EX-99 5 dex99.txt EXHIBIT 99 Exhibit 99 MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet March 31, 2002 (in thousands of dollars)
MeriStar Non- Hospitality OP, Guarantor MeriStar Sub AGH Upreit, L.P. Subsidiaries 7C, LLC LLC Assets Investment in hotel properties 15,528 1,552,900 - - Accumulated depreciation (5,570) (197,731) - - --------------------------------------------------------------- 9,958 1,355,169 - - Cash and cash equivalents 4,374 - - - Accounts receivable, net 6,823 1,294 - - Prepaid expenses and other 1,949 110 - - Note receivable 147,278 - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries (426,114) 114,716 - 7 Investments in affiliates 2,648,040 8,200 32 3,056 Restricted cash 12,658 5,579 - - Intangible assets, net 19,428 856 - - --------------------------------------------------------------- 2,424,394 1,485,924 32 3,063 =============================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 15,753 8,408 - - Accrued interest 37,355 3,866 - - Due to MeriStar Hotels & Resorts 88 - - - Income taxes payable 57 - - - Distributions payable 447 - - - Deferred income taxes 7,186 - - - Interest rate swaps 8,703 - - - Notes payable to MeriStar 357,214 - - - Long-term debt 988,565 369,618 - - --------------------------------------------------------------- Total liabilities 1,415,368 381,892 - - --------------------------------------------------------------- Minority interests 2,650 - - - Redeemable OP units at redemption value 82,117 - - - Partners' capital 924,259 1,104,032 32 3,063 --------------------------------------------------------------- 2,424,394 1,485,924 32 3,063 =============================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5N, LLC 8A, LLC 8F, L.P. 8G, LLC Assets Investment in hotel properties 4,079 5,319 11,340 - Accumulated depreciation (441) (994) (1,594) - ----------------------------------------------------------- 3,638 4,325 9,746 - Cash and cash equivalents - - - - Accounts receivable, net - (16) (28) - Prepaid expenses and other - - 2 - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 3,108 5,002 4,303 10 Investments in affiliates - - - 72 Restricted cash - - 115 - Intangible assets, net - - - - ----------------------------------------------------------- 6,746 9,311 14,138 82 =========================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 40 (42) 210 - Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - ----------------------------------------------------------- Total liabilities 40 (42) 210 - ----------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - Partners' capital 6,706 9,353 13,928 82 ----------------------------------------------------------- 6,746 9,311 14,138 82 =========================================================== MeriStar Sub MeriStar Sub MeriStar Sub 6H, L.P. 8B, LLC 1C, L.P. Assets Investment in hotel properties 13,569 81,552 25,013 Accumulated depreciation (1,553) (8,099) (4,121) -------------------------------------------- 12,016 73,453 20,892 Cash and cash equivalents - - - Accounts receivable, net - - - Prepaid expenses and other - - 30 Note receivable - - - Due from MeriStar Hotels & Resorts - - - Due from subsidiaries 4,829 22,605 (3,049) Investments in affiliates - - - Restricted cash - - - Intangible assets, net - 47 1 -------------------------------------------- 16,845 96,105 17,874 ============================================ Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 192 2,706 199 Accrued interest - - - Due to MeriStar Hotels & Resorts - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - -------------------------------------------- Total liabilities 192 2,706 199 -------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 16,653 93,399 17,675 -------------------------------------------- 16,845 96,105 17,874 ============================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 8E, LLC 7F, LLC 5L, LLC 3C, LLC Assets Investment in hotel properties 15,202 12,004 11,296 17,293 Accumulated depreciation (1,995) (2,108) (401) (2,475) ------------------------------------------------------------- 13,207 9,896 10,895 14,818 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 4,573 3,747 3,427 3,283 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net 7 - - 56 ------------------------------------------------------------- 17,787 13,643 14,322 18,157 ============================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (40) 196 55 318 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - ------------------------------------------------------------- Total liabilities (40) 196 55 318 ------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 17,827 13,447 14,267 17,839 ------------------------------------------------------------- 17,787 13,643 14,322 18,157 ============================================================= MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5R, LLC 6D, LLC 6E, LLC 4E, L.P. Assets Investment in hotel properties - 17,382 44,173 24,612 Accumulated depreciation - (1,953) (7,067) (3,300) ----------------------------------------------------------- - 15,429 37,106 21,312 Cash and cash equivalents - - - - Accounts receivable, net - 125 - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries (43) 5,524 14,750 1,840 Investments in affiliates 43 - - - Restricted cash - - - - Intangible assets, net - - - 6 ----------------------------------------------------------- - 21,078 51,856 23,158 =========================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities - 122 (33) 119 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - ----------------------------------------------------------- Total liabilities - 122 (33) 119 ----------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital - 20,956 51,889 23,039 ----------------------------------------------------------- - 21,078 51,856 23,158 =========================================================== MeriStar Sub MeriStar Sub MeriStar Sub 1B, LLC 5F, L.P. 6G, LLC Assets Investment in hotel properties 18,255 31,007 22,223 Accumulated depreciation (3,085) (3,627) (3,538) -------------------------------------------- 15,170 27,380 18,685 Cash and cash equivalents - - - Accounts receivable, net - - - Prepaid expenses and other - - - Note receivable - - - Due from MeriStar Hotels & Resorts - - - Due from subsidiaries 11,390 9,504 3,820 Investments in affiliates - - - Restricted cash - - - Intangible assets, net - - - -------------------------------------------- 26,560 36,884 22,505 ============================================ Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (5) 236 241 Accrued interest - - - Due to MeriStar Hotels & Resorts - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt 48 - - -------------------------------------------- Total liabilities 43 236 241 -------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 26,517 36,648 22,264 -------------------------------------------- 26,560 36,884 22,505 ============================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 8C, LLC 4C, L.P. 4H, L.P. 7E, LLC Assets Investment in hotel properties 36,755 16,367 12,389 17,840 Accumulated depreciation (4,262) (3,507) (1,847) (2,238) ---------------------------------------------------------- 32,493 12,860 10,542 15,602 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - 10 - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 3,517 231 (1,061) 5,078 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net 2 - - 6 ---------------------------------------------------------- 36,012 13,091 9,491 20,686 ========================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (174) 212 47 87 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - ---------------------------------------------------------- Total liabilities (174) 212 47 87 ---------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 36,186 12,879 9,444 20,599 ---------------------------------------------------------- 36,012 13,091 9,491 20,686 ========================================================== MeriStar Sub MeriStar Sub MeriStar Sub 3D, LLC 1A, LLC 5E, LLC Assets Investment in hotel properties 22,361 11,244 52,824 Accumulated depreciation (5,651) (2,143) (6,703) ------------------------------------------- 16,710 9,101 46,121 Cash and cash equivalents - - - Accounts receivable, net - - - Prepaid expenses and other - - - Note receivable - - - Due from MeriStar Hotels & Resorts - - - Due from subsidiaries 6,308 5,220 10,231 Investments in affiliates - - - Restricted cash - - - Intangible assets, net - - 8 ------------------------------------------- 23,018 14,321 56,360 =========================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 53 105 339 Accrued interest - - - Due to MeriStar Hotels & Resorts - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - ------------------------------------------- Total liabilities 53 105 339 ------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 22,965 14,216 56,021 ------------------------------------------- 23,018 14,321 56,360 =========================================== MeriStar Sub 7A MeriStar Sub MeriStar Sub Joint Venture 6K, LLC 2B, LLC Assets Investment in hotel properties 13,026 22,747 9,450 Accumulated depreciation (1,449) (3,746) (1,662) ------------------------------------------------- 11,577 19,001 7,788 Cash and cash equivalents - - - Accounts receivable, net - - (12) Prepaid expenses and other - - - Note receivable - - - Due from MeriStar Hotels & Resorts - - - Due from subsidiaries 3,607 14,281 (538) Investments in affiliates - - - Restricted cash - - - Intangible assets, net - - 1 ------------------------------------------------- 15,184 33,282 7,239 ================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 165 195 148 Accrued interest - - - Due to MeriStar Hotels & Resorts - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - 4,848 ------------------------------------------------- Total liabilities 165 195 4,996 ------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 15,019 33,087 2,243 ------------------------------------------------- 15,184 33,282 7,239 =================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 3A, LLC 4A, LLC 4D, LLC 2A, LLC Assets Investment in hotel properties 6,762 8,676 8,733 8,205 Accumulated depreciation (1,362) (1,112) (1,258) (1,217) ------------------------------------------------------------ 5,400 7,564 7,475 6,988 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 1,378 3,546 55 (664) Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - - 25 24 ------------------------------------------------------------ 6,778 11,110 7,555 6,348 ============================================================ Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 115 158 99 68 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - 7,907 ------------------------------------------------------------ Total liabilities 115 158 99 7,975 ------------------------------------------------------------ Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 6,663 10,952 7,456 (1,627) ------------------------------------------------------------ 6,778 11,110 7,555 6,348 ============================================================ MeriStar Sub MDV Limited MeriStar Sub MeriStar Sub 6L, LLC Partnership 5C, LLC 6J, LLC Assets Investment in hotel properties 29,502 3,819 13,846 19,250 Accumulated depreciation (2,687) (443) (2,364) (2,732) -------------------------------------------------------- 26,815 3,376 11,482 16,518 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - 57 - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 3,896 1,918 (210) 4,611 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - 9 - 55 -------------------------------------------------------- 30,711 5,303 11,329 21,184 ======================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 117 58 853 3 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - -------------------------------------------------------- Total liabilities 117 58 853 3 -------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 30,594 5,245 10,476 21,181 -------------------------------------------------------- 30,711 5,303 11,329 21,184 ======================================================== MeriStar Sub MeriStar Sub MeriStar Sub 1D, L.P. 7B, L.P. 7D, LLC Assets Investment in hotel properties 68,252 25,403 52,097 Accumulated depreciation (8,063) (2,508) (6,917) ------------------------------------------- 60,189 22,895 45,180 Cash and cash equivalents - - - Accounts receivable, net - - 645 Prepaid expenses and other - - - Note receivable - - - Due from MeriStar Hotels & Resorts - - - Due from subsidiaries 14,132 (4,849) 18,739 Investments in affiliates - - - Restricted cash - - - Intangible assets, net 44 - 372 ------------------------------------------- 74,365 18,046 64,936 =========================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 342 778 4,116 Accrued interest 71 - - Due to MeriStar Hotels & Resorts - - (200) Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - ------------------------------------------- Total liabilities 413 778 3,916 ------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 73,952 17,268 61,020 ------------------------------------------- 74,365 18,046 64,936 ===========================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 7G, LLC 6B, LLC 4I, L.P. 5D, LLC Assets Investment in hotel properties 16,481 10,578 12,549 41,660 Accumulated depreciation (3,567) (1,404) (3,822) (5,560) ---------------------------------------------------------- 12,914 9,174 8,727 36,100 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries (31) 1,745 995 (6,914) Investments in affiliates - - - 51,368 Restricted cash - - - - Intangible assets, net 25 8 - 21 ---------------------------------------------------------- 12,908 10,927 9,722 80,575 ========================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 18 (46) 192 259 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - 24,000 ---------------------------------------------------------- Total liabilities 18 (46) 192 24,259 ---------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 12,890 10,973 9,530 56,316 ---------------------------------------------------------- 12,908 10,927 9,722 80,575 ========================================================== MeriStar Sub MeriStar Sub AGH PSS I, MeriStar Sub 5H, LLC 7H, LLC Inc. 2D, LLC Assets Investment in hotel properties 52,851 10,005 17,567 15,306 Accumulated depreciation (6,505) (4,215) (2,049) (2,065) -------------------------------------------------------- 46,346 5,790 15,518 13,241 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 7,966 5,287 10,184 134 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - - - 2 -------------------------------------------------------- 54,312 11,077 25,702 13,377 ======================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 276 320 201 (27) Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - 13 - 9,162 -------------------------------------------------------- Total liabilities 276 333 201 9,135 -------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 54,036 10,744 25,501 4,242 -------------------------------------------------------- 54,312 11,077 25,702 13,377 ======================================================== MeriStar Sub MeriStar Sub MeriStar Sub 4F, L.P. 5K, LLC 5M, LLC Assets Investment in hotel properties 31,663 27,735 21,962 Accumulated depreciation (3,891) (3,026) (1,542) ---------------------------------------------- 27,772 24,709 20,420 Cash and cash equivalents - - - Accounts receivable, net - - - Prepaid expenses and other - - - Note receivable - - - Due from MeriStar Hotels & Resorts - - - Due from subsidiaries 3,219 (503) 6,007 Investments in affiliates - - - Restricted cash - - - Intangible assets, net 31 - - ---------------------------------------------- 31,022 24,206 26,427 ============================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 134 5,688 153 Accrued interest - - - Due to MeriStar Hotels & Resorts - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - ---------------------------------------------- Total liabilities 134 5,688 153 ---------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 30,888 18,518 26,274 ---------------------------------------------- 31,022 24,206 26,427 ==============================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 1E, L.P. 5O, LLC 6M Company 4B, L.P. Assets Investment in hotel properties 10,406 8,697 32,802 16,484 Accumulated depreciation (1,426) (752) (3,890) (4,797) ---------------------------------------------------------- 8,980 7,945 28,912 11,687 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - 13 - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 6,142 2,206 12,965 (4,200) Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - - 40 19 ---------------------------------------------------------- 15,122 10,151 41,930 7,506 ========================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (18) 65 (31) 192 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - ---------------------------------------------------------- Total liabilities (18) 65 (31) 192 ---------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 15,140 10,086 41,961 7,314 ---------------------------------------------------------- 15,122 10,151 41,930 7,506 ========================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 6C, LLC 2C, LLC 4G, L.P. 3B, LLC Assets Investment in hotel properties 20,547 28,293 25,507 24,771 Accumulated depreciation (3,014) (4,575) (3,336) (3,201) ---------------------------------------------------------- 17,533 23,718 22,171 21,570 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 8,407 5,147 6,058 2,107 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - 2 23 - ---------------------------------------------------------- 25,940 28,867 28,252 23,677 ========================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (104) 282 194 261 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - 16,003 - - ---------------------------------------------------------- Total liabilities (104) 16,285 194 261 ---------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 26,044 12,582 28,058 23,416 ---------------------------------------------------------- 25,940 28,867 28,252 23,677 ========================================================== MeriStar Sub MeriStar Sub MeriStar Sub 5G, L.P. 5P, LLC 5J, LLC Assets Investment in hotel properties 162,558 - 104,845 Accumulated depreciation (19,559) - (10,725) -------------------------------------------- 142,999 - 94,120 Cash and cash equivalents - - - Accounts receivable, net - (10) - Prepaid expenses and other - - - Note receivable - - - Due from MeriStar Hotels & Resorts - - - Due from subsidiaries 30,683 1,565 16,011 Investments in affiliates - - - Restricted cash - - - Intangible assets, net - - - -------------------------------------------- 173,682 1,555 110,131 ============================================ Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 1,144 25 1,122 Accrued interest - - - Due to MeriStar Hotels & Resorts - - - Income taxes payable - - - Distributions payable - - - Deferred income taxes - - - Interest rate swaps - - - Notes payable to MeriStar - - - Long-term debt - - - -------------------------------------------- Total liabilities 1,144 25 1,122 -------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 172,538 1,530 109,009 -------------------------------------------- 173,682 1,555 110,131 ============================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5Q, LLC 5A, LLC 8D, LLC 4J, LLC Assets Investment in hotel properties 16,313 34,774 30,469 37,969 Accumulated depreciation (1,336) (8,286) (4,130) (4,886) ------------------------------------------------------- 14,977 26,488 26,339 33,083 Cash and cash equivalents - - - - Accounts receivable, net - - - (10) Prepaid expenses and other - - 1 - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 2,500 3,822 5,747 3,548 Investments in affiliates - 4,627 - - Restricted cash - - - - Intangible assets, net - 12 - 37 ------------------------------------------------------- 17,477 34,949 32,087 36,658 ======================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (41) 142 (86) 84 Accrued interest - - - - Due to MeriStar Hotels & Resorts - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - 23,609 - - ------------------------------------------------------- Total liabilities (41) 23,751 (86) 84 ------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 17,518 11,198 32,173 36,574 ------------------------------------------------------- 17,477 34,949 32,087 36,658 ======================================================= MeriStar Hotel Total Lessee, Inc. Eliminations Consolidated Assets Investment in hotel properties 862 - 3,195,949 Accumulated depreciation (683) - (425,765) ----------------------------------------------- 179 - 2,770,184 - Cash and cash equivalents 21,592 - 25,966 Accounts receivable, net 50,621 - 59,432 Prepaid expenses and other 14,500 - 16,672 Note receivable - (89,209) 58,069 Due from MeriStar Hotels & Resorts - - - Due from subsidiaries (7,455) - - Investments in affiliates 1,629 (2,675,353) 41,714 Restricted cash - - 18,352 Intangible assets, net - - 21,167 ----------------------------------------------- 81,066 (2,764,562) 3,011,556 =============================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 77,695 - 124,143 Accrued interest 17 - 41,309 Due to MeriStar Hotels & Resorts 4,080 - 3,968 Income taxes payable 25 - 82 Distributions payable - - 447 Deferred income taxes (337) - 6,849 Interest rate swaps - - 8,703 Notes payable to MeriStar - - 357,214 Long-term debt 2,000 (89,209) 1,356,564 ----------------------------------------------- Total liabilities 83,480 (89,209) 1,899,279 ----------------------------------------------- Minority interests - - 2,650 Redeemable OP units at redemption value - - 82,117 Partners' capital (2,414) (2,675,353) 1,027,510 ----------------------------------------------- 81,066 (2,764,562) 3,011,556 ===============================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002 (in thousands of dollars)
MeriSta Non- Hospitality Guarantor MeriStar Sub AGH Upreit, MeriStar Sub OP, L.P Subsidiaries 7C, LLC LLC 5N, LLC Participating lease revenue - 35,087 - - 319 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues 1,833 1,378 - - - ------------------------------------------------------------------- Total revenue 1,833 36,465 - - 319 ------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses - 201 - - - Undistributed operating expenses: Administrative and general 2,335 56 - - - Property operating costs (454) 12 - - - Property taxes, insurance and other (760) 6,281 - - 27 Depreciation and amortization 2,671 13,259 - - 33 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred costs 1,529 - - - - Loss on fair value of non-hedging derivatives 4,735 - - - - FelCor merger costs - - - - - Costs to terminate leases with Prime Hospitality Corporation - - - - - Restructuring charge - - - - - ------------------------------------------------------------------- Total operating expenses 10,056 19,809 - - 60 ------------------------------------------------------------------- Net operating income (8,223) 16,656 - - 259 ------------------------------------------------------------------- Interest expense, net 26,199 6,942 - - (2) Equity in income from consolidated entities (23,860) - - - - ------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (10,562) 9,714 0 0 261 Minority interests 11 - - - - ------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets (10,573) 9,714 - - 261 Income tax benefit (249) - - - - ------------------------------------------------------------------- Income (loss) before loss on sale of assets (10,324) 9,714 - - 261 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ------------------------------------------------------------------- Net income (loss) (10,324) 9,714 - - 261 =================================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 8A, LLC 8F, L.P. 8G, LLC 6H, L.P. 8B, LLC Participating lease revenue 345 571 - 378 1,791 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - - - ---------------------------------------------------------------------- Total revenue 345 571 - 378 1,791 ---------------------------------------------------------------------- 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 - Property operating costs - - - - - Property taxes, insurance and other 38 230 - 25 358 Depreciation and amortization 59 113 - 107 595 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 97 344 - 133 953 ---------------------------------------------------------------------- Net operating income 248 227 - 245 838 ---------------------------------------------------------------------- Interest expense, net (4) (2) - (1) (14) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 252 229 0 246 852 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 252 229 - 246 852 Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets 252 229 - 246 852 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) 252 229 - 246 852 ======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 1C, L.P. 8E, LLC 7F, LLC 5L, LLC 3C, LLC Participating lease revenue 410 376 274 317 541 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - 8 - - - --------------------------------------------------------------------- Total revenue 410 384 274 317 541 --------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other 202 46 34 30 114 Depreciation and amortization 257 147 118 33 176 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 459 193 152 63 290 --------------------------------------------------------------------- Net operating income (49) 191 122 254 251 --------------------------------------------------------------------- Interest expense, net (10) (4) (2) (3) (5) Equity in income from consolidated entities - - - - - --------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (39) 195 124 257 256 Minority interests - - - - - --------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets (39) 195 124 257 256 Income tax benefit - - - - - --------------------------------------------------------------------- Income (loss) before loss on sale of assets (39) 195 124 257 256 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - --------------------------------------------------------------------- Net income (loss) (39) 195 124 257 256 ===================================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5R, LLC 6D, LLC 6E, LLC 4E, L.P. 1B, LLC Participating lease revenue - 517 1,264 342 505 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - 6 - 3 581 --------------------------------------------------------------------- Total revenue - 523 1,264 345 1,086 --------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other - 46 207 97 39 Depreciation and amortization - 133 425 230 158 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 - 179 632 327 197 --------------------------------------------------------------------- Net operating income - 344 632 18 889 --------------------------------------------------------------------- Interest expense, net - (6) (12) (6) (3) Equity in income from consolidated entities - - - - - --------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 0 350 644 24 892 Minority interests - - - - - --------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets - 350 644 24 892 Income tax benefit - - - - - --------------------------------------------------------------------- Income (loss) before loss on sale of assets - 350 644 24 892 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - --------------------------------------------------------------------- Net income (loss) - 350 644 24 892 =====================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5F, L.P. 6G, LLC 8C, LLC 4C, L.P 4H, L.P. Participating lease revenue 802 563 487 310 171 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - 2 - - --------------------------------------------------------------------- Total revenue 802 563 489 310 171 --------------------------------------------------------------------- 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) - 47 Property operating costs - - - - - Property taxes, insurance and other 84 75 151 101 135 Depreciation and amortization 264 209 346 152 - Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 349 284 496 253 182 --------------------------------------------------------------------- Net operating income 453 279 (7) 57 (11) --------------------------------------------------------------------- Interest expense, net (7) (9) (10) (9) (2) Equity in income from consolidated entities - - - - - --------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 460 288 3 66 (9) Minority interests - - - - - --------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 460 288 3 66 (9) Income tax benefit - - - - - --------------------------------------------------------------------- Income (loss) before loss on sale of assets 460 288 3 66 (9) Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - --------------------------------------------------------------------- Net income (loss) 460 288 3 66 (9) ====================================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 7A 7E, LLC 3D, LLC 1A, LLC 5E, LLC Joint Venture Participating lease revenue 362 713 401 1,080 272 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - - - ------------------------------------------------------------------------ Total revenue 362 713 401 1,080 272 ------------------------------------------------------------------------ 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 Property operating costs - - - - - Property taxes, insurance and other 39 18 82 96 56 Depreciation and amortization 158 240 119 485 104 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 197 258 201 581 161 ------------------------------------------------------------------------ Net operating income 165 455 200 499 111 ------------------------------------------------------------------------ Interest expense, net (5) (9) (5) (8) (7) Equity in income from consolidated entities - - - - - ------------------------------------------------------------------------ Income (loss) before minority interests, income tax benefit, loss on sale of assets 170 464 205 507 118 Minority interests - - - - - ------------------------------------------------------------------------ Income (loss) before income tax benefit, loss on sale of assets 170 464 205 507 118 Income tax benefit - - - - - ------------------------------------------------------------------------ Income (loss) before loss on sale of assets 170 464 205 507 118 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ------------------------------------------------------------------------ Net income (loss) 170 464 205 507 118 ========================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 6K, LLC 2B, LLC 3A, LLC 4A, L.P. 4D, LLC Participating lease revenue 882 109 133 248 117 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - - - ---------------------------------------------------------------------- Total revenue 882 109 133 248 117 ---------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other 120 36 28 60 46 Depreciation and amortization 186 105 71 - 80 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 306 141 99 60 126 ---------------------------------------------------------------------- Net operating income 576 (32) 34 188 (9) ---------------------------------------------------------------------- Interest expense, net (8) 95 (5) (7) (9) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 584 (127) 39 195 0 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 584 (127) 39 195 - Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets 584 (127) 39 195 - Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) 584 (127) 39 195 - ====================================================================== MeriStar Sub MeriStar Sub MDV Limited MeriStar Sub MeriStar Sub 2A, LLC 6L, LLC Partnership 5C, LLC 6J, LLC Participating lease revenue 127 350 190 259 622 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - - - ---------------------------------------------------------------------- Total revenue 127 350 190 259 622 ---------------------------------------------------------------------- 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 2 1 - - - Property operating costs - - - - - Property taxes, insurance and other 37 50 38 98 46 Depreciation and amortization 78 222 34 149 162 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 117 273 72 247 208 ---------------------------------------------------------------------- Net operating income 10 77 118 12 414 ---------------------------------------------------------------------- Interest expense, net 167 (2) (1) (8) (9) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (157) 79 119 20 423 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets (157) 79 119 20 423 Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets (157) 79 119 20 423 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) (157) 79 119 20 423 ======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 1D, L.P. 7B, L.P. 7D, LLC 7G, LLC 6B, LLC Participating lease revenue 1,382 391 1,387 146 253 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues 107 - 341 - - ---------------------------------------------------------------------- Total revenue 1,489 391 1,728 146 253 ---------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses 31 - 483 - - Undistributed operating expenses: Administrative and general - 1 - - - Property operating costs - - - - - Property taxes, insurance and other 267 223 533 59 60 Depreciation and amortization 554 231 416 189 114 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 852 455 1,432 248 174 ---------------------------------------------------------------------- Net operating income 637 (64) 296 (102) 79 ---------------------------------------------------------------------- Interest expense, net (22) (4) (11) (6) (1) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 659 (60) 307 (96) 80 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 659 (60) 307 (96) 80 Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets 659 (60) 307 (96) 80 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) 659 (60) 307 (96) 80 ====================================================================== MeriStar Sub MeriStar Sub MeriStar Sub AGH PSS I, 5D, LLC 5H, LLC 7H, LLC Inc. Participating lease revenue 416 1,239 315 737 Hotel operations: Rooms - - - - Food and beverage - - - - Other operating departments - - - - Office rental and other revenues - - - 1 ----------------------------------------------------- Total revenue 416 1,239 315 738 ----------------------------------------------------- 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 - - - - Property operating costs - - - - Property taxes, insurance and other 87 168 92 105 Depreciation and amortization 362 493 152 - Write down of investment in STS Hotel Net - - - - Loss on asset impairment - - - - Write down of deferred 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 449 661 244 105 ----------------------------------------------------- Net operating income (33) 578 71 633 ----------------------------------------------------- Interest expense, net 399 (18) (5) (8) Equity in income from consolidated entities - - - - ----------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (432) 596 76 641 Minority interests - - - - ----------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets (432) 596 76 641 Income tax benefit - - - - ----------------------------------------------------- Income (loss) before loss on sale of assets (432) 596 76 641 Loss on sale of assets, net of tax effect - - - - Extraordinary item, net of tax effect - - - - ----------------------------------------------------- Net income (loss) (432) 596 76 641 =====================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 2D, LLC 4F, L.P. 5K, LLC 5M, LLC 1E, L.P. Participating lease revenue 245 467 736 649 317 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - 4 - - - ---------------------------------------------------------------------- Total revenue 245 471 736 649 317 ---------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other 56 93 76 76 36 Depreciation and amortization 117 280 297 113 76 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 173 373 373 189 112 ---------------------------------------------------------------------- Net operating income 72 98 363 460 205 ---------------------------------------------------------------------- Interest expense, net 192 (7) (22) (5) (4) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (120) 105 385 465 209 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets (120) 105 385 465 209 Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets (120) 105 385 465 209 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) (120) 105 385 465 209 ====================================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5O, LLC 6M Company 4B, L.P. 6C, LLC 2C, LLC Participating lease revenue 276 917 55 714 343 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - 4 19 ---------------------------------------------------------------------- Total revenue 276 917 55 718 362 ---------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other 35 71 86 50 86 Depreciation and amortization 55 302 177 199 255 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 90 373 263 249 341 ---------------------------------------------------------------------- Net operating income 186 544 (208) 469 21 ---------------------------------------------------------------------- Interest expense, net (2) (4) (56) (7) 332 Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 188 548 (152) 476 (311) Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 188 548 (152) 476 (311) Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets 188 548 (152) 476 (311) Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) 188 548 (152) 476 (311) ======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002
MeriStar Sub 4G, L.P. Participating lease revenue 726 Hotel operations: Rooms - Food and beverage - Other operating departments - Office rental and other revenues 6 ------------- Total revenue 732 ------------- 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 - Property operating costs - Property taxes, insurance and other 124 Depreciation and amortization 229 Write down of investment in STS Hotel Net - Loss on asset impairment - Write down of deferred 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 353 ------------- Net operating income 379 ------------- Interest expense, net (6) Equity in income from consolidated entities - ------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 385 Minority interests - ------------- Income (loss) before income tax benefit, loss on sale of assets 385 Income tax benefit - ------------- Income (loss) before loss on sale of assets 385 Loss on sale of assets, net of tax effect - Extraordinary item, net of tax effect - ------------- Net income (loss) 385 =============
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 3B, LLC 5G, L.P. 5P, LLC 5J, LLC 5Q, LLC Participating lease revenue 368 3,220 119 2,790 653 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues 6 18 - - - ---------------------------------------------------------------------- Total revenue 374 3,238 119 2,790 653 ---------------------------------------------------------------------- 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 - 2 - - - Property operating costs - - - - - Property taxes, insurance and other 81 465 6 471 68 Depreciation and amortization 230 1,548 - 866 120 Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 311 2,015 6 1,337 188 ---------------------------------------------------------------------- Net operating income 63 1,223 113 1,453 465 ---------------------------------------------------------------------- Interest expense, net (7) (30) - (26) (22) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 70 1,253 113 1,479 487 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 70 1,253 113 1,479 487 Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets 70 1,253 113 1,479 487 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) 70 1,253 113 1,479 487 ---------------------------------------------------------------------- MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Hotel 5A, LLC 8D, LLC 4J, LLC Lessee, Inc. Eliminations Participating lease revenue 1,582 579 776 - (73,053) Hotel operations: Rooms - - - 170,548 - Food and beverage - - - 62,065 - Other operating departments - - - 19,108 - Office rental and other revenues 23 - 65 538 - ------------------------------------------------------------------------- Total revenue 1,605 579 841 252,259 (73,053) ------------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - 38,935 - Food and beverage - - - 44,405 - Other operating departments - - - 10,694 - Office rental, parking and other operating expenses - - 99 - - Undistributed operating expenses: Administrative and general - - - 41,071 - Property operating costs - - - 37,824 - Property taxes, insurance and other 151 106 101 80,904 (73,053) Depreciation and amortization 313 317 336 294 - Write down of investment in STS Hotel Net - - - - - Loss on asset impairment - - - - - Write down of deferred 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 464 423 536 254,127 (73,053) ------------------------------------------------------------------------- Net operating income 1,141 156 305 (1,868) - ------------------------------------------------------------------------- Interest expense, net 693 (5) (11) 61 - Equity in income from consolidated entities - - - - 23,860 ------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 448 161 316 (1,929) (23,860) Minority interests - - - - - ------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 448 161 316 (1,929) (23,860) Income tax benefit - - - - - ------------------------------------------------------------------------- Income (loss) before loss on sale of assets 448 161 316 (1,929) (23,860) Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ------------------------------------------------------------------------- Net income (loss) 448 161 316 (1,929) (23,860) =========================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2002 (in thousands of dollars)
Total Consolidated Participating lease revenue - Hotel operations: - Rooms 170,548 Food and beverage 62,065 Other operating departments 19,108 Office rental and other revenues 4,943 ------------- Total revenue 256,664 ------------- - Hotel operating expenses by department: - Rooms 38,935 Food and beverage 44,405 Other operating departments 10,694 Office rental, parking and other operating expenses 814 Undistributed operating expenses: - Administrative and general 43,471 Property operating costs 37,382 Property taxes, insurance and other 20,081 Depreciation and amortization 30,592 Write down of investment in STS Hotel Net - Loss on asset impairment - Write down of deferred costs 1,529 Loss on fair value of non-hedging derivatives 4,735 FelCor merger costs - Costs to terminate leases with Prime Hospitality - Corporation - Restructuring charge - ------------- Total operating expenses 232,638 ------------- - Net operating income 24,026 ------------- - Interest expense, net 34,588 Equity in income from consolidated entities - ------------- Income (loss) before minority interests, income - tax benefit, loss on sale of assets (10,562) Minority interests 11 ------------- - Income (loss) before income tax benefit, loss on - sale of assets (10,573) Income tax benefit (249) ------------- - Income (loss) before loss on sale of assets (10,324) Loss on sale of assets, net of tax effect - Extraordinary item, net of tax effect - ------------- Net income (loss) (10,324) =============
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar MeriStar MeriStar Hospitality OP, Non-Guarantor Sub AGH Sub 5N, L.P. Subsidiaries 7C, LLC Upreit, LLC LLC Cash flows from operating activities: Net Income (loss) (10,324) 9,714 - - 261 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 2,671 13,259 - - 33 Equity in earnings (23,860) - - - - Loss on fair value of non-hedging derivatives 4,735 - - - - Write off of deffered financing costs 1,529 - - - - Minority interests 11 - - - - Amortization of unearned stock based compensation 880 - - - - Interest rate swaps marked to fair value (2,887) - - - - Deferred income taxes (281) - - - - Changes in operating assets and liabilities: Accounts receivable, net (2,731) (111) - - (16) Prepaid expenses and other 2,033 502 - - - Due from/to Meristar Hotels (589) - - - - Accounts payable, accrued expenses and other liabilities (3,030) (5,383) - - 26 Accrued interest (3,558) (156) - - - Due from subsidiaries 24,316 (11,553) - - (299) Income taxes payable (228) - - - - ------------------------------------------------------------ Net cash provided by (used in) operating activities (11,313) 6,272 - - 5 ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (833) (5,862) - - (5) Proceeds from disposition of assets - - - - - Investments in and advances to affiliates, net - - - - - Note receivable (9,000) (389) - - - Change in restricted cash 1,093 1,859 - - - ------------------------------------------------------------ Net cash provided by (used in) investing activities (8,740) (4,392) - - (5) ------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs (3,131) - - - - Proceeds from mortgages and notes payable 234,545 - - - - Principal payments on mortgages and notes payable (215,000) (1,880) - - - Borrowings from MeriStar Hospitality - - - - - Repayments to MeriStar Hospitality on borrowing - - - - - Purchase of treasury stock (409) - - - - Contributions from partners 3,155 - - - - Distributions to partners (1,264) - - - - ------------------------------------------------------------ Net cash provided by (used in) financing activities 17,896 (1,880) - - - ------------------------------------------------------------ Effect of exchange rate changes on cash (271) - - - - ------------------------------------------------------------ Net change in cash (2,428) - - - - Cash and cash equivalents, beginning of period 6,798 - - - - ------------------------------------------------------------ Cash and cash equivalents, end of period 4,370 - - - - ============================================================ MeriStar MeriStar MeriStar Sub MeriStar Sub 8G, MeriStar Sub Sub 8A, LLC Sub 8F, L.P. LLC 6H, L.P. 8B, LLC Cash flows from operating activities: Net Income (loss) 252 229 - 246 852 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 59 113 - 107 595 Equity in earnings - - - - - Loss on fair value of non-hedging derivatives - - - - - Write off of deffered financing costs - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net (16) 8 - - - Prepaid expenses and other - 19 - - - Due from/to Meristar Hotels - - - - - Accounts payable, accrued expenses and other liabilities - 50 - 8 294 Accrued interest - - - - - Due from subsidiaries (2,282) (414) - (361) (1,161) Income taxes payable - - - - - ------------------------------------------------------------ Net cash provided by (used in) operating activities (1,987) 5 - - 580 ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net 1,987 (5) - - (580) 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 1,987 (5) - - (580) ------------------------------------------------------------ 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 partners - - - - - ------------------------------------------------------------ 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 Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub 1C, L.P. 8E, LLC 7F, LLC Cash flows from operating activities: Net Income (loss) (39) 195 124 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 257 147 118 Equity in earnings - - - Loss on fair value of non-hedging derivatives - - - Write off of deffered financing costs - - - Minority interests - - - Amortization of unearned stock based compensation - - - Interest rate swaps marked to fair value - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - - - Prepaid expenses and other (30) - - Due from/to Meristar Hotels - - - Accounts payable, accrued expenses and other liabilities 154 (48) 28 Accrued interest - - - Due from subsidiaries (254) (249) (251) Income taxes payable - - - --------------------------------------- Net cash provided by (used in) operating activities 88 45 19 --------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (88) (45) (19) 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 (88) (45) (19) --------------------------------------- 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 partners - - - --------------------------------------- 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 Sub Sub Sub Sub Sub 5L, LLC 3C, LLC 5R, LLC 8A, LLC 6D, LLC Cash flows from operating activities: Net Income (loss) 257 256 - - 350 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 33 176 - - 133 Equity in earnings - - - - - Loss on fair value of non-hedging derivatives - - - - - Write off of deffered financing costs - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - (10) Prepaid expenses and other - - - 1 - Due from/to Meristar Hotels - - - - - Accounts payable, accrued expenses and other liabilities 52 148 - (46) 21 Accrued interest - - - - - Due from subsidiaries (338) (561) - 46 (378) Income taxes payable - - - - - ------------------------------------------------------------ Net cash provided by (used in) operating activities 4 19 - 1 116 ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (4) (19) - (1) (116) 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 (4) (19) - (1) (116) ------------------------------------------------------------ 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 partners - - - - - ------------------------------------------------------------ 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 6E, LLC 4E, L.P. Cash flows from operating activities: Net Income (loss) 644 24 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 425 230 Equity in earnings - - Loss on fair value of non-hedging derivatives - - Write off of deffered financing costs - - Minority interests - - Amortization of unearned stock based compensation - - Interest rate swaps marked to fair value - - Deferred income taxes - - Changes in operating assets and liabilities: Accounts receivable, net - - Prepaid expenses and other - - Due from/to Meristar Hotels - - Accounts payable, accrued expenses and other liabilities 262 (337) Accrued interest - - Due from subsidiaries (1,089) 148 Income taxes payable - - ------------------------------ Net cash provided by (used in) operating activities 242 65 ------------------------------ Cash flows from investing activities: Investment in hotel properties, net (242) (65) 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 (242 ) (65) ------------------------------ 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 partners - - ------------------------------ 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 Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar MeriStar MeriStar Sub MeriStar MeriStar Sub 1B, Sub 5F, 6G, LLC Sub 8C, LLC Sub 4C, LLC L.P. L.P. Cash flows from operating activities: Net Income (loss) 892 460 288 3 66 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 158 264 209 346 152 Equity in earnings - - - - - Loss on fair value of non-hedging derivatives - - - - - Write off of deffered financing costs - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - - Prepaid expenses and other - - - - - Due from/to Meristar Hotels - - - - - Accounts payable, accrued expenses and other liabilities 6 142 90 (153) (235) Accrued interest - - - - - Due from subsidiaries (911) (812) (414) (109) 39 Income taxes payable - - - - - ------------------------------------------------------------ Net cash provided by (used in) operating activities 145 54 173 87 22 ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (145) (54) (173) (87) (22) 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 (145) (54) (173) (87) (22) ------------------------------------------------------------ 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 partners - - - - - ------------------------------------------------------------ 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 4H, L.P. 7E, LLC 3D, LLC Cash flows from operating activities: Net Income (loss) (9) 170 464 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 135 158 240 Equity in earnings - - - Loss on fair value of non-hedging derivatives - - - Write off of deffered financing costs - - - Minority interests - - - Amortization of unearned stock based compensation - - - Interest rate swaps marked to fair value - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - - - Prepaid expenses and other (10) - - Due from/to Meristar Hotels - - - Accounts payable, accrued expenses and other liabilities (146) (30) 53 Accrued interest - - - Due from subsidiaries 56 (280) (701) Income taxes payable - - - -------------------------------------------- Net cash provided by (used in) operating activities 26 18 56 -------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (26) (18) (56) 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 (26) (18) (56) -------------------------------------------- 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 partners - - - -------------------------------------------- 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 1A, LLC 5E, LLC Cash flows from operating activities: Net Income (loss) 205 507 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 119 485 Equity in earnings - - Loss on fair value of non-hedging derivatives - - Write off of deffered financing costs - - Minority interests - - Amortization of unearned stock based compensation - - Interest rate swaps marked to fair value - - Deferred income taxes - - Changes in operating assets and liabilities: Accounts receivable, net - - Prepaid expenses and other - - Due from/to Meristar Hotels - - Accounts payable, accrued expenses and other liabilities (43) 38 Accrued interest - - Due from subsidiaries (268) (1,023) Income taxes payable - - --------------------------- Net cash provided by (used in) operating activities 13 7 --------------------------- Cash flows from investing activities: Investment in hotel properties, net (13) (7) 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 (13) (7) --------------------------- 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 partners - - ---------------------------- 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 Three Months Ended March 31, 2002 (in thousands of dollars) CAPTION MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 7A Joint Venture 6K, LLC 2B, LLC 3A, LLC Cash flows from operating activities: Net Income (loss) 118 584 (127) 39 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 104 186 105 71 Equity in earnings - - - - Loss on fair value of non-hedging derivatives - - - - Write off of deffered financing costs - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - Prepaid expenses and other - - - - Due from/to Meristar Hotels - - - - Accounts payable, accrued expenses and other liabilities (65) 117 - 17 Accrued interest - - - - Due from subsidiaries (22) (782) 51 361 Income taxes payable - - - - ----------------------------------------------------- Net cash provided by (used in) operating activities 135 105 29 488 ----------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (135) (105) (26) (488) 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 (135) (105) (26) (488) ----------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - (3) - Borrowings from MeriStar Hospitality - - - - Repayments to MeriStar Hospitality on borrowing - - - - Purchase of treasury stock - - - - Contributions from partners - - - - Distributions to partners - - - - ----------------------------------------------------- Net cash provided by (used in) financing activities - - (3) - ----------------------------------------------------- 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 4A, L.P. 4D, LLC 2A, LLC 6L, LLC Cash flows from operating activities: Net Income (loss) 195 - (157) 79 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - 80 78 222 Equity in earnings - - - - Loss on fair value of non-hedging derivatives - - - - Write off of deffered financing costs - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - Prepaid expenses and other - - - - Due from/to Meristar Hotels - - - - Accounts payable, accrued expenses and other liabilities (155) 37 37 49 Accrued interest - - - - Due from subsidiaries 17 (48) 43 (291) Income taxes payable - - - - ----------------------------------------------------- Net cash provided by (used in) operating activities 57 69 1 59 ----------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (57) (69) 4 (59) 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 (57) (69) 4 (59) ----------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - (5) - Borrowings from MeriStar Hospitality - - - - Repayments to MeriStar Hospitality on borrowing - - - - Purchase of treasury stock - - - - Contributions from partners - - - - Distributions to partners - - - - ----------------------------------------------------- Net cash provided by (used in) financing activities - - (5) - ----------------------------------------------------- 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 Limited MeriStar Sub MeriStar Sub MeriStar Sub Partnership 5C, LLC 6J, LLC 1D, L.P. Cash flows from operating activities: Net Income (loss) 119 20 423 659 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 34 149 162 554 Equity in earnings - - - - Loss on fair value of non-hedging derivatives - - - - Write off of deffered financing costs - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - Prepaid expenses and other 4 (40) - - Due from/to Meristar Hotels - - - - Accounts payable, accrued expenses and other liabilities (29) 25 60 (211) Accrued interest - - - 14 Due from subsidiaries (125) (134) (564) (693) Income taxes payable - - - - ----------------------------------------------------- Net cash provided by (used in) operating activities 3 20 81 323 ----------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (3) (20) (81) (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 (3) (20) (81) (323) ----------------------------------------------------- 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 partners - - - - ----------------------------------------------------- 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 Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar 7B, L.P. 7D, LLC 7G, LLC Sub 6B, LLC Cash flows from operating activities: Net Income (loss) (60) 307 (96) 80 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 231 416 189 114 Equity in earnings - - - - Loss on fair value of non-hedging derivatives - - - - Write off of deffered financing costs - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net - 267 - - Prepaid expenses and other - - - - Due from/to Meristar Hotels - - - - Accounts payable, accrued expenses and other liabilities (233) (572) (143) 14 Accrued interest - - - - Due from subsidiaries 66 (352) 69 (158) Income taxes payable - - - - ----------------------------------------------------- Net cash provided by (used in) operating activities 4 66 19 50 ----------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (4) (66) (19) (50) 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 (4) (66) (19) (50) ----------------------------------------------------- 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 partners - - - - ----------------------------------------------------- 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 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) (191) (432) 596 76 641 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 144 362 493 152 - Equity in earnings - - - - - Loss on fair value of non-hedging derivatives - - - - - Write off of deffered financing costs - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - - Prepaid expenses and other - - - - - Due from/to Meristar Hotels - - - - - Accounts payable, accrued expenses and other liabilities (168) 18 391 (94) 172 Accrued interest - - - - - Due from subsidiaries 287 95 (1,104) (107) (563) Income taxes payable - - - - - ------------------------------------------------------------ Net cash provided by (used in) operating activities 72 43 376 27 250 ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (72) (43) (376) (27) (250) 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 (72) (43) (376) (27) (250) ------------------------------------------------------------ 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 partners - - - - - ------------------------------------------------------------ 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 2D, LLC Cash flows from operating activities: Net Income (loss) (120) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 117 Equity in earnings - Loss on fair value of non-hedging derivatives - Write off of deffered financing costs - Minority interests - Amortization of unearned stock based compensation - Interest rate swaps marked to fair value - Deferred income taxes - Changes in operating assets and liabilities: Accounts receivable, net - Prepaid expenses and other - Due from/to Meristar Hotels - Accounts payable, accrued expenses and other liabilities (70) Accrued interest - Due from subsidiaries 77 Income taxes payable - ------------------ Net cash provided by (used in) operating activities 4 ------------------ Cash flows from investing activities: Investment in hotel properties, net 1 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 1 ------------------ Cash flows from financing activities: Deferred financing costs - Proceeds from mortgages and notes payable - Principal payments on mortgages and notes payable (5) Borrowings from MeriStar Hospitality - Repayments to MeriStar Hospitality on borrowing - Purchase of treasury stock - Contributions from partners - Distributions to partners - ------------------ Net cash provided by (used in) financing activities (5) ------------------ 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 Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 4F, L.P. 5K, LLC 5M, LLC 1E, L.P. Cash flows from operating activities: Net Income (loss) 105 385 465 209 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 280 297 113 76 Equity in earnings - - - - Loss on fair value of non-hedging derivatives - - - - Write off of deffered financing costs - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - - Prepaid expenses and other - - - - Due from/to Meristar Hotels - - - - Accounts payable, accrued expenses and other liabilities (254) 44 132 (40) Accrued interest - - - - Due from subsidiaries 65 (295) (665) (218) Income taxes payable - - - - ----------------------------------------------------- Net cash provided by (used in) operating activities 196 431 45 27 ----------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (196) (431) (45) (27) 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 (196) (431) (45) (27) ----------------------------------------------------- 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 partners - - - - ----------------------------------------------------- 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 5O, LLC 6M Company 4B, L.P. Cash flows from operating activities: Net Income (loss) 188 548 (152) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 55 302 177 Equity in earnings - - - Loss on fair value of non-hedging derivatives - - - Write off of deffered financing costs - - - Minority interests - - - Amortization of unearned stock based compensation - - - Interest rate swaps marked to fair value - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - - - Prepaid expenses and other - - - Due from/to Meristar Hotels - - - Accounts payable, accrued expenses and other liabilities 47 68 (142) Accrued interest - - - Due from subsidiaries (267) (840) 824 Income taxes payable - - - -------------------------------------------- Net cash provided by (used in) operating activities 23 78 707 -------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (23) (78) (707) 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 (23) (78) (707) -------------------------------------------- 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 partners - - - -------------------------------------------- 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 6C, LLC 2C, LLC 4G, L.P. Cash flows from operating activities: Net Income (loss) 476 (311) 385 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 199 255 229 Equity in earnings - - - Loss on fair value of non-hedging derivatives - - - Write off of deffered financing costs - - - Minority interests - - - Amortization of unearned stock based compensation - - - Interest rate swaps marked to fair value - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - - - Prepaid expenses and other - - - Due from/to Meristar Hotels - - - Accounts payable, accrued expenses and other liabilities 24 27 (380) Accrued interest - - - Due from subsidiaries (645) 30 (220) Income taxes payable - - - --------------------------------------- Net cash provided by (used in) operating activities 54 1 14 --------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (54) 7 (14) 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 (54) 7 (14) --------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - (8) - Borrowings from MeriStar Hospitality - - - Repayments to MeriStar Hospitality on borrowing - - - Purchase of treasury stock - - - Contributions from partners - - - Distributions to partners - - - --------------------------------------- Net cash provided by (used in) financing activities - (8) - --------------------------------------- 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 Three Months Ended March 31, 2002 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar MeriStar MeriStar 3B, LLC 5G, L.P. Sub 5P, LLC Sub 5J, Sub 5Q, LLC LLC Cash flows from operating activities: Net Income (loss) 70 1,253 113 1,479 487 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 230 1,548 - 866 120 Equity in earnings - - - - - Loss on fair value of non-hedging derivatives - - - - - Write off of deffered financing costs - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net - - 329 - - Prepaid expenses and other - - - 483 - Due from/to Meristar Hotels - - - - - Accounts payable, accrued expenses and other liabilities 146 466 6 804 160 Accrued interest - - - - - Due from subsidiaries (252) (2,492) (448) (3,168) (418) Income taxes payable - - - - - ------------------------------------------------------------ Net cash provided by (used in) operating activities 194 775 - 464 349 ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (194) (775) - (464) (349) 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 (194) (775) - (464) (349) ------------------------------------------------------------ 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 partners - - - - - ------------------------------------------------------------ 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 5A, LLC 8D, LLC 4J, LLC Cash flows from operating activities: Net Income (loss) 448 161 316 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 313 317 336 Equity in earnings - - - Loss on fair value of non-hedging derivatives - - - Write off of deffered financing costs - - - Minority interests - - - Amortization of unearned stock based compensation - - - Interest rate swaps marked to fair value - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - - 31 Prepaid expenses and other - - - Due from/to Meristar Hotels - - - Accounts payable, accrued expenses and other liabilities 211 (15) (159) Accrued interest - - - Due from subsidiaries (861) (442) (478) Income taxes payable - - - -------------------------------------------- Net cash provided by (used in) operating activities 111 21 46 -------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (111) (21) (46) 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 (111) (21) (46) -------------------------------------------- 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 partners - - - -------------------------------------------- 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 Total Lessee, Inc. Eliminations Consolidated Cash flows from operating activities: Net Income (loss) (1,929) (23,860) (10,324) Adjustments to reconcile net income (loss) to net cash - provided by (used in) operating activities: - Depreciation and amortization 294 - 30,592 Equity in earnings - 23,860 - Loss on fair value of non-hedging derivatives - - 4,735 Write off of deffered financing costs - - 1,529 Minority interests - - 11 Amortization of unearned stock based compensation - - 880 Interest rate swaps marked to fair value - - (2,887) Deferred income taxes - - (281) Changes in operating assets and liabilities: Accounts receivable, net (10,005) - (12,254) Prepaid expenses and other (1,328) - 1,634 Due from/to Meristar Hotels 365 - (224) Accounts payable, accrued expenses and other liabilities 7,395 - (342) Accrued interest - - (3,700) Due from subsidiaries 13,770 - - Income taxes payable - - (228) - -------------------------------------------- Net cash provided by (used in) operating activities 8,562 - 9,141 -------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net 2 - (12,292) Proceeds from disposition of assets - - - Investments in and advances to affiliates, net - - - Note receivable 389 - (9,000) Change in restricted cash - - 2,952 -------------------------------------------- Net cash provided by (used in) investing activities 391 - (18,340) -------------------------------------------- Cash flows from financing activities: Deferred financing costs - - (3,131) Proceeds from mortgages and notes payable - - 234,545 Principal payments on mortgages and notes payable (4,000) - (220,901) Borrowings from MeriStar Hospitality - - - Repayments to MeriStar Hospitality on borrowing - - - Purchase of treasury stock - - (409) Contributions from partners - - 3,155 Distributions to partners - - (1,264) -------------------------------------------- Net cash provided by (used in) financing activities (4,000) - 11,995 -------------------------------------------- Effect of exchange rate changes on cash - - (271) -------------------------------------------- Net change in cash 4,953 - 2,525 Cash and cash equivalents, beginning of period 16,643 - 23,441 -------------------------------------------- Cash and cash equivalents, end of period 21,596 - 25,966 ============================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar Non- Hospitality Guarantor MeriStar Sub AGH Assets OP, L.P. Subsidiaries 7C, LLC Upreit, LLC Investment in hotel properties 14,662 1,547,038 - - Accumulated depreciation (5,085) (184,188) - - -------------------------------------------------------------------- 9,577 1,362,850 - - Cash and cash equivalents 6,798 - - - Accounts receivable, net 4,092 1,183 - - Prepaid expenses and other 3,982 612 - - Note receivable 127,550 (389) - - Due from MeriStar Hotels & Resorts 12,392 - - - Due from subsidiaries (304,270) (7,275) - 66 Investments in affiliates 2,714,272 8,242 32 3,056 Restricted cash 13,751 7,438 - - Intangible assets, net 19,791 757 - - -------------------------------------------------------------------- 2,607,935 1,373,418 32 3,122 ==================================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 17,678 14,060 - - 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 1,056,444 286,512 - - -------------------------------------------------------------------- Total liabilities 1,493,094 304,594 - - -------------------------------------------------------------------- Minority interests 2,639 - - - Redeemable OP units at redemption value 67,012 - - - Partners' capital 1,045,190 1,068,824 32 3,122 -------------------------------------------------------------------- 2,607,935 1,373,418 32 3,122 ==================================================================== 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 Assets 5N, LLC 8A, LLC 8F, L.P. 8G, LLC Investment in hotel properties 4,074 7,306 11,335 - Accumulated depreciation (408) (936) (1,481) - ----------------------------------------------------------------- 3,666 6,370 9,854 - Cash and cash equivalents - - - - Accounts receivable, net (16) (32) (20) - Prepaid expenses and other - - 21 - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 2,809 4,720 3,889 82 Investments in affiliates - - - - Restricted cash - - 115 - Intangible assets, net - - - - ----------------------------------------------------------------- 6,459 11,058 13,859 82 ================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 14 (42) 160 - Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - ----------------------------------------------------------------- Total liabilities 14 (42) 160 - ----------------------------------------------------------------- Minority interests - - - Redeemable OP units at redemption value - - - Partners' capital 6,445 11,100 13,699 82 ----------------------------------------------------------------- 6,459 11,058 13,859 82 ================================================================= 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 Assets 6H, L.P. 8B, LLC 1C, L.P. 8E, LLC Investment in hotel properties 13,569 80,972 24,925 15,157 Accumulated depreciation (1,445) (7,509) (3,865) (1,850) -------------------------------------------------------------------- 12,124 73,463 21,060 13,307 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 4,467 21,498 (3,297) 4,323 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - 52 2 9 -------------------------------------------------------------------- 16,591 95,013 17,765 17,639 ==================================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 184 2,412 45 8 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 45 8 -------------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 16,407 92,601 17,720 17,631 -------------------------------------------------------------------- 16,591 95,013 17,765 17,639 ====================================================================
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 7F, LLC 5L, LLC 3C, LLC 5R, LLC 8A, LLC Investment in hotel properties 11,985 11,292 17,274 - (1) Accumulated depreciation (1,989) (368) (2,302) - - ---------------------------------------------------------------------------- 9,996 10,924 14,972 - (1) Cash and cash equivalents - - - - - Accounts receivable, net - - - - - Prepaid expenses and other - - - - 1 Note receivable - - - - - Due from MeriStar Hotels & Resorts - - - - - Due from subsidiaries 3,499 3,090 2,741 (43) 7,918 Investments in affiliates - - - 43 - Restricted cash - - - - - Intangible assets, net - - 59 - - ---------------------------------------------------------------------------- 13,495 14,014 17,772 - 7,918 ============================================================================ Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 168 3 170 - 46 Accrued interest - - - - - Income taxes payable - - - - - Distributions payable - - - - - Deferred income taxes - - - - - Interest rate swaps - - - - - Notes payable to MeriStar - - - - - Long-term debt - - - - - ---------------------------------------------------------------------------- Total liabilities 168 3 170 - 46 ---------------------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital 13,327 14,011 17,602 - 7,872 ---------------------------------------------------------------------------- 13,495 14,014 17,772 - 7,918 ============================================================================ 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 Assets 6D, LLC 6E, LLC 4E, L.P. 1B, LLC Investment in hotel properties 17,266 43,931 24,547 18,110 Accumulated depreciation (1,820) (6,642) (3,072) (2,927) ---------------------------------------------------------------- 15,446 37,289 21,475 15,183 Cash and cash equivalents - - - - Accounts receivable, net 115 - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 5,147 13,660 2,005 10,480 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - - 7 - ---------------------------------------------------------------- 20,708 50,949 23,487 25,663 ================================================================ Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 101 (295) 456 (11) Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - 48 ---------------------------------------------------------------- Total liabilities 101 (295) 456 37 ---------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 20,607 51,244 23,031 25,626 ---------------------------------------------------------------- 20,708 50,949 23,487 25,663 ================================================================ 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 Assets 5F, L.P. 6G, LLC 8C, LLC 4C, L.P Investment in hotel properties 30,953 22,050 36,668 16,345 Accumulated depreciation (3,363) (3,329) (3,917) (3,356) ---------------------------------------------------------------- 27,590 18,721 32,751 12,989 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 8,695 3,410 3,419 289 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - - 3 - ---------------------------------------------------------------- 36,285 22,131 36,173 13,278 ================================================================ Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 94 151 (21) 447 Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - ---------------------------------------------------------------- Total liabilities 94 151 (21) 447 ---------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 36,191 21,980 36,194 12,831 ---------------------------------------------------------------- 36,285 22,131 36,173 13,278 ================================================================
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 Assets 4H, L.P. 4H, L.P. 3D, LLC 1A, LLC Investment in hotel properties 12,363 17,822 22,305 11,231 Accumulated depreciation (1,712) (2,081) (5,411) (2,024) -------------------------------------------------------------- 10,651 15,741 16,894 9,207 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries (1,000) 4,799 5,619 4,953 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - 7 - - -------------------------------------------------------------- 9,651 20,547 22,513 14,160 ============================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 193 117 - 148 Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - -------------------------------------------------------------- Total liabilities 193 117 - 148 -------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 9,458 20,430 22,513 14,012 -------------------------------------------------------------- 9,651 20,547 22,513 14,160 ============================================================== MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars) MeriStar Sub MeriStar Sub 7A MeriStar Sub MeriStar Sub Assets 5E, LLC Joint Venture 6K, LLC 2B, LLC Investment in hotel properties 52,817 12,891 22,642 9,424 Accumulated depreciation (6,221) (1,345) (3,560) (1,558) ----------------------------------------------------------------- 46,596 11,546 19,082 7,866 Cash and cash equivalents - - - - Accounts receivable, net - - - (12) Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 9,219 3,585 13,504 (486) Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net 10 - - 1 ----------------------------------------------------------------- 55,825 15,131 32,586 7,369 ================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 301 230 78 147 Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - 4,851 ----------------------------------------------------------------- Total liabilities 301 230 78 4,998 ----------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 55,524 14,901 32,508 2,371 ----------------------------------------------------------------- 55,825 15,131 32,586 7,369 ================================================================= 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 Assets 3A, LLC 4A, L.P. 4D, LLC 2A, LLC Investment in hotel properties 6,274 8,619 8,664 8,209 Accumulated depreciation (1,292) (1,112) (1,179) (1,141) ----------------------------------------------------------------- 4,982 7,507 7,485 7,068 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 1,742 3,572 14 (620) Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net 2 - 26 25 ----------------------------------------------------------------- 6,726 11,079 7,525 6,473 ================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 98 313 62 31 Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - 7,912 ----------------------------------------------------------------- Total liabilities 98 313 62 7,943 ----------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 6,628 10,766 7,463 (1,470) ----------------------------------------------------------------- 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 Sub MDV Limited MeriStar Sub MeriStar Sub MeriStar Sub Assets 6L, LLC Partnership 5C, LLC 6J, LLC 1D, L.P. Investment in hotel properties 29,443 3,816 13,826 19,169 67,929 Accumulated depreciation (2,464) (410) (2,215) (2,573) (7,516) ----------------------------------------------------------------------------- 26,979 3,406 11,611 16,596 60,413 Cash and cash equivalents - - - - - Accounts receivable, net - - - - - Prepaid expenses and other - 4 17 - - Note receivable - - - - - Due from MeriStar Hotels & Resorts - - - - - Due from subsidiaries 3,604 1,796 (345) 4,047 13,481 Investments in affiliates - - - - - Restricted cash - - - - - Intangible assets, net - 9 - 58 55 ----------------------------------------------------------------------------- 30,583 5,215 11,283 20,701 73,949 ============================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 68 87 828 (57) 553 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 ----------------------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital 30,515 5,128 10,455 20,758 73,339 ----------------------------------------------------------------------------- 30,583 5,215 11,283 20,701 73,949 ============================================================================= 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 Assets 7B, L.P. 7D, LLC 7G, LLC 6B, LLC Investment in hotel properties 25,399 52,031 16,462 10,528 Accumulated depreciation (2,277) (6,516) (3,387) (1,292) -------------------------------------------------------------- 23,122 45,515 13,075 9,236 Cash and cash equivalents - - - - Accounts receivable, net - 912 - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - 200 - - Due from subsidiaries (4,749) 18,380 44 1,602 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - 393 34 9 -------------------------------------------------------------- 18,373 65,400 13,153 10,847 ============================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 1,011 4,688 161 (60) Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - -------------------------------------------------------------- Total liabilities 1,011 4,688 161 (60) -------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 17,362 60,712 12,992 10,907 -------------------------------------------------------------- 18,373 65,400 13,153 10,847 ============================================================== 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 Assets 4I, L.P. 5D, LLC 5H, LLC 7H, LLC Investment in hotel properties 12,477 41,617 52,475 9,978 Accumulated depreciation (3,677) (5,199) (6,012) (4,063) -------------------------------------------------------------- 8,800 36,418 46,463 5,915 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 1,289 (6,818) 6,867 5,202 Investments in affiliates - 51,398 - - Restricted cash - - - - Intangible assets, net - 21 - - -------------------------------------------------------------- 10,089 81,019 53,330 11,117 ============================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 360 241 (115) 414 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 360 24,241 (115) 427 -------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 9,729 56,778 53,445 10,690 -------------------------------------------------------------- 10,089 81,019 53,330 11,117 ==============================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
AGH PSS I, MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Assets Inc. 2D, LLC 4F, L.P. 5K, LLC 5M, LLC Investment in hotel properties 17,317 15,307 31,467 27,304 21,917 Accumulated depreciation (2,049) (1,949) (3,617) (2,729) (1,429) ----------------------------------------------------------------------------- 15,268 13,358 27,850 24,575 20,488 Cash and cash equivalents - - - - - Accounts receivable, net - - - - - Prepaid expenses and other - - - - - Note receivable - - - - - Due from MeriStar Hotels & Resorts - - - - - Due from subsidiaries 9,631 215 3,292 (781) 5,344 Investments in affiliates - - - - - Restricted cash - - - - - Intangible assets, net - 2 37 - - ----------------------------------------------------------------------------- 24,899 13,575 31,179 23,794 25,832 ============================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 29 43 388 5,644 21 Accrued interest - - - - - Income taxes payable - - - - - Distributions payable - - - - - Deferred income taxes - - - - - Interest rate swaps - - - - - Notes payable to MeriStar - - - - - Long-term debt - 9,167 - - - ----------------------------------------------------------------------------- Total liabilities 29 9,210 388 5,644 21 ----------------------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital 24,870 4,365 30,791 18,150 25,811 ----------------------------------------------------------------------------- 24,899 13,575 31,179 23,794 25,832 ============================================================================= 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 Assets 1E, L.P. 5O, LLC 6M Company 4B, L.P. Investment in hotel properties 10,379 8,674 32,724 15,830 Accumulated depreciation (1,350) (697) (3,594) (4,630) -------------------------------------------------------------- 9,029 7,977 29,130 11,200 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - 13 - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 5,927 1,939 12,127 (3,367) Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - - 47 29 -------------------------------------------------------------- 14,956 9,916 41,317 7,862 ============================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 22 18 (99) 387 Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - - - - -------------------------------------------------------------- Total liabilities 22 18 (99) 387 -------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 14,934 9,898 41,416 7,475 -------------------------------------------------------------- 14,956 9,916 41,317 7,862 ============================================================== 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 Assets 6C, LLC 2C, LLC 4G, L.P. 3B, LLC Investment in hotel properties 20,493 28,300 25,493 24,577 Accumulated depreciation (2,815) (4,322) (3,112) (2,971) --------------------------------------------------------------- 17,678 23,978 22,381 21,606 Cash and cash equivalents - - - - Accounts receivable, net - - - - Prepaid expenses and other - - - - Note receivable - - - - Due from MeriStar Hotels & Resorts - - - - Due from subsidiaries 7,763 7,596 5,849 1,864 Investments in affiliates - - - - Restricted cash - - - - Intangible assets, net - 2 28 - --------------------------------------------------------------- 25,441 31,576 28,258 23,470 =============================================================== Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (128) 255 574 115 Accrued interest - - - - Income taxes payable - - - - Distributions payable - - - - Deferred income taxes - - - - Interest rate swaps - - - - Notes payable to MeriStar - - - - Long-term debt - 16,011 - - --------------------------------------------------------------- Total liabilities (128) 16,266 574 115 --------------------------------------------------------------- Minority interests - - - - Redeemable OP units at redemption value - - - - Partners' capital 25,569 15,310 27,684 23,355 --------------------------------------------------------------- 25,441 31,576 28,258 23,470 ===============================================================
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 5G, L.P. 5P, LLC 5J, LLC 5Q, LLC 5A, LLC Investment in hotel properties 161,783 - 104,381 15,964 34,663 Accumulated depreciation (18,012) - (9,859) (1,216) (7,908) ----------------------------------------------------------------------------- 143,771 - 94,522 14,748 26,755 Cash and cash equivalents - - - - - Accounts receivable, net - 319 - - - Prepaid expenses and other - - 483 - - Note receivable - - - - - Due from MeriStar Hotels & Resorts - - - - - Due from subsidiaries 28,207 1,117 12,862 2,083 2,995 Investments in affiliates - - - - 4,627 Restricted cash - - - - - Intangible assets, net - - - - (53) ----------------------------------------------------------------------------- 171,978 1,436 107,867 16,831 34,324 ============================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities 678 19 318 (201) (69) Accrued interest - - - - - Income taxes payable - - - - - Distributions payable - - - - - Deferred income taxes - - - - - Interest rate swaps - - - - - Notes payable to MeriStar - - - - - Long-term debt - - - - 23,609 ----------------------------------------------------------------------------- Total liabilities 678 19 318 (201) 23,540 ----------------------------------------------------------------------------- Minority interests - - - - - Redeemable OP units at redemption value - - - - - Partners' capital 171,300 1,417 107,549 17,032 10,784 ----------------------------------------------------------------------------- 171,978 1,436 107,867 16,831 34,324 ============================================================================= MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars) MeriStar Sub MeriStar Sub MeriStar Hotel Total Assets 8D, LLC 4J, LLC Lessee, Inc. Eliminations Consolidated Investment in hotel properties 30,448 37,923 864 - 3,183,677 Accumulated depreciation (3,813) (4,561) (658) - (397,380) ----------------------------------------------------------------------------- 26,635 33,362 206 - 2,786,297 Cash and cash equivalents - - 16,643 - 23,441 Accounts receivable, net - 21 40,616 - 47,178 Prepaid expenses and other 1 - 13,172 - 18,306 Note receivable - - 389 (91,550) 36,000 Due from MeriStar Hotels & Resorts - - (3,715) - 8,877 Due from subsidiaries 5,308 3,090 6,316 - - Investments in affiliates - - 1,629 (2,741,585) 41,714 Restricted cash - - - - 21,304 Intangible assets, net - 47 - - 21,469 ----------------------------------------------------------------------------- 31,944 36,520 75,256 (2,833,135) 3,004,586 ============================================================================= Liabilities and Partners' capital Accounts payable, accrued expenses and other liabilities (71) 243 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 (91,550) 1,343,017 ----------------------------------------------------------------------------- Total liabilities (71) 243 75,766 (91,550) 1,889,745 ----------------------------------------------------------------------------- Minority interests - - - - 2,639 Redeemable OP units at redemption value - - - - 67,012 Partners' capital 32,015 36,277 (510) (2,741,585) 1,045,190 ----------------------------------------------------------------------------- 31,944 36,520 75,256 (2,833,135) 3,004,586 =============================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 2001 (in thousands of dollars)
MeriStar Non- Hospitality Guarantor MeriStar Sub AGH Upreit, MeriStar Sub OP, L.P. Subsidiaries 7C, LLC LLC 5N, LLC Participating lease revenue - 46,012 - - 416 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments 499 (777) - - - Office rental and other revenues 1,600 2,344 - - - ---------------------------------------------------------------------- Total revenue 2,099 47,579 - - 416 ---------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses - 886 - - - Undistributed operating expenses: Administrative and general 2,350 (192) - - - Property operating costs - (223) - - - Property taxes, insurance and other 1,817 3,356 - - 16 Depreciation and amortization 2,537 12,430 - - 32 Write down of investment in STS Hotel Net 2,112 - - - - Swap termination fees 9,297 - - - - Write down of deferred 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 18,113 16,257 - - 48 ---------------------------------------------------------------------- Net operating income (16,014) 31,322 - - 368 ---------------------------------------------------------------------- Interest expense, net 29,191 (329) - - (2) Equity in income from consolidated entities (60,166) - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 14,961 31,651 - - 370 Minority interests 11 - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 14,950 31,651 - - 370 Income tax benefit 453 - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets 14,497 31,651 - - 370 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect (1,226) - - - - ---------------------------------------------------------------------- Net income (loss) 13,271 31,651 - - 370 ====================================================================== MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 2001 (in thousands of dollars) MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 8A, LLC 8F, L.P. 8G, LLC 6H, L.P. 8B, LLC Participating lease revenue 405 802 - 299 2,355 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - 1 - - - Office rental and other revenues - - - - - ---------------------------------------------------------------------- Total revenue 405 803 - 299 2,355 ---------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other 42 112 - (60) 389 Depreciation and amortization 72 109 - 106 577 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 114 221 - 46 966 ---------------------------------------------------------------------- Net operating income 291 582 - 253 1,389 ---------------------------------------------------------------------- Interest expense, net (2) 4 - (1) (35) Equity in income from consolidated entities - - - - - ---------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 293 578 - 254 1,424 Minority interests - - - - - ---------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 293 578 - 254 1,424 Income tax benefit - - - - - ---------------------------------------------------------------------- Income (loss) before loss on sale of assets 293 578 - 254 1,424 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - ---------------------------------------------------------------------- Net income (loss) 293 578 - 254 1,424 ======================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 1C, L.P. 8E, LLC 7F, LLC 5L, LLC 3C, LLC Participating lease revenue 622 498 239 518 648 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - 6 - - - Office rental and other revenues - - - - - -------------------------------------------------------------------------- Total revenue 622 504 239 518 648 -------------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments (5) (2) - - - Office rental, parking and other operating expenses - - - - - Undistributed operating expenses: Administrative and general - - - - - Property operating costs - - - - - Property taxes, insurance and other 88 28 54 3 134 Depreciation and amortization 252 130 115 31 171 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 335 156 169 34 305 -------------------------------------------------------------------------- Net operating income 287 348 70 484 343 -------------------------------------------------------------------------- Interest expense, net (6) (17) (4) (3) (7) Equity in income from consolidated entities - - - - - -------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 293 365 74 487 350 Minority interests - - - - - -------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 293 365 74 487 350 Income tax benefit - - - - - -------------------------------------------------------------------------- Income (loss) before loss on sale of assets 293 365 74 487 350 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - -------------------------------------------------------------------------- Net income (loss) 293 365 74 487 350 ========================================================================== MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 2001 (in thousands of dollars) Old MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5R, LLC 8A, LLC 6D, LLC 6E, LLC 4E, L.P. Participating lease revenue - 177 540 1,582 542 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - 200 4 - 2 Office rental and other revenues - - - - - -------------------------------------------------------------------------- Total revenue - 377 544 1,582 544 -------------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other - 56 116 238 72 Depreciation and amortization - 89 126 411 228 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 - 145 242 649 300 -------------------------------------------------------------------------- Net operating income - 232 302 933 244 -------------------------------------------------------------------------- Interest expense, net - (5) (7) (10) (5) Equity in income from consolidated entities - - - - - -------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets - 237 309 943 249 Minority interests - - - - - -------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets - 237 309 943 249 Income tax benefit - - - - - -------------------------------------------------------------------------- Income (loss) before loss on sale of assets - 237 309 943 249 Loss on sale of assets, net of tax effect - (1,062) - - - Extraordinary item, net of tax effect - - - - - -------------------------------------------------------------------------- Net income (loss) - (825) 309 943 249 ==========================================================================
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 1B, LLC 5F, L.P. 6G, LLC 8C, LLC 4C, L.P. Participating lease revenue 820 836 862 604 289 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - 2 - Office rental and other revenues - - - - - --------------------------------------------------------------------- Total revenue 820 836 862 606 289 --------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other 61 (95) 225 286 248 Depreciation and amortization 154 262 185 324 176 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 215 167 410 610 424 --------------------------------------------------------------------- Net operating income 605 669 452 (4) (135) --------------------------------------------------------------------- Interest expense, net (15) (3) (35) (17) (17) Equity in income from consolidated entities - - - - - --------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 620 672 487 13 (118) Minority interests - - - - - --------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 620 672 487 13 (118) Income tax benefit - - - - - --------------------------------------------------------------------- Income (loss) before loss on sale of assets 620 672 487 13 (118) Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - --------------------------------------------------------------------- Net income (loss) 620 672 487 13 (118) ===================================================================== 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 4H, L.P. 7E, LLC 3D, LLC 1A, LLC 5E, LLC Participating lease revenue 124 458 586 535 1,259 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - - - --------------------------------------------------------------------- Total revenue 124 458 586 535 1,259 --------------------------------------------------------------------- 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 - - - - 8 Property operating costs - - - - - Property taxes, insurance and other 46 177 51 86 212 Depreciation and amortization 133 148 225 116 457 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 179 325 276 202 677 --------------------------------------------------------------------- Net operating income (55) 133 310 333 582 --------------------------------------------------------------------- Interest expense, net (3) (6) (41) (8) (46) Equity in income from consolidated entities - - - - - --------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (52) 139 351 341 628 Minority interests - - - - - --------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets (52) 139 351 341 628 Income tax benefit - - - - - --------------------------------------------------------------------- Income (loss) before loss on sale of assets (52) 139 351 341 628 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - --------------------------------------------------------------------- Net income (loss) (52) 139 351 341 628 =====================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars)
MeriStar Sub 7A MeriStar Sub MeriStar Sub MeriStar Sub Joint Venture 6K, LLC 2B, LLC 3A, LLC Participating lease revenue 373 988 146 149 Hotel operations: Rooms - - - - Food and beverage - - - - Other operating departments - - - - Office rental and other revenues - - - - ---------------------------------------------------------- Total revenue 373 988 146 149 ---------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - Food and beverage - - - - Other operating departments - 2 - 3 Office rental, parking and other operating expenses - - - - Undistributed operating expenses: Administrative and general - - - - Property operating costs - - - - Property taxes, insurance and other 27 251 40 (17) Depreciation and amortization 100 185 96 85 Write down of investment in STS Hotel Net - - - - Swap termination fees - - - - Write down of deferred 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 127 438 136 71 ---------------------------------------------------------- Net operating income 246 550 10 78 ---------------------------------------------------------- Interest expense, net (2) (8) 88 (5) Equity in income from consolidated entities - - - - ---------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 248 558 (78) 83 Minority interests - - - - ---------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 248 558 (78) 83 Income tax benefit - - - - ---------------------------------------------------------- Income (loss) before loss on sale of assets 248 558 (78) 83 Loss on sale of assets, net of tax effect - - - - Extraordinary item, net of tax effect - - - - ---------------------------------------------------------- Net income (loss) 248 558 (78) 83 ========================================================== 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 MDV Limited 4A, L.P. 4D, LLC 2A, LLC 6L, LLC Partnership Participating lease revenue 347 133 186 424 191 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - - - - - -------------------------------------------------------------------- Total revenue 347 133 186 424 191 -------------------------------------------------------------------- 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 10 - - - - Property operating costs - - - - - Property taxes, insurance and other 78 71 36 62 36 Depreciation and amortization - 71 79 220 30 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 88 142 115 282 66 -------------------------------------------------------------------- Net operating income 259 (9) 71 142 125 -------------------------------------------------------------------- Interest expense, net (10) (16) 173 (8) (3) Equity in income from consolidated entities - - - - - -------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 269 7 (102) 150 128 Minority interests - - - - - -------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 269 7 (102) 150 128 Income tax benefit - - - - - -------------------------------------------------------------------- Income (loss) before loss on sale of assets 269 7 (102) 150 128 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - -------------------------------------------------------------------- Net income (loss) 269 7 (102) 150 128 ==================================================================== MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Balance Sheet December 31, 2001 (in thousands of dollars) MeriStar Sub 5C, LLC Participating lease revenue 233 Hotel operations: Rooms - Food and beverage - Other operating departments - Office rental and other revenues - ------------- Total revenue 233 ------------- 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 8 Property operating costs - Property taxes, insurance and other 112 Depreciation and amortization 145 Write down of investment in STS Hotel Net - Swap termination fees - Write down of deferred 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 265 ------------- Net operating income (32) ------------- Interest expense, net (9) Equity in income from consolidated entities - ------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (23) Minority interests - ------------- Income (loss) before income tax benefit, loss on sale of assets (23) Income tax benefit - ------------- Income (loss) before loss on sale of assets (23) Loss on sale of assets, net of tax effect - Extraordinary item, net of tax effect - ------------- Net income (loss) (23) =============
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 6J, LLC 1D, L.P. 7B, L.P. 7D, LLC 7G, LLC Participating lease revenue 652 1,830 396 1,526 197 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental and other revenues - 85 - 661 - --------------------------------------------------------------------- Total revenue 652 1,915 396 2,187 197 --------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - - Office rental, parking and other operating expenses - 30 - 363 - Undistributed operating expenses: Administrative and general - 13 - 13 - Property operating costs - - - - - Property taxes, insurance and other 16 261 371 411 71 Depreciation and amortization 149 541 215 390 180 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 165 845 586 1,177 251 --------------------------------------------------------------------- Net operating income 487 1,070 (190) 1,010 (54) --------------------------------------------------------------------- Interest expense, net (13) (12) (37) (41) (26) Equity in income from consolidated entities - - - - - --------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 500 1,082 (153) 1,051 (28) Minority interests - - - - - --------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 500 1,082 (153) 1,051 (28) Income tax benefit - - - - - --------------------------------------------------------------------- Income (loss) before loss on sale of assets 500 1,082 (153) 1,051 (28) Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - --------------------------------------------------------------------- Net income (loss) 500 1,082 (153) 1,051 (28) ===================================================================== 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 6B, LLC 4I, L.P. 5D, LLC 5H, LLC 7H, LLC Participating lease revenue 215 29 415 1,789 309 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - 3 - - - Office rental and other revenues - - - - - -------------------------------------------------------------------- Total revenue 215 32 415 1,789 309 -------------------------------------------------------------------- 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 - - - Property operating costs - - - - - Property taxes, insurance and other 62 89 256 114 5 Depreciation and amortization 112 213 348 486 174 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 174 305 604 600 179 -------------------------------------------------------------------- Net operating income 41 (273) (189) 1,189 130 -------------------------------------------------------------------- Interest expense, net (2) (6) 606 (10) (9) Equity in income from consolidated entities - - - - - -------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 43 (267) (795) 1,199 139 Minority interests - - - - - -------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 43 (267) (795) 1,199 139 Income tax benefit - - - - - -------------------------------------------------------------------- Income (loss) before loss on sale of assets 43 (267) (795) 1,199 139 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - -------------------------------------------------------------------- Net income (loss) 43 (267) (795) 1,199 139 ====================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 2001 (in thousands of dollars)
AGH PSS I, MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Inc. 2D, LLC 4F, L.P. 5K, LLC 5M, LLC Participating lease revenue 1,119 278 774 872 878 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments 1 - 1 - - Office rental and other revenues - - - - - -------------------------------------------------------------------------- Total revenue 1,120 278 775 872 878 -------------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other 164 93 149 43 44 Depreciation and amortization - 116 270 295 110 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 164 209 419 338 154 -------------------------------------------------------------------------- Net operating income 956 69 356 534 724 -------------------------------------------------------------------------- Interest expense, net (2) 196 (11) (6) (8) Equity in income from consolidated entities - - - - - -------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 958 (127) 367 540 732 Minority interests - - - - - -------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 958 (127) 367 540 732 Income tax benefit - - - - - -------------------------------------------------------------------------- Income (loss) before loss on sale of assets 958 (127) 367 540 732 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - -------------------------------------------------------------------------- Net income (loss) 958 (127) 367 540 732 ========================================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 1E, L.P. 5O, LLC 6M Company 4B, L.P. 6C, LLC Participating lease revenue 352 340 1,120 85 820 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - - 3 Office rental and other revenues - - - - - -------------------------------------------------------------------------- Total revenue 352 340 1,120 85 823 -------------------------------------------------------------------------- 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 - - - - - Property operating costs - - - - - Property taxes, insurance and other 33 16 35 114 25 Depreciation and amortization 71 59 298 270 185 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 104 75 333 384 210 -------------------------------------------------------------------------- Net operating income 248 265 787 (299) 613 -------------------------------------------------------------------------- Interest expense, net (10) (2) (5) (21) (24) Equity in income from consolidated entities - - - - - -------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 258 267 792 (278) 637 Minority interests - - - - - -------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 258 267 792 (278) 637 Income tax benefit - - - - - -------------------------------------------------------------------------- Income (loss) before loss on sale of assets 258 267 792 (278) 637 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effe effect - - - - - -------------------------------------------------------------------------- Net income (loss) 258 267 792 (278) 637 ==========================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 2C, LLC 4G, L.P. 3B, LLC 5G, L.P. 5P, LLC Participating lease revenue 487 848 497 4,219 165 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments 12 - 3 16 - Office rental and other revenues - - - - - -------------------------------------------------------------------------- Total revenue 499 848 500 4,235 165 -------------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - (9) - - Office rental, parking and other operating expenses - - - - - Undistributed operating expenses: Administrative and general - - - 2 - Property operating costs - - - - - Property taxes, insurance and other 132 268 90 45 - Depreciation and amortization 256 209 219 1,539 - Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 388 477 300 1,586 - -------------------------------------------------------------------------- Net operating income 111 371 200 2,649 165 -------------------------------------------------------------------------- Interest expense, net 346 (19) (11) (12) - Equity in income from consolidated entities - - - - - -------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets (235) 390 211 2,661 165 Minority interests - - - - - -------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets (235) 390 211 2,661 165 Income tax benefit - - - - - -------------------------------------------------------------------------- Income (loss) before loss on sale of assets (235) 390 211 2,661 165 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - -------------------------------------------------------------------------- Net income (loss) (235) 390 211 2,661 165 ========================================================================== MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub Meristar Sub 5J, LLC 5Q, LLC 5A, LLC 8D, LLC 4J, LLC Participating lease revenue 3,895 883 1,690 951 682 Hotel operations: Rooms - - - - - Food and beverage - - - - - Other operating departments - - 23 - 1 Office rental and other revenues - - - - 68 -------------------------------------------------------------------------- Total revenue 3,895 883 1,713 951 751 -------------------------------------------------------------------------- Hotel operating expenses by department: Rooms - - - - - Food and beverage - - - - - Other operating departments - - - 5 (10) Office rental, parking and other operating expenses - - - - 141 Undistributed operating expenses: Administrative and general 1 - - - - Property operating costs - - - - - Property taxes, insurance and other (37) 46 114 91 (89) Depreciation and amortization 840 102 417 311 310 Write down of investment in STS Hotel Net - - - - - Swap termination fees - - - - - Write down of deferred 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 804 148 531 407 352 -------------------------------------------------------------------------- Net operating income 3,091 735 1,182 544 399 -------------------------------------------------------------------------- Interest expense, net (28) (33) 701 (9) (34) Equity in income from consolidated entities - - - - - -------------------------------------------------------------------------- Income (loss) before minority interests, income tax benefit, loss on sale of assets 3,119 768 481 553 433 Minority interests - - - - - -------------------------------------------------------------------------- Income (loss) before income tax benefit, loss on sale of assets 3,119 768 481 553 433 Income tax benefit - - - - - -------------------------------------------------------------------------- Income (loss) before loss on sale of assets 3,119 768 481 553 433 Loss on sale of assets, net of tax effect - - - - - Extraordinary item, net of tax effect - - - - - -------------------------------------------------------------------------- Net income (loss) 3,119 768 481 553 433 ==========================================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Operations Three Months Ended March 2001 (in thousands of dollars)
MeriStar Hotel Total Lessee, Inc. Eliminations Consolidated Participating lease revenue - (89,727) 3,784 Hotel operations: Rooms 200,380 - 200,380 Food and beverage 71,291 - 71,291 Other operating departments 22,471 - 22,471 Office rental and other revenues - - 4,758 ------------------------------------------------------------ Total revenue 294,142 (89,727) 302,684 ------------------------------------------------------------ Hotel operating expenses by department: Rooms 45,722 - 45,722 Food and beverage 51,404 - 51,404 Other operating departments 11,586 - 11,570 Office rental, parking and other operating expenses (483) - 937 Undistributed operating expenses: Administrative and general 42,701 - 44,917 Property operating costs 42,922 - 42,699 Property taxes, insurance and other 96,628 (89,727) 18,387 Depreciation and amortization 95 - 29,387 Write down of investment in STS Hotel Net - - 2,112 Swap termination fees - - 9,297 Write down of deferred 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 290,575 (89,727) 256,432 ------------------------------------------------------------ Net operating income 3,567 - 46,252 ------------------------------------------------------------ Interest expense, net - - 30,229 Equity in income from consolidated entities - 60,166 - ------------------------------------------------------------ Income (loss) before minority interests, income tax benefit, loss on sale of assets 3,567 (60,166) 16,023 Minority interests - - 11 ------------------------------------------------------------ Income (loss) before income tax benefit, loss on sale of assets 3,567 (60,166) 16,012 Income tax benefit - - 453 ------------------------------------------------------------ Income (loss) before loss on sale of assets 3,567 (60,166) 15,559 Loss on sale of assets, net of tax effect - - (1,062) Extraordinary item, net of tax effect - - (1,226) ------------------------------------------------------------ Net income (loss) 3,567 (60,166) 13,271 ============================================================
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Three Months Ended March 2001 (in thousands of dollars)
MeriStar Hospitality OP, Guarantor MeriStar Sub AGH MeriStar L.P. Subsidiaries 7C, LLC Upreit, LLC Sub 5N, LLC Cash flows from operating activities: Net Income (loss) 13,271 31,651 - - 370 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 2,537 12,430 - - 32 Equity in earnings (60,166) - - - - Loss on sale of assets - - - - - Write down of STS Hotel net 2,112 - - - - Extraordinary loss on extinguishment of debt 1,243 - - - - Minority interests 11 - - - - Amortization of unearned stock based compensation 797 - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes 144 - - - - Changes in operating assets and liabilities: Accounts receivable, net (1,587) 4,269 - - - Prepaid expenses and other (1,146) (596) - - - Due from/to Meristar Hotels 5,053 (1,940) - - 111 Accounts payable, accrued expenses and other liabilities 9,606 (14,235) - - (103) Accrued interest 2,737 (156) - - - Due from subsidiaries 51,538 (26,053) - - (404) Income taxes payable 283 - - - - ---------------------------------------------------------------- Net cash provided by (used in) operating activities 26,433 5,370 - - 6 ---------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (1,295) (4,897) - - (6) Proceeds from disposition of assets - - - - - Hotel operating cash received in lease conversion - - - - - Note receivable (36,000) - - - - Change in restricted cash 1,682 (473) - - - ---------------------------------------------------------------- Net cash provided by (used in) investing activities (35,613) (5,370) - - (6) ---------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs (9,321) - - - - Proceeds from mortgages and notes payable 578,347 - - - - Principal payments on mortgages and notes payable (535,725) - - - - Contributions from partners 280 - - - - Distributions to partners (24,859) - - - - ---------------------------------------------------------------- Net cash provided by (used in) financing activities 8,722 - - - - ---------------------------------------------------------------- Effect of exchange rate changes on cash 216 - - - - ---------------------------------------------------------------- Net change in cash (242) - - - - Cash and cash equivalents, beginning of period 242 - - - - ---------------------------------------------------------------- Cash and cash equivalents, end of period - - - - - ================================================================ MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidating Statement of Cash Flows Three Months Ended March 2001 (in thousands of dollars) MeriStar Sub MeriStar MeriStar MeriStar MeriStar 8A, LLC Sub 4F, L.P. Sub 8G, LLC Sub 6H, L.P. Sub 8B, LLC Cash flows from operating activities: Net Income (loss) 293 578 - 254 1,424 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 72 109 - 106 577 Equity in earnings - - - - - Loss on sale of assets - - - - - Write down of STS Hotel net - - - - - Extraordinary loss on extinguishment of debt - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net (31) 135 - (7) 184 Prepaid expenses and other - (6) - - (11) Due from/to Meristar Hotels 16 - - - 120 Accounts payable, accrued expenses and other liabilities 4 (127) - (95) (169) Accrued interest - (5) - - - Due from subsidiaries (328) 2,912 - (257) (2,037) Income taxes payable - - - - - ----------------------------------------------------------------- Net cash provided by (used in) operating activities 26 3,596 - 1 88 ----------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (26) (105) - (1) (88) 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 (26) 383 - (1) (88) ----------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - (3,979) - - - Contributions from partners - - - - - Distributions to partners - - - - - ----------------------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 1C, L.P. 8E, LLC 7F, LLC 5L, LLC 3C, LLC Cash flows from operating activities: Net Income (loss) 293 365 74 487 350 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 252 130 115 31 171 Equity in earnings - - - - - Loss on sale of assets - - - - - Write down of STS Hotel net - - - - - Extraordinary loss on extinguishment of debt - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net (4) 62 (26) - 10 Prepaid expenses and other - - - - (3) Due from/to Meristar Hotels 1 - (2) 239 - Accounts payable, accrued expenses and other liabilities (245) (124) 41 (129) 10 Accrued interest - - - - - Due from subsidiaries (223) (412) (186) (557) (414) Income taxes payable - - - - - -------------------------------------------------------------------- Net cash provided by (used in) operating activities 74 21 16 71 124 -------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (74) (21) (16) (71) (124) 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 (74) (21) (16) (71) (124) -------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Contributions from partners - - - - - Distributions to partners - - - - - -------------------------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars) Old MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5R, LLC 8A, LLC 6D, LLC 6E, LLC 4E, L.P. Cash flows from operating activities: Net Income (loss) - (825) 309 943 249 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - 89 126 411 228 Equity in earnings - - - - - Loss on sale of assets - 1,081 - - - Write down of STS Hotel net - - - - - Extraordinary loss on extinguishment of debt - - - - - Minority interests - - - - - Amortization of unearned stock based compensation - - - - - Interest rate swaps marked to fair value - - - - - Deferred income taxes - - - - - Changes in operating assets and liabilities: Accounts receivable, net - (31) (179) 34 (19) Prepaid expenses and other - (1) (5) - - Due from/to Meristar Hotels - - 123 - (75) Accounts payable, accrued expenses and other liabilities - (4) (110) (164) (365) Accrued interest - - - - - Due from subsidiaries - (7,583) (233) (1,179) 195 Income taxes payable - - - - - -------------------------------------------------------------------- Net cash provided by (used in) operating activities - (7,274) 31 45 213 -------------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net - - (31) (45) (213) 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 - 7,274 (31) (45) (213) -------------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - - Proceeds from mortgages and notes payable - - - - - Principal payments on mortgages and notes payable - - - - - Contributions from partners - - - - - Distributions to partners - - - - - -------------------------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars)
MeriStar Sub MeriStar MeriStar Sub MeriStar Sub 1B, LLC Sub 5F, L.P. 6G, LLC 8C, LLC Cash flows from operating activities: Net Income (loss) 620 672 487 13 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 154 262 185 324 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net 16 (25) 36 8 Prepaid expenses and other (13) (11) (6) - Due from/to Meristar Hotels - - (5) - Accounts payable, accrued expenses and other liabilities (94) (257) (92) (140) Accrued interest - - - - Due from subsidiaries (659) (595) (521) (160) Income taxes payable - - - - ----------------------------------------------------------- Net cash provided by (used in) operating activities 24 46 84 45 ----------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (24) (46) (84) (45) 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 (24) (46) (84) (45) ----------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - - Contributions from partners - - - - Distributions to partners - - - - ----------------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars) MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC Cash flows from operating activities: Net Income (loss) (118) (52) 139 351 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 176 133 148 225 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net (47) - 53 (19) Prepaid expenses and other (6) (2) 44 - Due from/to Meristar Hotels - (14) - - Accounts payable, accrued expenses and other liabilities (103) (132) (20) (70) Accrued interest - - - - Due from subsidiaries 122 88 (326) (374) Income taxes payable - - - - ----------------------------------------------------------- Net cash provided by (used in) operating activities 24 21 38 113 ----------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (24) (21) (38) (113) 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 (24) (21) (38) (113) ----------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - - Contributions from partners - - - - Distributions to partners - - - - ----------------------------------------------------------- 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 1A, LLC 5E, LLC Cash flows from operating activities: Net Income (loss) 341 628 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 116 457 Equity in earnings - - Loss on sale of assets - - Write down of STS Hotel net - - Extraordinary loss on extinguishment of debt - - Minority interests - - Amortization of unearned stock based compensation - - Interest rate swaps marked to fair value - - Deferred income taxes - - Changes in operating assets and liabilities: Accounts receivable, net 40 18 Prepaid expenses and other - (15) Due from/to Meristar Hotels - (11) Accounts payable, accrued expenses and other liabilities (84) 180 Accrued interest - - Due from subsidiaries (363) (1,073) Income taxes payable - - ---------------------------- Net cash provided by (used in) operating activities 50 184 ---------------------------- Cash flows from investing activities: Investment in hotel properties, net (50) (184) 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 (50) (184) ---------------------------- Cash flows from financing activities: Deferred financing costs - - Proceeds from mortgages and notes payable - - Principal payments on mortgages and notes payable - - Contributions from partners - - Distributions to partners - - ---------------------------- 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 Three Months Ended March 2001 (in thousands of dollars)
MeriStar Sub 7A MeriStar Sub MeriStar Sub MeriStar Sub Joint Venture 6K, LLC 2B, LLC 3A, LLC Cash flows from operating activities: Net Income (loss) 248 558 (78) 83 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 100 185 96 85 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net (13) (18) 39 (35) Prepaid expenses and other (4) (1) - - Due from/to Meristar Hotels - - 389 (1) Accounts payable, accrued expenses and other liabilities (109) 39 18 (57) Accrued interest - - - - Due from subsidiaries (209) (652) (639) (55) Income taxes payable - - - - -------------------------------------------------------------- Net cash provided by (used in) operating activities 13 111 (175) 20 -------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (13) (111) 427 (20) 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 (13) (111) 427 (20) -------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - (252) - Contributions from partners - - - - Distributions to partners - - - - -------------------------------------------------------------- Net cash provided by (used in) financing activities - - (252) - -------------------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars) MeriStar MeriStar Sub MeriStar Sub MeriStar Sub Sub 4A, L.P. 4D, LLC 2A, LLC 6L, LLC Cash flows from operating activities: Net Income (loss) 269 7 (102) 150 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - 71 79 220 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net (4) (7) 25 (23) Prepaid expenses and other - - (1) (5) Due from/to Meristar Hotels (2) - (154) - Accounts payable, accrued expenses and other liabilities (210) 109 (39) (70) Accrued interest - - - - Due from subsidiaries 31 (57) 324 (223) Income taxes payable - - - - -------------------------------------------------------------- Net cash provided by (used in) operating activities 84 123 132 49 -------------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (84) (123) 279 (49) 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 (84) (123) 279 (49) -------------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - (411) - Contributions from partners - - - - Distributions to partners - - - - -------------------------------------------------------------- Net cash provided by (used in) financing activities - - (411) - -------------------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars) MDV Limited MeriStar Sub Partnership 5C, LLC Cash flows from operating activities: Net Income (loss) 128 (23) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 30 145 Equity in earnings - - Loss on sale of assets - - Write down of STS Hotel net - - Extraordinary loss on extinguishment of debt - - Minority interests - - Amortization of unearned stock based compensation - - Interest rate swaps marked to fair value - - Deferred income taxes - - Changes in operating assets and liabilities: Accounts receivable, net 26 (16) Prepaid expenses and other (3) 9 Due from/to Meristar Hotels - - Accounts payable, accrued expenses and other liabilities (51) 61 Accrued interest - - Due from subsidiaries (119) (93) Income taxes payable - - -------------------------------- Net cash provided by (used in) operating activities 11 83 -------------------------------- Cash flows from investing activities: Investment in hotel properties, net (11) (83) 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 (11) (83) -------------------------------- Cash flows from financing activities: Deferred financing costs - - Proceeds from mortgages and notes payable - - Principal payments on mortgages and notes payable - - Contributions from partners - - Distributions to partners - - -------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 6J, LLC 1D, L.P. 7B, L.P. 7D, LLC Cash flows from operating activities: Net Income (loss) 500 1,082 (153) 1,051 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 149 541 215 390 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net 19 30 (13) 475 Prepaid expenses and other (6) (20) - - Due from/to Meristar Hotels (1) (32) (1) (4) Accounts payable, accrued expenses and other liabilities (207) (538) 73 (494) Accrued interest - 16 - - Due from subsidiaries (380) (1,049) 3 (1,047) Income taxes payable - - - - ----------------------------------------------------------- Net cash provided by (used in) operating activities 74 30 124 371 ----------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (74) (30) (124) (371) 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 (74) (30) (124) (371) ----------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - - Contributions from partners - - - - Distributions to partners - - - - ----------------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars) MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 7G, LLC 6B, LLC 4I, L.P. 5D, LLC Cash flows from operating activities: Net Income (loss) (28) 43 (267) (795) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 180 112 213 348 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net - - - (24) Prepaid expenses and other (4) (1) (7) (53) Due from/to Meristar Hotels - - - (37) Accounts payable, accrued expenses and other liabilities (58) 36 (191) 275 Accrued interest - - - - Due from subsidiaries 23 (185) 335 339 Income taxes payable - - - - ----------------------------------------------------------- Net cash provided by (used in) operating activities 113 5 83 53 ----------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (113) (5) (83) (40) 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 (113) (5) (83) (40) ----------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - (13) Contributions from partners - - - - Distributions to partners - - - - ----------------------------------------------------------- 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 Hospitality Operating Partnership, L.P Condensed Consolidating Statement of Cash Flows Three Months Ended March 2001 (in thousands of dollars) MeriStar Sub MeriStar Sub 5H, LLC 7H, LLC Cash flows from operating activities: Net Income (loss) 1,199 139 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 486 174 Equity in earnings - - Loss on sale of assets - - Write down of STS Hotel net - - Extraordinary loss on extinguishment of debt - - Minority interests - - Amortization of unearned stock based compensation - - Interest rate swaps marked to fair value - - Deferred income taxes - - Changes in operating assets and liabilities: Accounts receivable, net - (39) Prepaid expenses and other - - Due from/to Meristar Hotels 444 - Accounts payable, accrued expenses and other liabilitie (355) (156) Accrued interest - - Due from subsidiaries (1,683) (94) Income taxes payable - - --------------------------- Net cash provided by (used in) operating activities 91 24 --------------------------- Cash flows from investing activities: Investment in hotel properties, net Proceeds from disposition of assets (91) (24) Hotel operating cash received in lease conversion - - Note receivable - - Change in restricted cash - - - - --------------------------- Net cash provided by (used in) investing activities (91) (24) --------------------------- Cash flows from financing activities: Deferred financing costs - - Proceeds from mortgages and notes payable - - Principal payments on mortgages and notes payable - - Contributions from partners - - Distributions to partners - - --------------------------- 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 Three Months Ended March 2001 (in thousands of dollars)
AGH PSS I, MeriStar Sub MeriStar Sub MeriStar Sub Inc. 2D, LLC 4F, L.P. 5K, LLC Cash flows from operating activities: Net Income (loss) 958 (127) 367 540 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization - 116 270 295 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net (908) (29) (4) - Prepaid expenses and other (10) - - - Due from/to Meristar Hotels - 1,226 - (24) Accounts payable, accrued expenses and other liabilities (100) (64) (312) (107) Accrued interest - - - - Due from subsidiaries 122 (1,339) (302) (318) Income taxes payable - - - - ----------------------------------------------------- Net cash provided by (used in) operating activities 62 (217) 19 386 ----------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (62) 693 (19) (386) 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 (62) 693 (19) (386) ----------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - (476) - - Contributions from partners - - - - Distributions to partners - - - - ----------------------------------------------------- Net cash provided by (used in) financing activities - (476) - - ----------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars) MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 5M, LLC 1E, L.P. 5O, LLC 6M Company Cash flows from operating activities: Net Income (loss) 732 258 267 792 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 110 71 59 298 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net - 35 - 72 Prepaid expenses and other - - - (62) Due from/to Meristar Hotels 233 (1) 17 - Accounts payable, accrued expenses and other liabilities (210) (73) (71) (26) Accrued interest - - - - Due from subsidiaries (828) (273) (274) (1,042) Income taxes payable - - - - ------------------------------------------------------- Net cash provided by (used in) operating activities 37 17 (2) 32 ------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (37) (17) 2 (32) 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 (37) (17) 2 (32) ------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - - Contributions from partners - - - - Distributions to partners - - - - ------------------------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars) MeriStar Sub MeriStar Sub MeriStar Sub 4B, L.P. 6C, LLC 2C, LLC Cash flows from operating activities: Net Income (loss) (278) 637 (235) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 270 185 256 Equity in earnings - - - Loss on sale of assets - - - Write down of STS Hotel net - - - Extraordinary loss on extinguishment of debt - - - Minority interests - - - Amortization of unearned stock based compensation - - - Interest rate swaps marked to fair value - - - Deferred income taxes - - - Changes in operating assets and liabilities: Accounts receivable, net - 56 (104) Prepaid expenses and other - 29 - Due from/to Meristar Hotels - - 3,278 Accounts payable, accrued expenses and other liabilities (301) (95) (26) Accrued interest - - - Due from subsidiaries 435 (672) (3,563) Income taxes payable - - - ---------------------------------------- Net cash provided by (used in) operating activities 126 140 (394) ---------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (126) (140) 1,226 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 (126) (140) 1,226 ---------------------------------------- Cash flows from financing activities: Deferred financing costs - - - Proceeds from mortgages and notes payable - - - Principal payments on mortgages and notes payable - - (832) Contributions from partners - - - Distributions to partners - - - ---------------------------------------- Net cash provided by (used in) financing activities - - (832) ---------------------------------------- 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 Three Months Ended March 2001 (in thousands of dollars)
MeriStar Sub MeriStar Sub MeriStar Sub MeriStar Sub 4G, L.P. 3B, LLC 5G, L.P. 5P, LLC Cash flows from operating activities: Net Income (loss) 390 211 2,661 165 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 209 219 1,539 - Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net 67 8 383 (165) Prepaid expenses and other - (7) (14) - Due from/to Meristar Hotels (1) (1) (1) 42 Accounts payable, accrued expenses and other liabilities (336) (10) (499) - Accrued interest - - - - Due from subsidiaries (402) (390) (4,024) (42) Income taxes payable - - - - ---------------------------------------------------------- Net cash provided by (used in) operating activities (73) 30 45 - ---------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net 73 (30) (45) - 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 73 (30) (45) - ---------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - - Contributions from partners - - - - Distributions to partners - - - - ---------------------------------------------------------- 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 MeriStar Sub 5J, LLC 5Q, LLC 5A, LLC 8D, LLC Cash flows from operating activities: Net Income (loss) 3,119 768 481 553 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 840 102 417 311 Equity in earnings - - - - Loss on sale of assets - - - - Write down of STS Hotel net - - - - Extraordinary loss on extinguishment of debt - - - - Minority interests - - - - Amortization of unearned stock based compensation - - - - Interest rate swaps marked to fair value - - - - Deferred income taxes - - - - Changes in operating assets and liabilities: Accounts receivable, net - - 11 119 Prepaid expenses and other - - (11) (5) Due from/to Meristar Hotels 480 (514) (1) - Accounts payable, accrued expenses and other liabilities (1,094) (408) (27) (101) Accrued interest - - - - Due from subsidiaries (2,930) 218 (852) (855) Income taxes payable - - - - ---------------------------------------------------------- Net cash provided by (used in) operating activities 415 166 18 22 ---------------------------------------------------------- Cash flows from investing activities: Investment in hotel properties, net (415) (166) (18) (22) 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 (415) (166) (18) (22) ---------------------------------------------------------- Cash flows from financing activities: Deferred financing costs - - - - Proceeds from mortgages and notes payable - - - - Principal payments on mortgages and notes payable - - - - Contributions from partners - - - - Distributions to partners - - - - ---------------------------------------------------------- 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 Hotel Total 4J, LLC Lessee, Inc. Eliminations Consolidated Cash flows from operating activities: Net Income (loss) 433 3,567 (60,166) 13,271 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 310 95 - 29,387 Equity in earnings - - 60,166 - Loss on sale of assets - - - 1,081 Write down of STS Hotel net - - - 2,112 Extraordinary loss on extinguishment of debt - - - 1,243 Minority interests - - - 11 Amortization of unearned stock based compensation - - - 797 Interest rate swaps marked to fair value - - - - Deferred income taxes - - - 144 Changes in operating assets and liabilities: Accounts receivable, net 42 (10,068) - (7,173) Prepaid expenses and other - (627) - (2,580) Due from/to Meristar Hotels - 2,562 - 11,512 Accounts payable, accrued expenses and other liabilities (430) 8,347 - (4,888) Accrued interest - - - 2,592 Due from subsidiaries (235) 12,078 - - Income taxes payable - - - 283 ------------------------------------------------------------ Net cash provided by (used in) operating activities 120 15,954 - 47,792 ------------------------------------------------------------ Cash flows from investing activities: Investment in hotel properties, net (120) (717) - (8,743) Proceeds from disposition of assets - - - 7,274 Hotel operating cash received in lease conversion - 3,778 - 3,778 Note receivable - - - (36,000) Change in restricted cash - - - 1,697 ------------------------------------------------------------ Net cash provided by (used in) investing activities (120) 3,061 - (31,994) ------------------------------------------------------------ Cash flows from financing activities: Deferred financing costs - (1) - (9,322) Proceeds from mortgages and notes payable - - - 578,347 Principal payments on mortgages and notes payable - (32) - (541,720) Contributions from partners - - - 280 Distributions to partners - - - (24,859) ------------------------------------------------------------ Net cash provided by (used in) financing activities - (33) - 2,726 ------------------------------------------------------------ Effect of exchange rate changes on cash - - - 216 ------------------------------------------------------------ Net change in cash - 18,982 - 18,740 Cash and cash equivalents, beginning of period - - - 242 ------------------------------------------------------------ Cash and cash equivalents, end of period - 18,982 - 18,982 ============================================================