1,608 Income tax expense - - - - - - - --------------------------------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 2,359 2,091 1,582 2,561 307 240 1,608 Extraordinary gain (loss), net of tax effect - - - - - - - --------------------------------------------------------------------------------------- Net inccome (loss) $ 2,359 $ 2,091 $ 1,582 $ 2,561 $ 307 $ 240 $ 1,608 ========================================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 1999 (in thousands of dollars)
MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub 3D, Sub 1A, Sub 5E, Sub 7A Sub 6K, Sub 2B, Sub 3A, LLC LLC LLC Joint Venture LLC LLC LLC Revenue: Participating lease revenue $ 2,590 $ 2,367 $ 4,927 $ 1,327 $ 3,805 $ 1,013 $ 983 Office rental and other revenues - - 14 - - - - ----------------------------------------------------------------------------- Total revenue 2,590 2,367 4,941 1,327 3,805 1,013 983 ----------------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - - - - Undistributed operating expenses: Administrative and general - - - - - - - Property taxes, insurance and other 283 252 331 162 287 143 130 Depreciation and amortization 923 320 1,404 377 679 335 247 ----------------------------------------------------------------------------- Total operating expenses 1,206 572 1,735 539 966 478 377 ----------------------------------------------------------------------------- Net operating income 1,384 1,795 3,206 788 2,839 535 606 ----------------------------------------------------------------------------- Interest expense, net 349 (71) (363) 6 (36) 371 (60) Equity in income from consolidated entities - - - - - - - ----------------------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 1,035 1,866 3,569 782 2,875 164 666 Minority interests - - - - - - - ----------------------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 1,035 1,866 3,569 782 2,875 164 666 Income tax expense - - - - - - - ----------------------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 1,035 1,866 3,569 782 2,875 164 666 Extraordinary gain (loss), net of tax effect (71) - - - - - - ----------------------------------------------------------------------------- Net inccome (loss) $ 964 $ 1,866 $ 3,569 $ 782 $ 2,875 $ 164 $ 666 ============================================================================= MeriStar MeriStar MeriStar MeriStar MDV MeriStar MeriStar Sub 4A, Sub 4D, Sub 2A, Sub 6L, Limited Sub 5C, Sub 6J, L.P. LLC LLC LLC Partnership LLC LLC Revenue: Participating lease revenue $ 1,886 $ 710 $ 1,138 $ 2,459 $ 702 $ 1,432 $ 2,457 Office rental and other revenues - - - - - 318 1 ---------------------------------------------------------------------------- Total revenue 1,886 710 1,138 2,459 702 1,750 2,458 ---------------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - - 94 - Undistributed operating expenses: Administrative and general 1 - - - - (15) - Property taxes, insurance and other 169 180 118 174 99 220 155 Depreciation and amortization 900 253 291 640 116 547 485 ---------------------------------------------------------------------------- Total operating expenses 1,070 433 409 814 215 846 640 ---------------------------------------------------------------------------- Net operating income 816 277 729 1,645 487 904 1,818 ---------------------------------------------------------------------------- Interest expense, net 5 (72) 688 (139) 2 (14) (97) Equity in income from consolidated entities - - - - - - - ---------------------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 811 349 41 1,784 485 918 1,915 Minority interests - - - - - - - ---------------------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 811 349 41 1,784 485 918 1,915 Income tax expense - - - - - - - ---------------------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 811 349 41 1,784 485 918 1,915 Extraordinary gain (loss), net of tax effect - - - - - - - ---------------------------------------------------------------------------- Net inccome (loss) $ 811 $ 349 $ 41 $ 1,784 $ 485 $ 918 $ 1,915 ============================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 1999 (in thousands of dollars)
MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub Sub 1D, L.P. 7B, L.P. 7D, LLC 7G, LLC 6B, LLC 4I, LP 5D, LLC Revenue: Participating lease revenue $ 5,858 $ 1,340 $ 7,640 $ 1,449 $ 1,357 $ 2,042 $ 2,644 Office rental and other revenues 1 - 1,236 - - - - --------------------------------------------------------------------------- Total revenue 5,859 1,340 8,876 1,449 1,357 2,042 2,644 --------------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - 214 - - - - Undistributed operating expenses: Administrative and general - - 379 - - - - Property taxes, insurance and other 899 766 4,262 174 102 314 185 Depreciation and amortization 1,852 375 1,576 702 269 797 1,191 --------------------------------------------------------------------------- Total operating expenses 2,751 1,141 6,431 876 371 1,111 1,376 --------------------------------------------------------------------------- Net operating income 3,108 199 2,445 573 986 931 1,268 --------------------------------------------------------------------------- Interest expense, net (272) (411) 995 (95) (140) (23) 1,602 Equity in income from consolidated entities - - - - - - - --------------------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 3,380 610 1,450 668 1,126 954 (334) Minority interests - - - - - - - --------------------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 3,380 610 1,450 668 1,126 954 (334) Income tax expense - - - - - - - --------------------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 3,380 610 1,450 668 1,126 954 (334) Extraordinary gain (loss), net of tax effect - - (192) - - - (407) --------------------------------------------------------------------------- Net inccome (loss) $ 3,380 $ 610 $ 1,258 $ 668 $ 1,126 $ 954 $ (741) =========================================================================== MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub AGH PSS I, Sub Sub Sub Sub 5H, LLC 7H, LLC Inc. 2D, LLC 4F, L.P. 5K, LLC 5M, LLC Revenue: Participating lease revenue $ 5,063 $ 1,853 $ 3,914 $ 1,636 $ 2,986 $ 3,003 $ 2,515 Office rental and other revenues - - 2 - 31 - - --------------------------------------------------------------------------- Total revenue 5,063 1,853 3,916 1,636 3,017 3,003 2,515 --------------------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - - - - Undistributed operating expenses: Administrative and general - - - - 5 - - Property taxes, insurance and other 492 345 382 228 381 1,444 181 Depreciation and amortization 1,712 649 2,360 455 840 470 438 --------------------------------------------------------------------------- Total operating expenses 2,204 994 2,742 683 1,226 1,914 619 --------------------------------------------------------------------------- Net operating income 2,859 859 1,174 953 1,791 1,089 1,896 --------------------------------------------------------------------------- Interest expense, net (141) (50) 7 823 (189) (137) (1) Equity in income from consolidated entities - - - - - - - --------------------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 3,000 909 1,167 130 1,980 1,226 1,897 Minority interests - - - - - - - --------------------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 3,000 909 1,167 130 1,980 1,226 1,897 Income tax expense - - - - - - - --------------------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 3,000 909 1,167 130 1,980 1,226 1,897 Extraordinary gain (loss), net of tax effect - - - - - - - --------------------------------------------------------------------------- Net inccome (loss) $ 3,000 $ 909 $ 1,167 $ 130 $ 1,980 $ 1,226 $ 1,897 ===========================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 1999 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 1E, L.P. 5O, LLC 6M Company 4B, L.P. Revenue: Participating lease revenue $ 1,744 $ 939 $ 4,495 $ 2,066 Office rental and other revenues - - - - -------------------------------------------------------- Total revenue 1,744 939 4,495 2,066 -------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general - - - - Property taxes, insurance and other 125 70 224 341 Depreciation and amortization 283 212 888 1,058 -------------------------------------------------------- Total operating expenses 408 282 1,112 1,399 -------------------------------------------------------- Net operating income 1,336 657 3,383 667 -------------------------------------------------------- Interest expense, net (21) (2) (277) (57) Equity in income from consolidated entities - - - - -------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 1,357 659 3,660 724 Minority interests - - - - -------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 1,357 659 3,660 724 Income tax expense - - - - -------------------------------------------------------- Income (loss) before extraordinary gain (loss) 1,357 659 3,660 724 Extraordinary gain (loss), net of tax effect - - - - -------------------------------------------------------- Net income (loss) $ 1,357 $ 659 $ 3,660 $ 724 ======================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 6C, LLC 2C, LLC 4G, L.P. 3B, LLC Revenue: Participating lease revenue 3,490 3,223 3,061 2,270 Office rental and other revenues 9 - - 12 -------------------------------------------------------------- Total revenue 3,499 3,223 3,061 2,282 Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 2 - - - Property taxes, insurance and other 210 385 388 341 Depreciation and amortization 535 982 803 631 -------------------------------------------------------------- Total operating expenses 747 1,367 1,191 972 -------------------------------------------------------------- Net operating income 2,752 1,856 1,870 1,310 -------------------------------------------------------------- Interest expense, net (441) 1,434 (57) (176) Equity in income from consolidated entities - - - - -------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 3,193 422 1,927 1,486 Minority interests - - - - -------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 3,193 422 1,927 1,486 Income tax expense - - - - -------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 3,193 422 1,927 1,486 Extraordinary gain (loss), net of tax effect - - - - -------------------------------------------------------------- Net income (loss) $ 3,193 $ 422 $ 1,927 $ 1,486 ============================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5G, L.P. 5P, LLC 5J, LLC 5Q, LLC Revenue: Participating lease revenue 13,963 - 7,845 2,282 Office rental and other revenues 38 - - - -------------------------------------------------------------- Total revenue 14,001 - 7,845 2,282 -------------------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general 1 - - - Property taxes, insurance and other 1,446 - 917 165 Depreciation and amortization 4,022 - 2,583 319 -------------------------------------------------------------- Total operating expenses 5,469 - 3,500 484 -------------------------------------------------------------- Net operating income 8,532 - 4,345 1,798 -------------------------------------------------------------- Interest expense, net (928) - (493) (64) Equity in income from consolidated entities - - - -------------------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 9,460 - 4,838 1,862 Minority interests - - - - -------------------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 9,460 - 4,838 1,862 Income tax expense - - - - -------------------------------------------------------------- Income (loss) before extraordinary gain (loss) 9,460 - 4,838 1,862 Extraordinary gain (loss), net of tax effect - - - - -------------------------------------------------------------- Net income (loss) $ 9,460 $ - $ 4,838 $ 1,862 ============================================================== MeriStar Sub MeriStar Sub 5R, LLC 8D, LLC Revenue: Participating lease revenue $ 6,687 $ 3,180 Office rental and other revenues 78 - --------------------------- Total revenue 6,765 3,180 --------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses - - Undistributed operating expenses: Administrative and general - - Property taxes, insurance and other 604 294 Depreciation and amortization 1,602 726 --------------------------- Total operating expenses 2,206 1,020 --------------------------- Net operating income 4,559 2,160 --------------------------- Interest expense, net 2,786 (362) Equity in income from consolidated entities - - --------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 1,773 2,522 Minority interests - - --------------------------- Income (loss) before income taxes and extraordinary gain (loss) 1,773 2,522 Income tax expense - - --------------------------- Income (loss) before extraordinary gain (loss) 1,773 2,522 Extraordinary gain (loss), net of tax effect - - ---------------------------- Net income (loss) $ 1,773 $ 2,522 ============================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Year ended December 31, 1999 (in thousands of dollars)
MeriStar Sub Eliminations Total 4J, LLC Consolidated Revenue: Participating lease revenue $ 2,440 $ - $ 368,012 Office rental and other revenues 255 - 6,808 ---------------------------------------------------- Total revenue 2,695 - 374,820 ---------------------------------------------------- Hotel operating expenses by department: Office rental, parking and other operating expenses 271 - 1,964 Undistributed operating expenses: Administrative and general 67 - 5,735 Property taxes, insurance and other 365 - 47,027 Depreciation and amortization 1,142 - 101,795 ---------------------------------------------------- Total operating expenses 1,845 - 156,521 ---------------------------------------------------- Net operating income 850 - 218,299 ---------------------------------------------------- Interest expense, net (135) - 100,387 Equity in income from consolidated entities - (200,350) - ---------------------------------------------------- Income (loss) before minority interests, income taxes, and extraordinary gain (loss) 985 (200,350) 117,912 Minority interests - - 24 ---------------------------------------------------- Income (loss) before income taxes and extraordinary gain (loss) 985 (200,350) 117,888 Income tax expense - - 1,681 ---------------------------------------------------- Income (loss) before extraordinary gain (loss) 985 (200,350) 116,207 Extraordinary gain (loss), net of tax effect - - (4,551) ---------------------------------------------------- Net income (loss) $ 985 $(200,350) $ 111,656 ====================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 1999 (in thousands of dollars)
------------------------------------------------------------------ MeriStar Non- MeriStar MeriStar Hospitality Guarantor Sub AGH Upreit, Sub OP, L.P Subsidiaries 7C, LLC LLC 5N, LLC ------------------------------------------------------------------ Net Income (loss) 111,656 94,078 - - 1,061 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 4,196 47,466 - - 123 Extraordinary (gain) loss on early extinguishment of debt before tax effect 2,000 1,922 - - - Equity in earnings of affiliates (200,350) - - - - Minority interests 24 - - - - Deferred income taxes 715 - - - - Changes in operating assets and liabilities: Accounts receivable, net 269 3,371 - - - Prepaid expenses and other (4,723) (128) - - (5) Accounts payable, accrued expenses and other liabilities 6,992 1,584 - - (2) Due from subsidiaries 172,678 (136,401) - - (910) Due from MeriStar Hotels (1,360) (5,078) - - (207) Income taxes payable 1,001 - - - - ------------------------------------------------------------------ Net cash provided by (used in) operating activities 93,098 6,814 - - 60 ------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (3,618) (82,352) - - (60) Proceeds from disposition of assets 8,900 - - - - Investments in and advances to affiliates, net (31,060) (235) - - - Purchase of minority interests (72) - - - - Note receivable 9,890 - - - - Change in restricted cash (7,809) 2,282 - - - ------------------------------------------------------------------ Net cash provided by (used in) investing activities (23,769) (80,305) - - (60) ------------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs (6,005) - - - - Proceeds from mortgages and notes payable 215,790 331,384 - - - Principal payments on mortgages and notes payable (222,538) (257,893) - - - Borrowings from MeriStar Hospitality 55,000 - - - - Repayments to MeriStar Hospitality on borrowing (2,785) - - - - Purchase of treasury stock (6,252) - - - - Contributions from partners 2,249 - - - - Distributions to stockholders (106,359) - - - - ------------------------------------------------------------------ Net cash provided by (used in) financing activities (70,900) 73,491 - - - ------------------------------------------------------------------ Effect of exchange rate changes on cash (53) - - - - ------------------------------------------------------------------ Net change in cash (1,624) - - - - Cash and cash equivalents, beginning of period 4,173 - - - - ------------------------------------------------------------------ Cash and cash equivalents, end of period 2,549 - - - - ================================================================== ------------------------------------------------------------------ MeriStar Sub MeriStar MeriStar Sub MeriStar Sub MeriStar Sub 8A, LLC Sub 8F, L.P. 8G, LLC 6H, LLC 8B, LLC ------------------------------------------------------------------ Net Income (loss) 1,312 1,805 - 784 7,778 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 261 415 - 415 2,089 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net (44) (172) - 1 169 Prepaid expenses and other 2 (17) - (2) (13) Accounts payable, accrued expenses and other liabilities (2) 153 - 119 6,072 Due from subsidiaries (1,158) 8,866 - (905) (7,535) Due from MeriStar Hotels - - - 23 91 Income taxes payable - - - - - ------------------------------------------------------------------ Net cash provided by (used in) operating activities 371 11,050 - 435 8,651 ------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (371) (11,050) - (435) (8,651) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Purchase of minority interests - - - - - Note receivable - - - - - Change in restricted cash - - - - - ------------------------------------------------------------------ Net cash provided by (used in) investing activities (371) (11,050) - (435) (8,651) ------------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Borrowings from MeriStar Hospitality - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - Purchase of treasury stock - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ------------------------------------------------------------------ Net cash provided by (used in) financing activities - - - - - ------------------------------------------------------------------ Effect of exchange rate changes on cash - - - - - ------------------------------------------------------------------ Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ------------------------------------------------------------------ Cash and cash equivalents, end of period - - - - - ================================================================== ------------------------------------------------------------ MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar 1C, L.P. 8E, LLC 7F, LLC 5L, LLC 3C, LLC 5R, LLC ------------------------------------------------------------ Net Income (loss) 435 1,748 731 1,217 1,397 - Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 965 426 437 101 510 - Extraordinary (gain) loss on early extinguishment of debt before tax effect - - 33 - - - Equity in earnings of affiliates - - - - - - Minority interests - - - - - - Deferred income taxes - - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - 1 - - - Prepaid expenses and other 18 - - (15) 1 - Accounts payable, accrued expenses and other liabilities 9 (3) (74) 9 (6) - Due from subsidiaries (923) (1,352) 3,822 (871) (595) - Due from MeriStar Hotels 61 (5) 5 (318) 23 - Income taxes payable - - - - - - ------------------------------------------------------------ Net cash provided by (used in) operating activities 565 814 4,955 123 1,330 - ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (565) (814) (176) (123) (1,330) - Proceeds from disposition of assets - - - - - - Investments in and advances to affiliates, net - - - - - - Purchase of minority interests - - - - - - Note receivable - - - - - - Change in restricted cash - - - - - - ------------------------------------------------------------ Net cash provided by (used in) investing activities (565) (814) (176) (123) (1,330) - ------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - - - - - - Proceeds from mortgages and notes payable - - - - - - Principal payments on mortgages and notes payable - - (4,779) - - - Borrowings from MeriStar Hospitality - - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - - Purchase of treasury stock - - - - - - Contributions from partners - - - - - - Distributions to stockholders - - - - - - ------------------------------------------------------------ Net cash provided by (used in) financing activities - - (4,779) - - - ------------------------------------------------------------ Effect of exchange rate changes on cash - - - - - - ------------------------------------------------------------ Net change in cash - - - - - - Cash and cash equivalents, beginning of period - - - - - - ------------------------------------------------------------ Cash and cash equivalents, end of period - - - - - - ============================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 1999 (in thousands of dollars)
------------------------------------------------------------------ MeriStar 5A, MeriStar 8A, MeriStar 6D, MeriStar 6E, MeriStar LLC LLC LLC LLC 4E, L.P. ------------------------------------------------------------------ Net Income (loss) - 656 2,004 3,662 1,314 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - 320 366 1,521 687 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net - (1) - - - Prepaid expenses and other - 1 (14) (2) (1) Accounts payable, accrued expenses and other liabilities - (1) (28) (24) (33) Due from subsidiaries - (755) (637) (4,159) (560) Due from MeriStar Hotels - 45 6 18 50 Income taxes payable - - - - - ------------------------------------------------------------------ Net cash provided by (used in) operating activities - 265 1,697 1,016 1,457 ------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net - (265) (1,697) (1,016) (1,457) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Purchase of minority interests - - - - - Note receivable - - - - - Change in restricted cash - - - - - ------------------------------------------------------------------ Net cash provided by (used in) investing activities - (265) (1,697) (1,016) (1,457) ------------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Borrowings from MeriStar Hospitality - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - Purchase of treasury stock - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ------------------------------------------------------------------ Net cash provided by (used in) financing activities - - - - - ------------------------------------------------------------------ Effect of exchange rate changes on cash - - - - - ------------------------------------------------------------------ Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ------------------------------------------------------------------ Cash and cash equivalents, end of period - - - - - ================================================================== ------------------------------------------------------------------ MeriStar 1B, MeriStar MeriStar Sub MeriStar Sub MeriStar Sub LLC Sub 5F, L.P. 6G, LLC 8C, LLC 4C, LLC ------------------------------------------------------------------ Net Income (loss) 2,358 2,091 1,582 2,561 307 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 452 964 695 873 673 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net - 97 - (107) - Prepaid expenses and other (1) - 2 (25) - Accounts payable, accrued expenses and other liabilities 182 77 (10) 393 (229) Due from subsidiaries (318) (1,991) (1,368) 292 (207) Due from MeriStar Hotels (219) 6 (42) (161) 5 Income taxes payable - - - - - ------------------------------------------------------------------ Net cash provided by (used in) operating activities 2,454 1,244 859 3,826 549 ------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (2,454) (1,244) (859) (3,826) (549) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Purchase of minority interests - - - - - Note receivable - - - - - Change in restricted cash - - - - - ------------------------------------------------------------------ Net cash provided by (used in) investing activities (2,454) (1,244) (859) (3,826) (549) ------------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Borrowings from MeriStar Hospitality - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - Purchase of treasury stock - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ------------------------------------------------------------------ Net cash provided by (used in) financing activities - - - - - ------------------------------------------------------------------ Effect of exchange rate changes on cash - - - - - ------------------------------------------------------------------ Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ------------------------------------------------------------------ Cash and cash equivalents, end of period - - - - - ================================================================== ------------------------------------------------------------------ MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub Sub Sub Sub Sub Sub 7A Joint 4H, L.P. 7E, LLC 3D, LLC 1A, LLC 5E, LLC Venture ------------------------------------------------------------------ Net Income (loss) 240 1,608 964 1,866 3,569 782 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 390 461 923 320 1,404 377 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - 71 - - - Equity in earnings of affiliates - - - - - - Minority interests - - - - - - Deferred income taxes - - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - - - Prepaid expenses and other 1 (1) - 15 1 (5) Accounts payable, accrued expenses and other liabilities - 9 (249) (115) (68) 51 Due from subsidiaries 301 (1,334) 9,304 (1,816) (257) (682) Due from MeriStar Hotels (13) 4 10 (1) (43) (30) Income taxes payable - - - - - - ------------------------------------------------------------------ Net cash provided by (used in) operating activities 919 747 11,023 269 4,606 493 ------------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (919) (747) (595) (269) (4,606) (493) Proceeds from disposition of assets - - - - - - Investments in and advances to affiliates, net - - - - - - Purchase of minority interests - - - - - - Note receivable - - - - - - Change in restricted cash - - - - - - ------------------------------------------------------------------ Net cash provided by (used in) investing activities (919) (747) (595) (269) (4,606) (493) ------------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - - - - - - Proceeds from mortgages and notes payable - - - - - - Principal payments on mortgages and notes payable - - (10,428) - - - Borrowings from MeriStar Hospitality - - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - - Purchase of treasury stock - - - - - - Contributions from partners - - - - - - Distributions to stockholders - - - - - - ------------------------------------------------------------------ Net cash provided by (used in) financing activities - - (10,428) - - - ------------------------------------------------------------------ Effect of exchange rate changes on cash - - - - - - ------------------------------------------------------------------ Net change in cash - - - - - - Cash and cash equivalents, beginning of period - - - - - - ------------------------------------------------------------------ Cash and cash equivalents, end of period - - - - - - ==================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 1999 (in thousands of dollars)
---------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub 6K, LLC 2B, LLC 3A, LLC ---------------------------------------------- Net Income (loss) 2,875 164 666 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 679 335 247 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - Equity in earnings of affiliates - - - Minority interests - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - - - Prepaid expenses and other (5) 1 1 Accounts payable, accrued expenses and other liabilities (1) - 18 Due from subsidiaries (2,981) 921 (228) Due from MeriStar Hotels 38 (19) 14 Income taxes payable - - - ---------------------------------------------- Net cash provided by (used in) operating activities 605 1,402 718 ---------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (605) (1,402) (718) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Purchase of minority interests - - - Note receivable - - - Change in restricted cash - - - ---------------------------------------------- Net cash provided by (used in) investing activities (605) (1,402) (718) ---------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - - Borrowings from MeriStar Hospitality - - - Repayments to MeriStar Hospitality on borrowing - - - Purchase of treasury stock - - - Contributions from partners - - - Distributions to stockholders - - - ---------------------------------------------- Net cash provided by (used in) financing activities - - - ---------------------------------------------- Effect of exchange rate changes on cash - - - ---------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ---------------------------------------------- Cash and cash equivalents, end of period - - - ============================================== ---------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub 4A, L.P. 4D, LLC 2A, LLC ---------------------------------------------- Net Income (loss) 811 349 41 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 900 253 291 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - Equity in earnings of affiliates - - - Minority interests - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net 72 - - Prepaid expenses and other 2 - 1 Accounts payable, accrued expenses and other liabilities 55 15 - Due from subsidiaries (5,292) (95) 586 Due from MeriStar Hotels (48) 42 9 Income taxes payable - - - ---------------------------------------------- Net cash provided by (used in) operating activities (3,500) 564 928 ---------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net 3,500 (564) (928) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Purchase of minority interests - - - Note receivable - - - Change in restricted cash - - - ---------------------------------------------- Net cash provided by (used in) investing activities 3,500 (564) (928) ---------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - - Borrowings from MeriStar Hospitality - - - Repayments to MeriStar Hospitality on borrowing - - - Purchase of treasury stock - - - Contributions from partners - - - Distributions to stockholders - - - ---------------------------------------------- Net cash provided by (used in) financing activities - - - ---------------------------------------------- Effect of exchange rate changes on cash - - - ---------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ---------------------------------------------- Cash and cash equivalents, end of period - - - ============================================== ---------------------------------------------- MeriStar Sub MDV Limited MeriStar Sub 6L, LLC Partnership 5C, LLC ---------------------------------------------- Net Income (loss) 1,784 485 679 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 640 116 547 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - Equity in earnings of affiliates - - - Minority interests - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net 10 21 (23) Prepaid expenses and other - - 1 Accounts payable, accrued expenses and other liabilities (105) 22 (6) Due from subsidiaries 1,016 (417) (583) Due from MeriStar Hotels 4 (45) (27) Income taxes payable - - - ---------------------------------------------- Net cash provided by (used in) operating activities 3,349 182 588 ---------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (3,349) (182) (588) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Purchase of minority interests - - - Note receivable - - - Change in restricted cash - - - ---------------------------------------------- Net cash provided by (used in) investing activities (3,349) (182) (588) ---------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - - Borrowings from MeriStar Hospitality - - - Repayments to MeriStar Hospitality on borrowing - - - Purchase of treasury stock - - - Contributions from partners - - - Distributions to stockholders - - - ---------------------------------------------- Net cash provided by (used in) financing activities - - - ---------------------------------------------- Effect of exchange rate changes on cash - - - ---------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ---------------------------------------------- Cash and cash equivalents, end of period - - - ============================================== ---------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub 6J, LLC 1D, L.P. 7B, L.P. ---------------------------------------------- Net Income (loss) 1,915 3,619 610 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 485 1,852 375 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - Equity in earnings of affiliates - - - Minority interests - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - - (9) Prepaid expenses and other 1 64 - Accounts payable, accrued expenses and other liabilities 6 (440) 227 Due from subsidiaries (1,660) (2,554) 1,684 Due from MeriStar Hotels 17 287 63 Income taxes payable - - - ---------------------------------------------- Net cash provided by (used in) operating activities 764 2,828 2,950 ---------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (764) (2,828) (2,950) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Purchase of minority interests - - - Note receivable - - - Change in restricted cash - - - ---------------------------------------------- Net cash provided by (used in) investing activities (764) (2,828) (2,950) ---------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - - Borrowings from MeriStar Hospitality - - - Repayments to MeriStar Hospitality on borrowing - - - Purchase of treasury stock - - - Contributions from partners - - - Distributions to stockholders - - - ---------------------------------------------- Net cash provided by (used in) financing activities - - - ---------------------------------------------- Effect of exchange rate changes on cash - - - ---------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ---------------------------------------------- Cash and cash equivalents, end of period - - - ============================================== ---------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub 7D, LLC 7G, LLC 6B, LLC ---------------------------------------------- Net Income (loss) 1,258 668 1,126 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,576 702 269 Extraordinary (gain) loss on early extinguishment of debt before tax effect 192 - - Equity in earnings of affiliates - - - Minority interests - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net (645) - - Prepaid expenses and other (3) - 1 Accounts payable, accrued expenses and other liabilities 1,504 7 (346) Due from subsidiaries 25,845 (624) 818 Due from MeriStar Hotels 54 204 (38) Income taxes payable - - - ---------------------------------------------- Net cash provided by (used in) operating activities 29,781 957 1,830 ---------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (1,610) (957) (1,830) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Purchase of minority interests - - - Note receivable - - - Change in restricted cash - - - ---------------------------------------------- Net cash provided by (used in) investing activities (1,610) (957) (1,830) ---------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable (28,171) - - Borrowings from MeriStar Hospitality - - - Repayments to MeriStar Hospitality on borrowing - - - Purchase of treasury stock - - - Contributions from partners - - - Distributions to stockholders - - - ---------------------------------------------- Net cash provided by (used in) financing activities (28,171) - - ---------------------------------------------- Effect of exchange rate changes on cash - - - ---------------------------------------------- Net change in cash - - - Cash and cash equivalents, beginning of period - - - ---------------------------------------------- Cash and cash equivalents, end of period - - - ============================================== ----------------- MeriStar Sub 4I, L.P. ----------------- Net Income (loss) 954 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 797 Extraordinary (gain) loss on early extinguishment of debt before tax effect - Equity in earnings of affiliates - Minority interests - Deferred income taxes - Changes in operating assets and liabilities: Accounts receivable, net 19 Prepaid expenses and other (1) Accounts payable, accrued expenses and other liabilities 18 Due from subsidiaries (1,452) Due from MeriStar Hotels 160 Income taxes payable - ----------------- Net cash provided by (used in) operating activities 495 ----------------- Cash flows from investing activities: Investment in hotel properties, net (495) Proceeds from disposition of assets - Investments in and advances to affiliates, net - Purchase of minority interests - Note receivable - Change in restricted cash - ----------------- Net cash provided by (used in) investing activities (495) ----------------- Cash flows from financing activities: Deferred financing costs - Proceeds from mortgages and notes payable - Principal payments on mortgages and notes payable - Borrowings from MeriStar Hospitality - Repayments to MeriStar Hospitality on borrowing - Purchase of treasury stock - Contributions from partners - Distributions to stockholders - ----------------- Net cash provided by (used in) financing activities - ----------------- Effect of exchange rate changes on cash - ----------------- Net change in cash - Cash and cash equivalents, beginning of period - ----------------- Cash and cash equivalents, end of period - =================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 1999 (in thousands of dollars)
--------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub AGH PSS I, MeriStar Sub 5D, LLC 5H, LLC 7H, LLC Inc. 2D, LLC --------------------------------------------------------------- Net Income (loss) (741) 3,000 909 1,167 130 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,191 1,712 649 2,360 455 Extraordinary (gain) loss on early extinguishment of debt before tax effect 407 - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - - Prepaid expenses and other (4) (66) - 1 (1) Accounts payable, accrued expenses and other liabilities 32 8 (27) 95 - Due from subsidiaries 243 (1,621) (944) (23,209) 1,994 Due from MeriStar Hotels (49) (710) (45) (16) (93) Income taxes payable - - - - - --------------------------------------------------------------- Net cash provided by (used in) operating activities 1,079 2,323 542 (19,602) 2,485 --------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (1,289) (2,323) (542) 19,602 (1,324) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net (3) - - - - Purchase of minority interests - - - - - Note receivable - - - - - Change in restricted cash 213 - - - - --------------------------------------------------------------- Net cash provided by (used in) investing activities (1,079) (2,323) (542) 19,602 (1,324) --------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - (1,161) Borrowings from MeriStar Hospitality - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - Purchase of treasury stock - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - --------------------------------------------------------------- Net cash provided by (used in) financing activities - - - - (1,161) --------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - --------------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - --------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - =============================================================== ----------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 4F, L.P. 5K, LLC 5M, LLC 1E, L.P. 5O, LLC ----------------------------------------------------------------- Net Income (loss) 1,980 1,226 1,897 1,357 659 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 840 470 438 283 212 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net 11 (13) (21) - - Prepaid expenses and other (7) (110) (28) 5 (11) Accounts payable, accrued expenses and other liabilities (40) (165) - 54 (3) Due from subsidiaries (3,257) 636 (1,845) (1,453) (645) Due from MeriStar Hotels 2,092 (402) (364) (54) (140) Income taxes payable - - - - - ----------------------------------------------------------------- Net cash provided by (used in) operating activities 1,619 1,642 77 192 72 ----------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (1,619) (1,647) (77) (192) (72) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Purchase of minority interests - - - - - Note receivable - - - - - Change in restricted cash - 5 - - - ----------------------------------------------------------------- Net cash provided by (used in) investing activities (1,619) (1,642) (77) (192) (72) ----------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Borrowings from MeriStar Hospitality - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - Purchase of treasury stock - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ----------------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - ----------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - ----------------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ----------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - ================================================================= ------------------------------------------------------------------- MeriStar MeriStar MeriStar MeriStar MeriStar MeriStar Sub 6M Sub Sub Sub Sub Sub Company 4B, L.P. 6C, LLC 2C, LLC 4G, L.P. 3B, LLC ------------------------------------------------------------------- Net Income (loss) 3,660 724 3,193 422 1,927 1,486 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 888 1,058 535 982 803 631 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - - Equity in earnings of affiliates - - - - - - Minority interests - - - - - - Deferred income taxes - - - - - - Changes in operating assets and liabilities: Accounts receivable, net - (20) - - - - Prepaid expenses and other (21) - (23) 1 - (1) Accounts payable, accrued expenses and other liabilities 16 4 - - 38 27 Due from subsidiaries (1,218) (1,084) (2,745) 1,086 (2,177) (101) Due from MeriStar Hotels 28 90 (21) (265) 13 (11) Income taxes payable - - - - - - ------------------------------------------------------------------- Net cash provided by (used in) operating activities 3,353 772 939 2,226 604 2,031 ------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (3,353) (772) (939) (2,226) (604) (2,031) Proceeds from disposition of assets - - - - - - Investments in and advances to affiliates, net - - - - - - Purchase of minority interests - - - - - - Note receivable - - - - - - Change in restricted cash - - - - - - ------------------------------------------------------------------- Net cash provided by (used in) investing activities (3,353) (772) (939) (2,226) (604) (2,031) ------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - - Proceeds from mortgages and notes payable - - - - - - Principal payments on mortgages and notes payable - - - - - - Borrowings from MeriStar Hospitality - - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - - Purchase of treasury stock - - - - - - Contributions from partners - - - - - - Distributions to stockholders - - - - - - ------------------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - - ------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - - ------------------------------------------------------------------- Net change in cash - - - - - - Cash and cash equivalents, beginning of period - - - - - - ------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - - ===================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Year ended December 31, 1999 (in thousands of dollars)
------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5G, L.P. 5P, LLC 5J, LLC 5Q, LLC 5R, LLC ------------------------------------------------------------------- Net Income (loss) 9,460 - 4,838 1,862 1,773 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 4,022 - 2,583 319 1,602 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - - - Equity in earnings of affiliates - - - - - Minority interests - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net (1,280) - - - - Prepaid expenses and other 1 - (127) (18) - Accounts payable, accrued expenses and other liabilities 426 - 46 (79) (28) Due from subsidiaries (1,470) - (1,703) (574) (2,402) Due from MeriStar Hotels 35 - 2,584 (156) 33 Income taxes payable - - - - - ------------------------------------------------------------------- Net cash provided by (used in) operating activities 11,194 - 8,221 1,354 978 ------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (11,194) - (8,221) (1,354) (978) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Purchase of minority interests - - - - - Note receivable - - - - - Change in restricted cash - - - - - ------------------------------------------------------------------- Net cash provided by (used in) investing activities (11,194) - (8,221) (1,354) (978) ------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Borrowings from MeriStar Hospitality - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - Purchase of treasury stock - - - - - Contributions from partners - - - - - Distributions to stockholders - - - - - ------------------------------------------------------------------- Net cash provided by (used in) financing activities - - - - - ------------------------------------------------------------------- Effect of exchange rate changes on cash - - - - - ------------------------------------------------------------------- Net change in cash - - - - - Cash and cash equivalents, beginning of period - - - - - ------------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - =================================================================== ------------------------------------------------------------ MeriStar Sub MeriStar Sub Eliminations Total 8D, LLC 4J, LLC ------------------------------------------------------------ Net Income (loss) 2,522 985 (200,350) 111,656 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 726 1,142 - 101,795 Extraordinary (gain) loss on early extinguishment of debt before tax effect - - - 4,625 Equity in earnings of affiliates - - 200,350 - Minority interests - - - 24 Deferred income taxes - - - 715 Changes in operating assets and liabilities: - Accounts receivable, net - 10 - 1,716 Prepaid expenses and other (3) (2) - (5,262) Accounts payable, accrued expenses and other liabilities (8) (78) - 16,098 Due from subsidiaries (1,999) (1,025) - - Due from MeriStar Hotels (172) (1) - (4,039) Income taxes payable - - - 1,001 ------------------------------------------------------------ Net cash provided by (used in) operating activities 1,066 1,031 - 228,329 ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (1,066) (1,031) - (170,063) Proceeds from disposition of assets - - - 8,900 Investments in and advances to affiliates, net - - - (31,298) Purchase of minority interests - - - (72) Note receivable - - - 9,890 Change in restricted cash - - - (5,309) ------------------------------------------------------------ Net cash provided by (used in) investing activities (1,066) (1,031) - (187,952) ------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - - - (6,005) Proceeds from mortgages and notes payable - - - 547,174 Principal payments on mortgages and notes payable - - - (524,970) Borrowings from MeriStar Hospitality - - - 55,000 Repayments to MeriStar Hospitality on borrowing - - - (2,785) Purchase of treasury stock - - - (6,252) Contributions from partners - - - 2,249 Distributions to stockholders paid - - - (106,359) ------------------------------------------------------------ Net cash provided by (used in) financing activities - - - (41,948) ------------------------------------------------------------ Effect of exchange rate changes on cash - - - (53) ------------------------------------------------------------ Net change in cash - - - (1,624) Cash and cash equivalents, beginning of period - - - 4,173 ------------------------------------------------------------ Cash and cash equivalents, end of period - - - 2,549 ============================================================