EX-99.1 9 w86517exv99w1.txt EXHIBIT 99.1 . . . MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR NON- MERISTAR AGH MERISTAR HOSPITALITY GUARANTOR SUB 7C UPREIT, SUB 5N, OP, L.P. SUBSIDIARIES LLC LLC LLC ----------- ------------ ----------- ---------- ---------- ASSETS Investment in hotel properties 17,245 1,454,270 -- -- 4,126 Accumulated depreciation (9,807) (231,789) -- -- (576) ---------- ---------- ---------- ---------- ---------- 7,438 1,222,481 -- -- 3,550 Restricted cash 17,162 4,744 -- -- -- Investments in and advances to affiliates 2,580,119 8,200 32 3,056 -- Due from subsidiaries (650,084) 240,273 -- 7 3,757 Note receivable 120,855 -- -- -- -- Prepaid expenses and other assets 16,884 1,477 -- -- 9 Accounts receivable, net of allowance of doubtful accounts 12,991 1,241 -- -- -- Cash and cash equivalents 47,624 -- -- -- -- ---------- ---------- ---------- ---------- ---------- 2,152,989 1,478,416 32 3,063 7,316 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 943,158 350,174 -- -- -- Notes payable to MeriStar Hospitality Corporation 357,602 -- -- -- -- Accounts payable and accrued expenses 19,677 4,598 -- -- 5 Accrued interest 36,918 3,475 -- -- -- Due to Interstate Hotels & Resorts 509 -- -- -- -- Other liabilities 6,311 (600) -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 1,364,175 357,647 -- -- 5 ---------- ---------- ---------- ---------- ---------- Minority interests 2,635 -- -- -- -- Redeemable OP units at redemption value 24,945 -- -- -- -- Partners' capital 761,234 1,120,769 32 3,063 7,311 ---------- ---------- ---------- ---------- ---------- 2,152,989 1,478,416 32 3,063 7,316 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 8A, SUB 8F, SUB 8G, SUB 6H, SUB 8B, LLC LLC LLC L.P. LLC ---------- ---------- ----------- ---------- ---------- ASSETS Investment in hotel properties -- 11,479 -- 13,636 82,475 Accumulated depreciation -- (2,048) -- (1,985) (10,479) ---------- ---------- ---------- ---------- ---------- -- 9,431 -- 11,651 71,996 Restricted cash -- 115 -- -- -- Investments in and advances to affiliates -- -- 72 -- -- Due from subsidiaries 4,879 5,679 9 6,008 27,340 Note receivable -- -- -- -- -- Prepaid expenses and other assets -- 20 -- 4 30 Accounts receivable, net of allowance of doubtful accounts (17) (28) -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 4,862 15,217 81 17,663 99,366 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (36) 86 -- 190 2,601 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities (96) -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities (132) 86 -- 190 2,601 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 4,994 15,131 81 17,473 96,765 ---------- ---------- ---------- ---------- ---------- 4,862 15,217 81 17,663 99,366 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1C, SUB 8E, SUB 7F, SUB 5L, SUB 3C, L.P. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 25,358 15,339 12,075 11,596 17,387 Accumulated depreciation (5,139) (2,587) (2,567) (538) (3,173) ---------- ---------- ---------- ---------- ---------- 20,219 12,752 9,508 11,058 14,214 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries (2,846) 5,820 4,542 3,953 4,482 Note receivable -- -- -- -- -- Prepaid expenses and other assets 72 6 4 24 51 Accounts receivable, net of allowance of doubtful accounts 4 -- -- (20) -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 17,449 18,578 14,054 15,015 18,747 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 162 (71) 191 13 290 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 162 (71) 191 13 290 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 17,287 18,649 13,863 15,002 18,457 ---------- ---------- ---------- ---------- ---------- 17,449 18,578 14,054 15,015 18,747 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5B, SUB 6D, SUB 6E, SUB 4E, SUB 1B, LLC. LLC LLC L.P. LLC ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties -- 17,430 44,595 24,830 18,430 Accumulated depreciation -- (2,483) (8,748) (4,196) (3,672) ---------- ---------- ---------- ---------- ---------- -- 14,947 35,847 20,634 14,758 Restricted cash -- -- -- -- -- Investments in and advances to affiliates 43 -- -- -- -- Due from subsidiaries (43) 7,043 19,078 2,535 13,458 Note receivable -- -- -- -- -- Prepaid expenses and other assets -- 4 18 15 21 Accounts receivable, net of allowance of doubtful accounts -- 108 -- -- 96 Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- -- 22,102 54,943 23,184 28,333 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- 37 Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses -- (64) (176) 57 68 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities -- (64) (176) 57 105 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital -- 22,166 55,119 23,127 28,228 ---------- ---------- ---------- ---------- ---------- -- 22,102 54,943 23,184 28,333 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5F, SUB 6G, SUB 8C, SUB 4C, SUB 4H, L.P. LLC LLC L.P. L.P. ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 31,565 22,389 7,081 -- 12,496 Accumulated depreciation (4,688) (4,381) -- -- (2,385) ---------- ---------- ---------- ---------- ---------- 26,877 18,008 7,081 -- 10,111 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 11,019 5,537 4,587 11,503 (856) Note receivable -- -- -- -- -- Prepaid expenses and other assets 43 7 13 -- 17 Accounts receivable, net of allowance of doubtful accounts -- -- -- 1 -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 37,939 23,552 11,681 11,504 9,272 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 155 37 (375) 130 77 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- (32) -- ---------- ---------- ---------- ---------- ---------- Total liabilities 155 37 (375) 98 77 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 37,784 23,515 12,056 11,406 9,195 ---------- ---------- ---------- ---------- ---------- 37,939 23,552 11,681 11,504 9,272 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB SUB 7E, SUB 3D, SUB 1A, SUB 5E, 7A JOINT LLC. LLC LLC LLC. VENTURE ---------- ---------- ---------- ---------- ------------ ASSETS Investment in hotel properties 17,981 22,558 11,328 52,888 13,182 Accumulated depreciation (2,866) (6,458) (2,590) (8,637) (1,869) ---------- ---------- ---------- ---------- ---------- 15,115 16,100 8,738 44,251 11,313 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 6,062 7,699 6,479 15,393 4,468 Note receivable -- -- -- -- -- Prepaid expenses and other assets 7 9 33 11 13 Accounts receivable, net of allowance of doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 21,184 23,808 15,250 59,655 15,794 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 56 66 70 251 154 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 56 66 70 251 154 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 21,128 23,742 15,180 59,404 15,640 ---------- ---------- ---------- ---------- ---------- 21,184 23,808 15,250 59,655 15,794 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 6K, SUB 2B, SUB 3A, SUB 4A, SUB 4D, LLC. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 22,861 4,487 5,742 4,683 3,015 Accumulated depreciation (4,482) -- (320) -- -- ---------- ---------- ---------- ---------- ---------- 18,379 4,487 5,422 4,683 3,015 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 17,673 (947) 1,577 4,031 (14) Note receivable -- -- -- -- -- Prepaid expenses and other assets 2 12 5 7 24 Accounts receivable, net of allowance of doubtful accounts -- (13) -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 36,054 3,539 7,004 8,721 3,025 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- 5,258 -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 62 44 140 171 131 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 62 5,302 140 171 131 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 35,992 (1,763) 6,864 8,550 2,894 ---------- ---------- ---------- ---------- ---------- 36,054 3,539 7,004 8,721 3,025 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MDV MERISTAR MERISTAR SUB 2A, SUB 6L, LIMITED SUB 5C, SUB 6J, LLC. LLC PARTNERSHIP LLC LLC ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 5,279 29,687 3,841 5,335 19,424 Accumulated depreciation -- (3,577) (581) -- (3,363) ---------- ---------- ---------- ---------- ---------- 5,279 26,110 3,260 5,335 16,061 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries (1,068) 5,219 2,200 206 6,312 Note receivable -- -- -- -- -- Prepaid expenses and other assets 31 7 16 102 47 Accounts receivable, net of allowance of doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 4,242 31,336 5,476 5,643 22,420 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 8,576 -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 85 84 47 797 (141) Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 8,661 84 47 797 (141) ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital (4,419) 31,252 5,429 4,846 22,561 ---------- ---------- ---------- ---------- ---------- 4,242 31,336 5,476 5,643 22,420 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1D, SUB 7B, SUB 7D, SUB 7G, SUB 6B, L.P. L.P. LLC LLC LLC ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 68,506 7,275 52,186 5,820 10,657 Accumulated depreciation (10,321) -- (8,543) -- (1,857) ---------- ---------- ---------- ---------- ---------- 58,185 7,275 43,643 5,820 8,800 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 17,270 (3,751) 22,446 105 2,614 Note receivable -- -- -- -- -- Prepaid expenses and other assets 111 7 306 6 3 Accounts receivable, net of allowance of doubtful accounts -- -- 783 -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 75,566 3,531 67,178 5,931 11,417 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 137 937 3,857 (33) (52) Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- (200) -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 137 937 3,657 (33) (52) ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 75,429 2,594 63,521 5,964 11,469 ---------- ---------- ---------- ---------- ---------- 75,566 3,531 67,178 5,931 11,417 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR AGH SUB 4I, SUB 5D, SUB 5H, SUB 7H, PSS I, L.P. LLC LLC LLC INC. ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 3,818 42,026 53,492 5,705 17,871 Accumulated depreciation (73) (7,010) (8,494) (51) (2,049) ---------- ---------- ---------- ---------- ---------- 3,745 35,016 44,998 5,654 15,822 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- 51,368 -- -- -- Due from subsidiaries 642 (7,014) 9,590 5,775 11,188 Note receivable -- -- -- -- -- Prepaid expenses and other assets 8 37 98 5 45 Accounts receivable, net of allowance of doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 4,395 79,407 54,686 11,434 27,055 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- 24,000 -- 13 -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 232 191 70 122 106 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 232 24,191 70 135 106 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 4,163 55,216 54,616 11,299 26,949 ---------- ---------- ---------- ---------- ---------- 4,395 79,407 54,686 11,434 27,055 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 2D, SUB 4F, SUB 5K, SUB 5M, SUB 1E, LLC L.P. LLC LLC L.P. ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 6,229 32,146 28,097 22,030 10,466 Accumulated depreciation -- (4,986) (4,238) (2,001) (1,728) ---------- ---------- ---------- ---------- ---------- 6,229 27,160 23,859 20,029 8,738 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 346 4,318 (294) 7,049 7,654 Note receivable -- -- -- -- -- Prepaid expenses and other assets 13 13 40 20 12 Accounts receivable, net of allowance of doubtful accounts - -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 6,588 31,491 23,605 27,098 16,404 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 9,937 -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (11) 132 4,291 44 19 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 9,926 132 4,291 44 19 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital (3,338) 31,359 19,314 27,054 16,385 ---------- ---------- ---------- ---------- ---------- 6,588 31,491 23,605 27,098 16,404 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5O, SUB 6M SUB 4B, SUB 6C, SUB 2C, LLC COMPANY L.P. LLC LLC ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 8,730 32,979 8,275 20,895 11,465 Accumulated depreciation (973) (5,081) (136) (3,786) -- ---------- ---------- ---------- ---------- ---------- 7,757 27,898 8,139 17,109 11,465 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 2,691 16,755 (4,846) 10,716 5,132 Note receivable -- -- -- -- -- Prepaid expenses and other assets 8 23 9 7 32 Accounts receivable, net of allowance of doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 10,456 44,676 3,302 27,832 16,629 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- 17,355 Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 9 (59) 239 (149) 290 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 9 (59) 239 (149) 17,645 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 10,447 44,735 3,063 27,981 (1,016) ---------- ---------- ---------- ---------- ---------- 10,456 44,676 3,302 27,832 16,629 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 4G, SUB 3B, SUB 5G, SUB 5P, SUB 5J, L.P. LLC L.P. LLC LLC ---------- ---------- ---------- ---------- ---------- ASSETS Investment in hotel properties 25,608 7,760 163,395 39 108,685 Accumulated depreciation (4,235) -- (25,785) (20) (14,204) ---------- ---------- ---------- ---------- ---------- 21,373 7,760 137,610 19 94,481 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 7,374 2,541 37,857 2,162 18,420 Note receivable -- -- -- -- -- Prepaid expenses and other assets 55 7 145 6 147 Accounts receivable, net of allowance of doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 28,802 10,308 175,612 2,187 113,048 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 172 229 885 4 285 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 172 229 885 4 285 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 28,630 10,079 174,727 2,183 112,763 ---------- ---------- ---------- ---------- ---------- 28,802 10,308 175,612 2,187 113,048 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5Q, SUB 5A, SUB 8D, SUB 4J, HOTEL LESSEE, LLC LLC LLC LLC INC. ---------- ---------- ---------- ---------- ------------- ASSETS Investment in hotel properties 16,598 35,041 30,817 38,166 2,248 Accumulated depreciation (1,849) (9,781) (5,394) (6,182) (2,260) ---------- ---------- ---------- ---------- ---------- 14,749 25,260 25,423 31,984 (12) Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- 4,627 -- -- 1,629 Due from subsidiaries 3,685 5,810 7,271 5,867 (2,343) Note receivable -- -- -- -- -- Prepaid expenses and other assets 28 16 8 11 16,736 Accounts receivable, net of allowance of doubtful accounts -- -- -- (16) 54,635 Cash and cash equivalents -- -- -- -- 17,857 ---------- ---------- ---------- ---------- ---------- 18,462 35,713 32,702 37,846 88,502 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- 23,609 -- -- 33,646 Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (151) 33 (133) 61 64,466 Accrued interest -- -- -- -- 351 Due to Interstate Hotels & Resorts -- -- -- -- 10,284 Other liabilities -- -- -- -- 12,265 ---------- ---------- ---------- ---------- ---------- Total liabilities (151) 23,642 (133) 61 121,012 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 18,613 12,071 32,835 37,785 (32,510) ---------- ---------- ---------- ---------- ---------- 18,462 35,713 32,702 37,846 88,502 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
GUARANTOR SUBSIDIARIES TOTAL TOTAL ELIMINATIONS CONSOLIDATED ------------ ---------- ------------ ASSETS Investment in hotel properties 1,471,603 -- 2,943,118 Accumulated depreciation (225,425) -- (467,021) ---------- ---------- ---------- 1,246,178 -- 2,476,097 ---------- ---------- ---------- Restricted cash 115 -- 22,021 Investments in and advances to affiliates 60,827 (2,607,432) 41,714 Due from subsidiaries 409,811 -- -- Note receivable -- (120,855) -- Prepaid expenses and other assets 18,646 -- 37,007 Accounts receivable, net of allowance of doubtful accounts 55,533 -- 69,765 Cash and cash equivalents 17,857 -- 65,481 ---------- ---------- ---------- 1,808,967 (2,728,287) 2,712,085 ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL -- -- Long-term debt 122,431 (120,855) 1,294,908 Notes payable to MeriStar Hospitality Corporation -- -- 357,602 Accounts payable and accrued expenses 81,580 -- 105,855 Accrued interest 351 -- 40,744 Due to Interstate Hotels & Resorts 10,084 -- 10,593 Other liabilities 12,137 -- 17,848 ---------- ---------- ---------- Total liabilities 226,583 (120,855) 1,827,550 ---------- ---------- ---------- Minority interests -- -- 2,635 Redeemable OP units at redemption value -- -- 24,945 Partners' capital 1,582,384 (2,607,432) 856,955 ---------- ---------- ---------- 1,808,967 (2,728,287) 2,712,085 ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2002 (DOLLARS IN THOUSANDS)
MERISTAR NON- MERISTAR AGH MERISTAR HOSPITALITY GUARANTOR SUB 7C, UPREIT, SUB 5N, OP, L.P. SUBSIDIARIES LLC LLC LLC ----------- ------------ ---------- ---------- ---------- ASSETS Investments in hotel properties 16,986 1,467,405 -- -- 4,117 Accumulated depreciation (8,686) (220,927) -- -- (541) ---------- ---------- ---------- ---------- ---------- 8,300 1,246,478 -- -- 3,576 Restricted cash 15,374 4,876 -- -- -- Investments in and ances to affiliates 2,590,429 8,200 32 3,056 -- Due from subsidiaries (595,139) 196,324 -- 66 3,522 Note receivable from Interstate Hotels & Resorts 150,657 -- -- -- -- Prepaid expenses and other assets 22,457 304 -- -- -- Accounts receivable, net of allowance for doubtful accounts 11,944 1,313 -- -- -- Cash and cash equivalents 21,372 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 2,225,394 1,457,495 32 3,122 7,098 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 945,830 352,052 -- -- -- Notes payable to MeriStar Hospitality Corporation 357,505 -- -- -- -- Accounts payable and accrued expenses 15,585 9,733 -- -- 7 Accrued interest 49,106 3,577 -- -- -- Due to Interstate Hotels & Resorts 372 -- -- -- -- Other liabilities 4,591 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 1,372,989 365,362 -- -- 7 ---------- ---------- ---------- ---------- ---------- Minority interests 2,624 -- -- -- -- Redeemable OP units at redemption value 38,205 -- -- -- -- Partners' capital - Common OP Units 811,576 1,092,133 32 3,122 7,091 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 2,225,394 1,457,495 32 3,122 7,098 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 8A, SUB 8F, SUB 8G, SUB 6H, SUB 8B, LLC LLC LLC L.P. LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties -- 11,471 -- 13,635 81,872 Accumulated depreciation -- (1,933) -- (1,877) (9,874) ---------- ---------- ---------- ---------- ---------- -- 9,538 -- 11,758 71,998 Restricted cash -- 115 -- -- -- Investments in and advances to affiliates -- -- 72 -- -- Due from subsidiaries 4,879 5,385 10 5,770 26,553 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets -- 2 -- -- 32 Accounts receivable, net of allowance for doubtful accounts (17) (28) -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 4,862 15,012 82 17,528 98,583 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (132) 207 -- 179 2,626 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities (132) 207 -- 179 2,626 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 4,994 14,805 82 17,349 95,957 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 4,862 15,012 82 17,528 98,583 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2002 (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1C, SUB 8E, SUB 7F, SUB 5L, SUB 3C, L.P. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 25,327 15,274 12,046 11,579 17,380 Accumulated depreciation (4,885) (2,441) (2,453) (504) (2,998) ---------- ---------- ---------- ---------- ---------- 20,442 12,833 9,593 11,075 14,382 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries (2,994) 5,641 4,366 3,676 3,935 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- 48 Accounts receivable, net of allowance for doubtful accounts -- -- -- 28 -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 17,448 18,474 13,959 14,779 18,365 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 186 (8) 162 35 208 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 186 (8) 162 35 208 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 17,262 18,482 13,797 14,744 18,157 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 17,448 18,474 13,959 14,779 18,365 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5B, SUB 8A, SUB 6D, SUB 6E, SUB 4E, LLC LLC LLC LLC L.P. ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties -- -- 17,430 44,495 24,741 Accumulated depreciation -- -- (2,347) (8,334) (3,986) ---------- ---------- ---------- ---------- ---------- -- -- 15,083 36,161 20,755 Restricted cash -- -- -- -- -- Investments in and advances to affiliates 43 -- -- -- -- Due from subsidiaries (43) -- 6,781 18,092 2,772 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- 2 Accounts receivable, net of allowance for doubtful accounts -- -- 101 -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets -- -- 21,965 54,253 23,529 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses -- -- 18 (132) 415 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities -- -- 18 (132) 415 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units -- -- 21,947 54,385 23,114 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital -- -- 21,965 54,253 23,529 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2002 (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1B, SUB 5F, SUB 6G, SUB 8C, SUB 4C, LLC L.P. LLC LLC L.P. ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 18,416 31,539 22,381 11,400 -- Accumulated depreciation (3,529) (4,421) (4,166) -- -- ---------- ---------- ---------- ---------- ---------- 14,887 27,118 18,215 11,400 -- Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 12,954 10,473 5,200 4,587 11,521 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets 1 5 -- 1 -- Accounts receivable, net of allowance for doubtful accounts 96 -- -- -- 1 Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 27,938 37,596 23,415 15,988 11,522 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 48 -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 51 170 108 (77) 98 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 99 170 108 (77) 98 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 27,839 37,426 23,307 16,065 11,424 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 27,938 37,596 23,415 15,988 11,522 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 4H, SUB 7E, SUB 3D, SUB 1A, SUB 5E, L.P. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 12,462 17,972 22,549 11,318 52,868 Accumulated depreciation (2,253) (2,711) (6,261) (2,478) (8,155) ---------- ---------- ---------- ---------- ---------- 10,209 15,261 16,288 8,840 44,713 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries (738) 5,820 7,409 6,231 14,226 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets 14 3 -- -- 1 Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 9,485 21,084 23,697 15,071 58,940 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 172 86 61 121 184 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 172 86 61 121 184 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 9,313 20,998 23,636 14,950 58,756 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 9,485 21,084 23,697 15,071 58,940 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2002 (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR MERISTAR MERISTAR MERISTAR 7A JOINT SUB 6K, SUB 2B, SUB 3A, SUB 4A, VENTURE LLC LLC LLC LLC ---------- ---------- ---------- ---------- ---------- ASSETS Investments in hotel properties 13,161 22,855 9,672 5,740 4,617 Accumulated depreciation (1,761) (4,296) (1,985) (254) -- ---------- ---------- ---------- ---------- ---------- 11,400 18,559 7,687 5,486 4,617 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 4,352 16,890 (804) 1,500 4,097 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets 5 -- 1 -- -- Accounts receivable, net of allowance for doubtful accounts -- -- (12) -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 15,757 35,449 6,872 6,986 8,714 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- 4,890 -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 218 122 75 163 346 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 218 122 4,965 163 346 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 15,539 35,327 1,907 6,823 8,368 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 15,757 35,449 6,872 6,986 8,714 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MDV MERISTAR SUB 4D, SUB 1A, SUB 6L, LIMITED SUB 5C, LLC LLC LLC PARTNERSHIP LLC ---------- ---------- ---------- ----------- ---------- ASSETS Investments in hotel properties 4,037 8,294 29,650 3,838 14,088 Accumulated depreciation -- (1,464) (3,354) (547) (2,812) ---------- ---------- ---------- ---------- ---------- 4,037 6,830 26,296 3,291 11,276 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries (74) (884) 4,928 2,169 242 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets 21 21 -- 9 70 Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 3,984 5,967 31,224 5,469 11,588 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- 7,977 -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 112 65 51 95 866 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 112 8,042 51 95 866 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 3,872 (2,075) 31,173 5,374 10,722 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 3,984 5,967 31,224 5,469 11,588 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2002 (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 6J, SUB 1D, SUB 7B, SUB 7D, SUB 7G, LLC L.P. L.P. LLC LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 19,412 68,456 15,314 52,184 16,620 Accumulated depreciation (3,208) (9,754) -- (8,132) (4,107) ---------- ---------- ---------- ---------- ---------- 16,204 58,702 15,314 44,052 12,513 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 5,957 16,638 (3,681) 21,885 122 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets 45 11 -- 309 1 Accounts receivable, net of allowance for doubtful accounts -- -- -- 1,026 -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 22,206 75,351 11,633 67,272 12,636 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (116) 20 1,148 4,552 37 Accrued interest -- 117 -- -- -- Due to Interstate Hotels & Resorts -- -- -- (200) -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities (116) 137 1,148 4,352 37 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 22,322 75,214 10,485 62,920 12,599 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 22,206 75,351 11,633 67,272 12,636 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 6B, SUB 4I, SUB 5D, SUB 5H, SUB 7H, LLC L.P. LLC LLC LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 10,645 3,800 42,013 53,422 5,700 Accumulated depreciation (1,742) -- (6,645) (7,989) -- ---------- ---------- ---------- ---------- ---------- 8,903 3,800 35,368 45,433 5,700 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- 51,368 -- -- Due from subsidiaries 2,423 895 (7,027) 8,773 5,754 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets 3 -- 18 -- -- Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 11,329 4,695 79,727 54,206 11,454 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- 24,000 -- 13 Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (95) 411 206 146 267 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities (95) 411 24,206 146 280 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 11,424 4,284 55,521 54,060 11,174 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 11,329 4,695 79,727 54,206 11,454 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2002 (DOLLARS IN THOUSANDS)
AGH MERISTAR MERISTAR MERISTAR MERISTAR PSS I, SUB 2D, SUB 4F, SUB 5K, SUB 5M, INC. LLC L.P. LLC LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 17,855 15,465 31,912 28,057 22,022 Accumulated depreciation (2,049) (2,435) (4,714) (3,916) (1,883) ---------- ---------- ---------- ---------- ---------- 15,806 13,030 27,198 24,141 20,139 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 10,810 416 4,392 (705) 6,601 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets -- 1 12 -- -- Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 26,616 13,447 31,602 23,436 26,740 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- 9,243 -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 107 63 399 4,316 48 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 107 9,306 399 4,316 48 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 26,509 4,141 31,203 19,120 26,692 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 26,616 13,447 31,602 23,436 26,740 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1E, SUB 5O, SUB 6M, SUB 4B, SUB 6C, L.P. LLC COMPANY L.P. LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 10,457 8,727 32,975 8,265 20,855 Accumulated depreciation (1,649) (916) (4,779) -- (3,592) ---------- ---------- ---------- ---------- ---------- 8,808 7,811 28,196 8,265 17,263 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 7,355 2,486 15,876 (4,592) 10,175 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets -- -- 21 -- -- Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 16,163 10,297 44,093 3,673 27,438 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 13 7 (117) 443 (142) Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 13 7 (117) 443 (142) ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 16,150 10,290 44,210 3,230 27,580 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 16,163 10,297 44,093 3,673 27,438 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2002 (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 2C, SUB 4G, SUB 3B, SUB 5G, SUB 5P, LLC L.P. LLC L.P. LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 28,658 25,601 8,550 163,237 39 Accumulated depreciation (5,385) (4,015) -- (24,213) (18) ---------- ---------- ---------- ---------- ---------- 23,273 21,586 8,550 139,024 21 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- -- -- -- Due from subsidiaries 4,873 7,456 2,201 35,538 1,989 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets 1 9 -- 5 -- Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 28,147 29,051 10,751 174,567 2,010 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 16,143 -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 238 558 173 838 4 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 16,381 558 173 838 4 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 11,766 28,493 10,578 173,729 2,006 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 28,147 29,051 10,751 174,567 2,010 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5J, SUB 5Q, SUB 5A, SUB 8D, SUB 4J, LLC LLC LLC LLC LLC ---------- ---------- ---------- ---------- ------------- ASSETS Investments in hotel properties 107,471 16,509 34,981 30,687 38,154 Accumulated depreciation (13,334) (1,709) (9,395) (5,080) (5,862) ---------- ---------- ---------- ---------- ---------- 94,137 14,800 25,586 25,607 32,292 Restricted cash -- -- -- -- -- Investments in and advances to affiliates -- -- 4,627 -- -- Due from subsidiaries 17,649 3,274 5,147 6,942 5,438 Note receivable from Interstate Hotels & Resorts -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- 5 Accounts receivable, net of allowance for doubtful accounts -- -- -- -- (24) Cash and cash equivalents -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Assets 111,786 18,074 35,360 32,549 37,711 ========== ========== ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- 23,609 -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 453 (122) (3) (117) 171 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities 453 (122) 23,606 (117) 171 ---------- ---------- ---------- ---------- ---------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital - Common OP Units 111,333 18,196 11,754 32,666 37,540 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Capital 111,786 18,074 35,360 32,549 37,711 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2002 (DOLLARS IN THOUSANDS)
MERISTAR GUARANTOR HOTEL LESSEE, SUBSIDIARIES TOTAL INC. TOTAL ELIMINATIONS CONSOLIDATED Assets Investments in hotel properties 2,252 1,536,518 -- $ 3,020,909 Accumulated depreciation (2,219) (231,359) -- (460,972) ----------- ----------- ----------- ----------- 33 1,305,159 -- 2,559,937 Restricted cash -- 115 -- 20,365 Investments in and advances to affiliates 1,630 60,828 (2,617,743) 41,714 Due from subsidiaries 5,245 398,815 -- -- Note receivable from Interstate Hotels & Resorts -- -- (108,605) 42,052 Prepaid expenses and other assets 15,759 16,436 -- 39,197 Accounts receivable, net of allowance for doubtful accounts 42,400 43,571 -- 56,828 Cash and cash equivalents 12,517 12,517 -- 33,889 ----------- ----------- ----------- ----------- Total Assets 77,584 1,837,441 (2,726,348) $ 2,793,982 =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 21,397 107,320 (108,605) 1,296,597 Notes payable to MeriStar Hospitality Corporation -- -- -- 357,505 Accounts payable and accrued expenses 58,595 79,359 -- 104,677 Accrued interest 107 224 -- 52,907 Due to Interstate Hotels & Resorts 10,328 10,128 -- 10,500 Other liabilities 11,376 11,376 -- 15,967 ----------- ----------- ----------- ----------- Total liabilities 101,803 208,407 (108,605) 1,838,153 ----------- ----------- ----------- ----------- Minority interests -- -- -- 2,624 Redeemable OP units at redemption value -- -- -- 38,205 Partners' capital - Common OP Units (24,219) 1,629,034 (2,617,743) 915,000 ----------- ----------- ----------- ----------- Total Liabilities and Capital 77,584 1,837,441 (2,726,348) $ 2,793,982 =========== =========== =========== ===========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR NON- MERISTAR AGH MERISTAR HOSPITALITY GUARANTOR SUB 7C, UPREIT, SUB 5N, OP, L.P. SUBSIDIARIES LLC LLC LLC ----------- ------------ ---------- ---------- ---------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 2,053 563 -- -- -- Participating lease revenue -- 32,050 -- -- 281 ---------- ---------- ---------- ---------- ---------- Total revenue 2,053 32,613 -- -- 281 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- 300 -- -- -- Other operating expenses: Administrative and general 2,919 -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 2,214 12,792 -- -- 34 Loss on asset impairments -- 3,975 -- -- -- Property taxes, insurance and other 642 5,400 -- -- 27 ---------- ---------- ---------- ---------- ---------- Operating expenses 5,775 22,467 -- -- 61 ---------- ---------- ---------- ---------- ---------- Operating (loss) income (3,722) 10,146 -- -- 220 Interest expense, net 25,545 6,994 -- -- -- Equity in income from consolidated entities 44,064 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit (73,331) 3,152 -- -- 220 Minority interests (11) -- -- -- -- Income tax benefit 144 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income (73,198) 3,152 -- -- 220 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 8A, SUB 8F, SUB 8G, SUB 6H, SUB 8B, LLC L.P. LLC L.P. LLC ---------- ---------- ---------- ---------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue -- 586 -- 256 1,818 ---------- ---------- ---------- ---------- ---------- Total revenue -- 586 -- 256 1,818 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 115 -- 108 610 Loss on asset impairments -- -- -- -- -- Property taxes, insurance and other -- 146 -- 24 346 ---------- ---------- ---------- ---------- ---------- Operating expenses -- 261 -- 132 956 ---------- ---------- ---------- ---------- ---------- Operating (loss) income -- 325 -- 124 862 Interest expense, net -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit -- 325 -- 124 862 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income -- 325 -- 124 862 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1C, SUB 8E, SUB 7F, SUB 5L, SUB 3C, L.P. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 5 -- -- -- Participating lease revenue 526 362 226 319 594 ---------- ---------- ---------- ---------- ---------- Total revenue 526 367 226 319 594 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 254 146 115 34 179 Loss on asset impairments -- -- -- -- -- Property taxes, insurance and other 242 54 40 24 98 ---------- ---------- ---------- ---------- ---------- Operating expenses 496 200 155 58 277 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 30 167 71 261 317 Interest expense, net -- -- -- 2 -- Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit 30 167 71 259 317 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income 30 167 71 259 317 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5H, SUB 6D, SUB 6E, SUB 4E, SUB 1B, LLC LLC LLC L.P. LLC ---------- ---------- ---------- ---------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 4 -- 1 -- Participating lease revenue -- 432 1,308 351 590 ---------- ---------- ---------- ---------- ---------- Total revenue -- 436 1,308 352 590 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 137 414 211 143 Loss on asset impairments -- -- -- -- -- Property taxes, insurance and other -- 79 161 111 46 ---------- ---------- ---------- ---------- ---------- Operating expenses -- 216 575 322 189 ---------- ---------- ---------- ---------- ---------- Operating (loss) income -- 220 733 30 401 Interest expense, net -- -- -- -- 10 Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit -- 220 733 30 391 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income -- 220 733 30 391 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5F, SUB 6G, SUB 8C, SUB 4C, SUB 4H, L.P. LLC LLC L.P. L.P. ---------- ---------- ---------- ---------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- 1 -- -- Participating lease revenue 726 516 500 -- 63 ---------- ---------- ---------- ---------- ---------- Total revenue 726 516 501 -- 63 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 267 215 200 -- 132 Loss on asset impairments -- -- 4,127 -- -- Property taxes, insurance and other 99 88 173 -- 45 ---------- ---------- ---------- ---------- ---------- Operating expenses 366 303 4,500 -- 177 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 360 213 (3,999) -- (114) Interest expense, net -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit 360 213 (3,999) -- (114) Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income 360 213 (3,999) -- (114) ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB SUB 7E, SUB 3D, SUB 1A, SUB 5E, 7A JOINT LLC LLC LLC LLC VENTURE ---------- ---------- ---------- ---------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 336 374 449 1,242 271 ---------- ---------- ---------- ---------- ---------- Total revenue 336 374 449 1,242 271 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 155 197 113 484 107 Loss on asset impairments -- -- -- -- -- Property taxes, insurance and other 49 59 105 101 63 ---------- ---------- ---------- ---------- ---------- Operating expenses 204 256 218 585 170 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 132 118 231 657 101 Interest expense, net -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit 132 118 231 657 101 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income 132 118 231 657 101 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 6K, SUB 2B, SUB 3A, SUB 4A, SUB 4D, LLC LLC LLC LLC LLC ---------- ---------- ---------- ---------- ----------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 952 102 136 255 120 ---------- ---------- ---------- ---------- ---------- Total revenue 952 102 136 255 120 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 186 113 66 -- 55 Loss on asset impairments -- 3,680 -- -- 1,004 Property taxes, insurance and other 95 34 26 64 30 ---------- ---------- ---------- ---------- ---------- Operating expenses 281 3,827 92 64 1,089 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 671 (3,725) 44 191 (969) Interest expense, net -- 110 -- -- -- Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit 671 (3,835) 44 191 (969) Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income 671 (3,835) 44 191 (969) ========== ========== ========== ========== ==========
MERISTAR MERISTAR MDV MERISTAR MERISTAR SUB 2A, SUB 6L, LIMITED SUB 5C, SUB 6J, LLC LLC PARTNERSHIP LLC LLC ---------- ---------- ----------- ---------- ----------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 111 355 126 210 462 ---------- ---------- ---------- ---------- ---------- Total revenue 111 355 126 210 462 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 84 222 35 153 158 Loss on asset impairments 1,981 -- -- 5,840 -- Property taxes, insurance and other 44 55 34 95 65 ---------- ---------- ---------- ---------- ---------- Operating expenses 2,109 277 69 6,088 223 ---------- ---------- ---------- ---------- ---------- Operating (loss) income (1,998) 78 57 (5,878) 239 Interest expense, net 179 -- -- -- (1) Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit (2,177) 78 57 (5,878) 240 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income (2,177) 78 57 (5,878) 240 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1D, SUB 7B, SUB 7D, SUB 7G, SUB 6B, L.P. L.P. LLC LLC LLC ---------- ---------- ---------- ---------- ----------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 79 -- 358 -- -- Participating lease revenue 1,188 401 1,425 150 225 ---------- ---------- ---------- ---------- ---------- Total revenue 1,267 401 1,783 150 225 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses 42 -- 201 -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 578 181 421 178 116 Loss on asset impairments -- 7,894 -- 6,549 -- Property taxes, insurance and other 387 182 561 53 50 ---------- ---------- ---------- ---------- ---------- Operating expenses 1,007 8,257 1,183 6,780 166 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 260 (7,856) 600 (6,630) 59 Interest expense, net -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit 260 (7,856) 600 (6,630) 59 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income 260 (7,856) 600 (6,630) 59 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR AGH SUB 4L, SUB 5D, SUB 5H, SUB 7H, PSS I, L.P. LLC LLC LLC INC. ---------- ---------- ---------- ---------- ----------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 20 475 1,284 323 585 ---------- ---------- ---------- ---------- ---------- Total revenue 20 475 1,284 323 585 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 73 365 505 51 -- Loss on asset impairments -- -- -- -- -- Property taxes, insurance and other 58 58 217 126 135 ---------- ---------- ---------- ---------- ---------- Operating expenses 131 423 722 177 135 ---------- ---------- ---------- ---------- ---------- Operating (loss) income (111) 52 562 146 450 Interest expense, net -- 328 -- -- -- Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit (111) (276) 562 146 450 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income (111) (276) 562 146 450 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 2D, SUB 4F, SUB 5K, SUB 5M, SUB 1E, LLC L.P. LLC LLC L.P. ---------- ---------- ---------- ---------- ----------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 3 -- -- -- Participating lease revenue 225 526 627 547 360 ---------- ---------- ---------- ---------- ---------- Total revenue 225 529 627 547 360 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 127 279 322 118 79 Loss on asset impairments 7,650 -- -- -- -- Property taxes, insurance and other 66 86 94 66 43 ---------- ---------- ---------- ---------- ---------- Operating expenses 7,843 365 416 184 122 ---------- ---------- ---------- ---------- ---------- Operating (loss) income (7,618) 164 211 363 238 Interest expense, net 208 -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit (7,826) 164 211 363 238 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income (7,826) 164 211 363 238 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5O, 6M SUB 4B, SUB 6C, SUB 2C, LLC COMPANY L.P. LLC LLC ---------- ---------- ---------- ---------- ----------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- 4 28 Participating lease revenue 240 917 47 649 361 ---------- ---------- ---------- ---------- ---------- Total revenue 240 917 47 653 389 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 57 308 136 194 278 Loss on asset impairments -- -- -- -- 13,282 Property taxes, insurance and other 26 83 67 56 126 ---------- ---------- ---------- ---------- ---------- Operating expenses 83 391 203 250 13,686 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 157 526 (156) 403 (13,297) Interest expense, net -- -- -- -- 363 Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit 157 526 (156) 403 (13,660) Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income 157 526 (156) 403 (13,660) ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 4G, SUB 3B, SUB 5G, SUB 5P, SUB 5J, L.P. LLC L.P. LLC LLC ---------- ---------- ---------- ---------- ----------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 6 9 -- -- Participating lease revenue 528 406 3,056 181 2,693 ---------- ---------- ---------- ---------- ---------- Total revenue 528 412 3,065 181 2,693 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other operating departments -- -- -- -- -- Office rental, parking and other operating expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 225 130 1,572 1 871 Loss on asset impairments -- 695 -- -- -- Property taxes, insurance and other 154 78 481 3 370 ---------- ---------- ---------- ---------- ---------- Operating expenses 379 903 2,053 4 1,241 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 149 (491) 1,012 177 1,452 Interest expense, net -- -- -- -- 3 Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit 149 (491) 1,012 177 1,449 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income 149 (491) 1,012 177 1,449 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5Q, SUB 5A, SUB 8D, SUB 4J, HOTEL LESSEE, LLC LLC LLC LLC INC. ---------- ---------- ---------- ---------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- 158,260 Food and beverage -- -- -- -- 62,830 Other hotel operations -- -- -- -- 18,879 Office rental, parking and other revenue -- 29 -- 54 -- Participating lease revenue 613 1,593 595 725 -- ---------- ---------- ---------- ---------- ---------- Total revenue 613 1,622 595 779 239,969 ---------- ---------- ---------- ---------- ---------- Hotel operating expenses: Rooms -- -- -- -- 38,586 Food and beverage -- -- -- -- 46,086 Other operating departments -- -- -- -- 11,125 Office rental, parking and other operating expenses -- -- -- 98 -- Other operating expenses: Administrative and general -- -- -- -- 39,632 Property operating costs -- -- -- -- 36,980 Depreciation and amortization 140 386 314 326 (73) Loss on asset impairments -- -- -- -- -- Property taxes, insurance and other 54 177 109 81 75,428 ---------- ---------- ---------- ---------- ---------- Operating expenses 194 563 423 505 247,764 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 419 1,059 172 274 (7,795) Interest expense, net -- 708 -- -- 427 Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit 419 351 172 274 (8,222) Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net (loss) income 419 351 172 274 (8,222) ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
GUARANTOR SUBSIDIARIES TOTAL TOTAL ELIMINATIONS CONSOLIDATED ------------ ------------ ------------ Revenue: Hotel operations: Rooms 158,260 -- 158,260 Food and beverage 62,830 -- 62,830 Other hotel operations 18,879 -- 18,879 Office rental, parking and other revenue 581 -- 3,197 Participating lease revenue 35,920 (67,970) -- ---------- ---------- ---------- Total revenue 276,470 (67,970) 243,166 ---------- ---------- ---------- Hotel operating expenses: Rooms 38,586 -- 38,586 Food and beverage 46,086 -- 46,086 Other operating departments 11,125 -- 11,125 Office rental, parking and other operating expenses 341 -- 641 Other operating expenses: Administrative and general 39,632 -- 42,551 Property operating costs 36,980 -- 36,980 Depreciation and amortization 13,700 -- 28,706 Loss on asset impairments 52,702 -- 56,677 Property taxes, insurance and other 82,197 (67,970) 20,269 ---------- ---------- ---------- Operating expenses 321,349 (67,970) 281,621 ---------- ---------- ---------- Operating (loss) income (44,879) -- (38,455) Interest expense, net 2,337 -- 34,876 Equity in income from consolidated entities -- (44,064) -- ---------- ---------- ---------- Income (loss) before minority interests and income tax benefit (47,216) 44,064 (73,331) Minority interests -- -- (11) Income tax benefit -- -- 144 ---------- ---------- ---------- Net (loss) income (47,216) 44,064 (73,198) ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR NON- MERISTAR AGH MERISTAR HOSPITALITY GUARANTOR SUB 7C, UPREIT, SUB 5N, OP, L.P. SUBSIDIARIES LLC LLC LLC ----------- ------------ ---------- ---------- ---------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 1,833 1,264 -- -- -- Participating lease revenue -- 33,334 -- -- 319 ---------- ---------- ---------- ---------- ---------- Total revenue 1,833 34,598 -- -- 319 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- 148 -- -- -- Other operating expenses: Administrative and general 2,335 55 -- -- -- Property operating costs (454) 12 -- -- -- Depreciation and amortization 2,671 12,442 -- -- 33 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other (760) 6,011 -- -- 27 Loss on fair value of non-hedging derivatives 4,735 -- -- -- -- Write-off of deferred financing costs 1,529 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 10,056 18,668 -- -- 60 ---------- ---------- ---------- ---------- ---------- Operating (loss) income (8,223) 15,930 -- -- 259 Interest expense, net 26,199 6,963 -- -- (2) Equity in income from consolidated entities (23,860) -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests, income tax benefit, loss on sale of assets and discontinued operation (10,562) 8,967 -- -- 261 Minority interests (11) -- -- -- -- Income tax benefit 270 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations (10,303) 8,967 -- -- 261 Income (loss) from discontinued operations, net of income taxes (21) 747 -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) (10,324) 9,714 -- -- 261 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 8A, SUB 8F, SUB 8G, SUB 6H, SUB 8B, LLC L.P. LLC L.P. LLC ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue -- 571 -- 378 1,791 ---------- ---------- ---------- ---------- ---------- Total revenue -- 571 -- 378 1,791 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- 1 -- 1 -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 113 -- 107 595 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other -- 230 -- 25 358 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses -- 344 -- 133 953 ---------- ---------- ---------- ---------- ---------- Operating (loss) income -- 227 -- 245 838 Interest expense, net -- (2) -- (1) (14) Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests, income tax benefit, loss on sale of assets and discontinued operations -- 229 -- 246 852 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations -- 229 -- 246 852 Income (loss) from discontinued operations, net of income taxes 252 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) 252 229 -- 246 852 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1C, SUB 8E, SUB 7F, SUB 5L, SUB 3C, L.P. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 8 -- -- -- Participating lease revenue 410 376 274 317 541 ---------- ---------- ---------- ---------- ---------- Total revenue 410 384 274 317 541 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 257 147 118 33 176 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 202 46 34 30 114 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 459 193 152 63 290 ---------- ---------- ---------- ---------- ---------- Operating (loss) 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 and discontinued operation (39) 195 124 257 256 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations (39) 195 124 257 256 Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) (39) 195 124 257 256 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5B, SUB 6D, SUB 6E, SUB 4E, SUB 1B, LLC LLC LLC L.P. LLC ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 6 -- 3 581 Participating lease revenue -- 517 1,264 342 505 ---------- ---------- ---------- ---------- ---------- Total revenue -- 523 1,264 345 1,086 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 133 425 230 158 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other -- 46 207 97 39 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses -- 179 632 327 197 ---------- ---------- ---------- ---------- ---------- Operating (loss) 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 and discontinued operations -- 350 644 24 892 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations -- 350 644 24 892 Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) -- 350 644 24 892 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5F, SUB 6G, SUB 8C, SUB 4C, SUB 4H, L.P. LLC LLC L.P. L.P. ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- 2 -- -- Participating lease revenue 802 563 487 -- 171 ---------- ---------- ---------- ---------- ---------- Total revenue 802 563 489 -- 171 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general 1 -- (1) -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 264 209 346 -- 135 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 84 75 151 -- 47 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 349 284 496 -- 182 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 453 279 (7) -- (11) Interest expense, net (7) (9) (10) -- (2) Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests, income tax benefit, loss on sale of assets and discontinued operation 460 288 3 0 (9) Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations 460 288 3 -- (9) Income (loss) from discontinued operations, net of income taxes -- -- -- 66 -- ---------- ---------- ---------- ---------- ---------- Net income (loss) 460 288 3 66 (9) ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 7C, SUB 3D, SUB 1A, SUB 5E, JOINT LLC LLC LLC LLC VENTURE ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 362 713 401 1,080 272 ---------- ---------- ---------- ---------- ---------- Total revenue 362 713 401 1,080 272 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- 1 Property operating costs -- -- -- -- -- Depreciation and amortization 158 240 119 485 104 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 39 18 82 96 56 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 197 258 201 581 161 ---------- ---------- ---------- ---------- ---------- Operating (loss) 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 and discontinued operation 170 464 205 507 118 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations 170 464 205 507 118 Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) 170 464 205 507 118 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 6K, SUB 2B, SUB 3A, SUB 4A, SUB 4D, LLC LLC LLC L.P. LLC ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 882 109 133 248 117 ---------- ---------- ---------- ---------- ---------- Total revenue 882 109 133 248 117 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 186 105 71 -- 80 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 120 36 28 60 46 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 306 141 99 60 126 ---------- ---------- ---------- ---------- ---------- Operating (loss) 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 and discontinued operation 584 (127) 39 195 0 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations 584 (127) 39 195 -- Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) 584 (127) 39 195 -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MDV MERISTAR MERISTAR SUB 2A, SUB 6L, LIMITED SUB 5C, SUB 6J, LLC LLC PARTNERSHIP LLC LLC ---------- ---------- ----------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 127 350 190 259 622 ---------- ---------- ---------- ---------- ---------- Total revenue 127 350 190 259 622 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general 2 1 -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 78 222 34 149 162 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 37 50 38 98 46 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 117 273 72 247 208 ---------- ---------- ---------- ---------- ---------- Operating (loss) 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 and discontinued operation (157) 79 119 20 423 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations (157) 79 119 20 423 Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) (157) 79 119 20 423 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1D, SUB 7B, SUB 7D, SUB 7G, SUB 6D, L.P. L.P. LLC LLC LLC ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 107 -- 341 -- -- Participating lease revenue 1,382 391 1,387 146 253 ---------- ---------- ---------- ---------- ---------- Total revenue 1,489 391 1,728 146 253 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses 31 -- 483 -- -- Other operating expenses: Administrative and general -- 1 -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 554 231 416 189 114 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 267 223 533 59 60 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 852 455 1,432 248 174 ---------- ---------- ---------- ---------- ---------- Operating (loss) 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 and discontinued operation 659 (60) 307 (96) 80 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations 659 (60) 307 (96) 80 Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) 659 (60) 307 (96) 80 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR AGH SUB 4J, SUB 5D, SUB 5H, SUB 7H, PSS I, L.P. LLC LLC LLC INC. ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- 1 Participating lease revenue 20 416 1,239 315 737 ---------- ---------- ---------- ---------- ---------- Total revenue 20 416 1,239 315 738 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 144 362 493 152 -- Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 76 87 168 92 105 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 220 449 661 244 105 ---------- ---------- ---------- ---------- ---------- Operating (loss) income (200) (33) 578 71 633 Interest expense, net (9) 399 (18) (5) (8) Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests, income tax benefit, loss on sale of assets and discontinued operation (191) -- 596 76 641 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations (191) (432) 596 76 641 Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) (191) (432) 596 76 641 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 2D, SUB 4F, SUB 5K, SUB 5M, SUB 1E, LLC L.P. LLC LLC L.P. ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 4 -- -- -- Participating lease revenue 245 467 736 649 317 ---------- ---------- ---------- ---------- ---------- Total revenue 245 471 736 649 317 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 117 280 297 113 76 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 56 93 76 76 36 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 173 373 373 189 112 ---------- ---------- ---------- ---------- ---------- Operating (loss) 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 and discontinued operation (120) 105 385 465 209 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations (120) 105 385 465 209 Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) (120) 105 385 465 209 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5O, 6M SUB 4B, SUB 6C, SUB 2C, LLC COMPANY L.P. LLC LLC ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- 4 19 Participating lease revenue 276 917 55 714 343 ---------- ---------- ---------- ---------- ---------- Total revenue 276 917 55 718 362 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 55 302 177 199 255 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 35 71 86 50 86 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 90 373 263 249 341 ---------- ---------- ---------- ---------- ---------- Operating (loss) 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 and discontinued operation 188 548 (152) 476 (311) Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations 188 548 (152) 476 (311) Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) 188 548 (152) 476 (311) ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 4G, SUB 3B, SUB 5G, SUB 5P, SUB 5J, L.P. LLC L.P. LLC LLC ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 6 6 18 -- -- Participating lease revenue 726 368 3,220 119 2,790 ---------- ---------- ---------- ---------- ---------- Total revenue 732 374 3,238 119 2,790 Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel and operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: Administrative and general -- -- 2 -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 229 230 1,548 -- 866 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 124 81 465 6 471 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 353 311 2,015 6 1,337 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 379 63 1,223 113 1,453 Interest expense, net (6) (7) (30) -- (26) Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests, income tax benefit, loss on sale of assets and discontinued operation 385 70 1,253 113 1,479 Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations 385 70 1,253 113 1,479 Income (loss) from discontinued operations, net of income taxes -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net income (loss) 385 70 1,253 113 1,479 ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5Q, SUB 5A, SUB 8D, SUB 4J, HOTEL LLC LLC LLC. LLC LESSEE, INC. ---------- ---------- ---------- ---------- ----------- Hotel operations: Rooms -- -- -- -- 164,740 Food and beverage -- -- -- -- 60,988 Other hotel operations -- -- -- -- 18,802 Office rental, parking and other revenue -- 23 -- 65 10 Participating lease revenue 653 1,582 579 776 -- ---------- ---------- ---------- ---------- ---------- Total revenue 653 1,605 579 841 244,540 Hotel operating expenses: Rooms -- -- -- -- 37,524 Food and beverage -- -- -- -- 43,567 Other hotel and operating expenses -- -- -- -- 10,519 Office rental, parking and other expenses -- -- -- 99 -- Other operating expenses: Administrative and general -- -- -- -- 39,834 Property operating costs -- -- -- -- 36,064 Depreciation and amortization 120 313 317 336 294 Loss on asset impairment -- -- -- -- -- Property taxes, insurance and other 68 151 106 101 78,406 Loss on fair value of non-hedging derivatives -- -- -- -- -- Write-off of deferred financing costs -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating expenses 188 464 423 536 246,208 ---------- ---------- ---------- ---------- ---------- Operating (loss) income 465 1,141 156 305 (1,668) Interest expense, net (22) 693 (5) (11) 61 Equity in income from consolidated entities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) before minority interests, income tax benefit, loss on sale of assets and discontinued operation 487 448 161 316 (1,729) Minority interests -- -- -- -- -- Income tax benefit -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations 487 448 161 316 (1,729) Income (loss) from discontinued operations, net of income taxes -- -- -- -- (200) ---------- ---------- ---------- ---------- ---------- Net income (loss) 487 448 161 316 (1,929) ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
GUARANTOR SUBSIDIARIES TOTAL TOTAL ELIMINATIONS CONSOLIDATED ------------ ------------ ------------ Hotel operations: Rooms 164,740 -- 164,740 Food and beverage 60,988 -- 60,988 Other hotel operations 18,802 -- 18,802 Office rental, parking and other revenue 1,204 -- 4,301 Participating lease revenue 37,311 (70,645) -- -------- -------- -------- Total revenue 283,045 (70,645) 248,831 Hotel operating expenses: Rooms 37,524 -- 37,524 Food and beverage 43,567 -- 43,567 Other hotel and operating expenses 10,519 -- 10,519 Office rental, parking and other expenses 613 -- 761 Other operating expenses: Administrative and general 39,843 -- 42,233 Property operating costs 36,064 -- 35,622 Depreciation and amortization 14,451 -- 29,564 Loss on asset impairment -- -- -- Property taxes, insurance and other 84,976 (70,645) 19,582 Loss on fair value of non-hedging derivatives -- -- 4,735 Write-off of deferred financing costs -- -- 1,529 -------- -------- -------- Operating expenses 267,557 (70,645) 225,636 -------- -------- -------- Operating (loss) income 15,488 -- 23,195 Interest expense, net 1,460 -- 34,622 Equity in income from consolidated entities -- 23,860 -- -------- -------- -------- Income (loss) before minority interests, income tax benefit, loss on sale of assets and discontinued operations 14,028 (23,860) (11,427) Minority interests -- -- (11) Income tax benefit -- -- 270 -------- -------- -------- Income (loss) from continuing operations 14,028 (23,860) (11,168) Income (loss) from discontinued operations, net of income taxes 118 -- 844 -------- -------- -------- Net income (loss) 14,146 (23,860) (10,324) ======== ======== ========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR NON- MERISTAR AGH MERISTAR HOSPITALITY GUARANTOR SUB 7C, UPREIT, SUB 5N, OP, L.P. SUBSIDIARIES LLC LLC LLC ----------- ------------ ---------- ---------- ---------- Operating activities: Net (loss) income (73,198) 3,152 -- -- 220 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 2,214 12,792 -- -- 34 Equity in earnings 44,064 -- -- -- -- Loss on asset impairments -- 3,975 -- -- -- Minority interests 11 -- -- -- -- Amortization of unearned stock-based compensation 976 -- -- -- -- Unrealized gain on interest rate swaps recognized in net (2,055) -- -- -- -- Deferred income taxes (682) -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable (1,047) 72 -- -- -- Prepaid expenses and other assets 4,804 (1,091) -- -- (9) Due from/to Interstate Hotels & Resorts 137 -- -- -- -- Due from subsidiaries 30,077 (19,439) -- -- (234) Accounts payable, accrued expenses, accrued interest and other liabilities (6,389) (5,694) -- -- (2) ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities (1,088) (6,233) -- -- 9 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (260) (4,372) -- -- (9) Proceeds from sales of assets -- 12,650 -- -- -- Net payments from Interstate Hotels & Resorts 42,052 -- -- -- -- Change in restricted cash (1,788) 132 -- -- -- Other, net -- (299) -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities 40,004 8,111 -- -- (9) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt (12,249) (1,878) -- -- -- Distributions to partners (141) -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities (12,390) (1,878) -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash (274) -- -- -- -- Net change in cash and cash equivalents 26,252 -- -- -- -- Cash and cash equivalents, beginning of period 21,372 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period 47,624 -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 8A, SUB 8F, SUB 8G, SUB 6H, SUB 8B, LLC LLC LLC L.P. LLC ---------- ---------- ----------- ---------- ---------- Operating activities: Net (loss) income -- 325 -- 124 862 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization -- 115 -- 108 610 Equity in earnings -- -- -- -- -- Loss on asset impairments -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets -- (18) -- (4) (3) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries -- (293) -- (238) (841) Accounts payable, accrued expenses, accrued interest and other liabilities -- (121) -- 11 (25) ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities -- 8 -- 1 603 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net -- (8) -- (1) (603) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities -- (8) -- (1) (603) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1C, SUB 8E, SUB 7F, SUB 5L, SUB 3C, L.P. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income 30 167 71 259 317 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 254 146 115 34 179 Equity in earnings -- -- -- -- -- Loss on asset impairments -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable (4) -- -- 48 -- Prepaid expenses and other assets (72) (6) (4) (24) (5) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (153) (179) (182) (278) (566) Accounts payable, accrued expenses, accrued interest and other liabilities (24) (63) 29 (22) 82 ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 31 65 29 17 7 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (31) (65) (29) (17) (7) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (31) (65) (29) (17) (7) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5B, SUB 6D, SUB 6E, SUB 4E, SUB 1B, LLC. LLC LLC L.P. LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income -- 220 733 30 391 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization -- 137 414 211 143 Equity in earnings -- -- -- -- -- Loss on asset impairments -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- (7) -- -- -- Prepaid expenses and other assets -- (4) (18) (14) (20) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries -- (264) (985) 220 (506) Accounts payable, accrued expenses, accrued interest and other liabilities -- (82) (44) (358) 17 ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities -- -- 100 89 25 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net -- -- (100) (89) (14) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities -- -- (100) (89) (14) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- (11) Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- (11) ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5F, SUB 6G, SUB 8C, SUB 4C, SUB 4H, L.P. LLC LLC L.P. L.P. ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income 360 213 (3,999) -- (114) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 267 215 200 -- 132 Equity in earnings -- -- -- -- -- Loss on asset impairments -- -- 4,127 -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- 14 Prepaid expenses and other assets (38) (7) (13) -- (17) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (548) (342) (9) -- 114 Accounts payable, accrued expenses, accrued interest and other liabilities (15) (71) (298) -- (95) ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 26 8 8 -- 34 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (26) (8) (8) -- (34) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (26) (8) (8) -- (34) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB SUB 7E, SUB 3D, SUB 1A, SUB 5E, 7A JOINT LLC. LLC LLC LLC. VENTURE ---------- ---------- ---------- ---------- ------------ Operating activities: Net (loss) income 132 118 231 657 101 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 155 197 113 484 107 Equity in earnings -- -- -- -- -- Loss on asset impairments -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets (5) (9) (33) (11) (8) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (243) (302) (250) (1,177) (115) Accounts payable, accrued expenses, accrued interest and other liabilities (30) 5 (51) 67 (64) ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 9 9 10 20 21 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (9) (9) (10) (20) (21) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (9) (9) (10) (20) (21) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 6K, SUB 2B, SUB 3A, SUB 4A, SUB 4D, LLC. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income 671 (3,835) 44 191 (969) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 186 113 66 -- 55 Equity in earnings -- -- -- -- -- Loss on asset impairments -- 3,680 -- -- 1,004 Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- 1 -- -- -- Prepaid expenses and other assets (2) (12) (5) (7) (4) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (789) 54 (80) 57 (69) Accounts payable, accrued expenses, accrued interest and other liabilities (60) -- (23) (175) 19 ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 6 1 2 66 36 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (6) (1) (2) (66) (36) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (6) (1) (2) (66) (36) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MDV MERISTAR MERISTAR SUB 2A, SUB 6L, LIMITED SUB 5C, SUB 6J, LLC. LLC PARTNERSHIP LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income (2,177) 78 57 (5,878) 240 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 84 222 35 153 158 Equity in earnings -- -- -- -- -- Loss on asset impairments 1,981 -- -- 5,840 -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets (10) (7) (7) (32) (5) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries 403 (289) (34) 38 (356) Accounts payable, accrued expenses, accrued interest and other liabilities 20 33 (48) (69) (25) ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 301 37 3 52 12 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (301) (37) (3) (52) (12) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (301) (37) (3) (52) (12) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1D, SUB 7B, SUB 7D, SUB 7G, SUB 6B, L.P. L.P. LLC LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income 260 (7,856) 600 (6,630) 59 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 578 181 421 178 116 Equity in earnings -- -- -- -- -- Loss on asset impairments -- 7,894 -- 6,549 -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- 243 -- -- Prepaid expenses and other assets (111) (7) (18) (6) (1) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (677) 35 (549) 11 (205) Accounts payable, accrued expenses, accrued interest and other liabilities -- (211) (695) (70) 43 ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 50 36 2 32 12 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (50) (36) (2) (32) (12) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (50) (36) (2) (32) (12) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR AGH SUB 4L, SUB 5D, SUB 5H, SUB 7H, PSS I, L.P. LLC LLC LLC INC. ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income (111) (276) 562 146 450 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 73 365 505 51 -- Equity in earnings -- -- -- -- -- Loss on asset impairments -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets (8) (20) (98) (5) (45) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries 243 (41) (823) (42) (388) Accounts payable, accrued expenses, accrued interest and other liabilities (179) (15) (76) (145) (1) ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 18 13 70 5 16 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (18) (13) (70) (5) (16) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (18) (13) (70) (5) (16) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 2D, SUB 4F, SUB 5K, SUB 5M, SUB 1E, LLC L.P. LLC LLC L.P. ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income (7,826) 164 211 363 238 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 127 279 322 118 79 Equity in earnings -- -- -- -- -- Loss on asset impairments 7,650 -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets (12) (8) (40) (20) (12) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries 135 66 (428) (449) (302) Accounts payable, accrued expenses, accrued interest and other liabilities (74) (267) (25) (4) 6 ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities -- 234 40 8 9 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net -- (234) (40) (8) (9) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities -- (234) (40) (8) (9) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5O, SUB 6M SUB 4D, SUB 6C, SUB 2C, LLC COMPANY L.P. LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income 157 526 (156) 403 (13,660) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 57 308 136 194 278 Equity in earnings -- -- -- -- -- Loss on asset impairments -- -- -- -- 13,282 Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets (8) (8) (9) (7) (31) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (205) (880) 296 (543) 79 Accounts payable, accrued expenses, accrued interest and other liabilities 2 58 (204) (7) 52 ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 3 4 63 40 -- ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (3) (4) (63) (40) -- Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (3) (4) (63) (40) -- ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 4G, SUB 3B, SUB 5G, SUB 5P, SUB 5J, L.P. LLC L.P. LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net (loss) income 149 (491) 1,012 177 1,449 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 225 130 1,572 1 871 Equity in earnings -- -- -- -- -- Loss on asset impairments -- 695 -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets (50) (7) (140) (6) (147) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries 69 (348) (2,333) (172) (791) Accounts payable, accrued expenses, accrued interest and other liabilities (386) 56 47 -- (168) ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 7 35 158 -- 1,214 ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (7) (35) (158) -- (1,214) Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (7) (35) (158) -- (1,214) ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- -- Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5Q, SUB 5A, SUB 8D, SUB 4J, HOTEL LESSEE, LLC LLC LLC LLC INC. ---------- ---------- ---------- ---------- ------------- Operating activities: Net (loss) income 419 351 172 274 (8,222) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 140 386 314 326 (73) Equity in earnings -- -- -- -- -- Loss on asset impairments -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock-based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- (8) (12,249) Prepaid expenses and other assets (28) (16) (8) (11) (977) Due from/to Interstate Hotels & Resorts -- -- -- -- (44) Due from subsidiaries (413) (697) (332) (459) 7,941 Accounts payable, accrued expenses, accrued interest and other liabilities (29) 36 (16) (110) 6,711 ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities 89 60 130 12 (6,913) ---------- ---------- ---------- ---------- ---------- Cash flows from investing activities: Investment in hotel properties, net (89) (60) (130) (12) 4 Proceeds from sales of assets -- -- -- -- -- Net payments from Interstate Hotels & Resorts -- -- -- -- -- Change in restricted cash -- -- -- -- -- Other, net -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (89) (60) (130) (12) 4 ---------- ---------- ---------- ---------- ---------- Cash flows from financing activities: Principal payments on long-term debt -- -- -- -- 12,249 Distributions to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash used in financing activities -- -- -- -- 12,249 ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net change in cash and cash equivalents -- -- -- -- 5,340 Cash and cash equivalents, beginning of period -- -- -- -- 12,517 ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- 17,857 ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
GUARANTOR SUBSIDIARIES TOTAL TOTAL ELIMINATIONS CONSOLIDATED ------------ ------------ ------------ Operating activities: Net (loss) income (47,216) 44,064 (73,198) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 13,700 -- 28,706 Equity in earnings -- (44,064) -- Loss on asset impairments 52,702 -- 56,677 Minority interests -- -- 11 Amortization of unearned stock-based compensation -- -- 976 Unrealized gain on interest rate swaps recognized in net loss -- -- (2,055) Deferred income taxes -- -- (682) Changes in operating assets and liabilities: -- -- -- Accounts receivable (11,962) -- (12,937) Prepaid expenses and other assets (2,297) -- 1,416 Due from/to Interstate Hotels & Resorts (44) -- 93 Due from subsidiaries (10,638) -- -- Accounts payable, accrued expenses, accrued interest and -- -- other liabilities 2,847 -- (9,236) ------- ------- ------- Net cash provided by (used in) operating activities (2,908) -- (10,229) ------- ------- ------- Cash flows from investing activities: Investment in hotel properties, net (3,990) -- (8,622) Proceeds from sales of assets -- -- 12,650 Net payments from Interstate Hotels & Resorts -- -- 42,052 Change in restricted cash -- -- (1,656) Other, net -- -- (299) ------- ------- ------- Net cash provided by (used in) investing activities (3,990) -- 44,125 ------- ------- ------- Cash flows from financing activities: Principal payments on long-term debt 12,238 -- (1,889) Distributions to partners -- -- (141) ------- ------- ------- Net cash used in financing activities 12,238 -- (2,030) ------- ------- ------- Effect of exchange rate changes on cash -- -- (274) Net change in cash and cash equivalents 5,340 -- 31,592 Cash and cash equivalents, beginning of period 12,517 -- 33,889 ------- ------- ------- Cash and cash equivalents, end of period 17,857 -- 65,481 ======= ======= =======
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR NON- MERISTAR AGH MERISTAR HOSPITALITY GUARANTOR SUB 7C UPREIT, SUB 5N, OP, L.P. SUBSIDIARIES LLC LLC LLC ----------- ------------ ----------- ---------- ---------- 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 of affiliates (23,860) -- -- -- -- Write off of deferred financing costs 1,529 -- -- -- -- Loss on fair value of non-hedging derivatives 4,735 -- -- -- -- Minority interests 11 -- -- -- -- Amortization of unearned stock based compensation 880 -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss (2,887) -- -- -- -- Deferred income taxes (281) -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable (2,731) (111) -- -- (16) Prepaid expenses and other assets 2,033 502 -- -- -- Due from/to Interstate Hotels & Resorts (589) -- -- -- -- Due from subsidiaries 24,316 (11,553) -- -- (299) Accounts payable, accrued expenses, accrued interests, and other liabilities (6,816) (5,539) -- -- 26 ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities (11,313) 6,272 -- -- 5 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (833) (5,862) -- -- (5) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Retorts (9,000) (389) -- -- -- (Decrease) increase in restricted cash 1,093 1,859 -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (8,740) (4,392) -- -- (5) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs (3,131) -- -- -- -- Proceeds from issuance of long-term debt 234,545 -- -- -- -- Principal payments on long-term debt (215,000) (1,880) -- -- -- Contributions from partners 3,155 -- -- -- -- Repurchase of units (409) -- -- -- -- Distributions paid 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 increase (decrease) in cash and cash equivalents (2,428) -- -- -- -- Cash and cash equivalents, beginning of period 6,798 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period 4,370 -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 8A, SUB 8F, SUB 8G, SUB 6H, SUB 8B, LLC LLC LLC L.P. LLC ---------- ---------- ----------- ---------- ---------- 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 of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable (16) 8 -- -- -- Prepaid expenses and other assets -- 19 -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (2,282) (414) -- (361) (1,161) Accounts payable, accrued expenses, accrued interests, and other liabilities -- 50 -- 8 294 ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities (1,987) 5 -- -- 580 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties 1,987 (5) -- -- (580) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities 1,987 (5) -- -- (580) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1C, SUB 8E, SUB 7F, SUB 5L, SUB 3C, L.P. LLC LLC LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) (39) 195 124 257 256 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 257 147 118 33 176 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets (30) -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (254) (249) (251) (338) (561) Accounts payable, accrued expenses, accrued interests, and other liabilities 154 (48) 28 52 148 ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 88 45 19 4 19 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (88) (45) (19) (4) (19) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (88) (45) (19) (4) (19) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5B, SUB 8A, SUB 6D, SUB 6E, SUB 4E, LLC. LLC LLC LLC L.P. ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) -- -- 350 644 24 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization -- -- 133 425 230 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- (10) -- -- Prepaid expenses and other assets -- 1 -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries -- 46 (378) (1,089) 148 Accounts payable, accrued expenses, accrued interests, and other liabilities -- (46) 21 262 (337) ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities -- 1 116 242 65 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties -- (1) (116) (242) (65) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities -- (1) (116) (242) (65) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1B, SUB 5F, SUB 6G, SUB 8C, SUB 4C, LLC LLC LLC LLC L.P. ---------- ---------- ---------- ---------- ---------- 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 of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (911) (812) (414) (109) 39 Accounts payable, accrued expenses, accrued interests, and other liabilities 6 142 90 (153) (235) ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 145 54 173 87 22 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (145) (54) (173) (87) (22) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (145) (54) (173) (87) (22) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 4H, SUB 7E, SUB 3D, SUB 1A, SUB 5E, L.P. LLC LLC LLC. LLC ---------- ---------- ---------- ---------- ------------ Operating activities: Net income (loss) (9) 170 464 205 507 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 135 158 240 119 485 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets (10) -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries 56 (280) (701) (268) (1,023) Accounts payable, accrued expenses, accrued interests, and other liabilities (146) (30) 53 (43) 38 ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 26 18 56 13 7 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (26) (18) (56) (13) (7) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (26) (18) (56) (13) (7) ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR MERISTAR MERISTAR MERISTAR 7A JOINT SUB 6K, SUB 2B, SUB 3A, SUB 4A, VENTURE LLC LLC LLC L.P. ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) 118 584 (127) 39 195 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 of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (22) (782) 51 361 17 Accounts payable, accrued expenses, accrued interests, and other liabilities (65) 117 -- 17 (155) ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 135 105 29 488 57 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (135) (105) (26) (488) (57) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (135) (105) (26) (488) (57) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- (3) -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- (3) -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MDV MERISTAR SUB 4D, SUB 2A, SUB 6L, LIMITED SUB 5C, LLC. LLC LLC PARTNERSHIP LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) -- (157) 79 119 20 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 80 78 222 34 149 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets -- -- -- 4 (40) Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (48) 43 (291) (125) (134) Accounts payable, accrued expenses, accrued interests, and other liabilities 37 37 49 (29) 25 ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 69 1 59 3 20 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (69) 4 (59) (3) (20) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (69) 4 (59) (3) (20) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- (5) -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- (5) -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 6J, SUB 1D, SUB 7B, SUB 7D, SUB 7G, LLC L.P. L.P. LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) 423 659 (60) 307 (96) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 162 554 231 416 189 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- 267 -- Prepaid expenses and other assets -- -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (564) (693) 66 (352) 69 Accounts payable, accrued expenses, accrued interests, and other liabilities 60 (197) (233) (572) (143) ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 81 323 4 66 19 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (81) (323) (4) (66) (19) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (81) (323) (4) (66) (19) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 6B, SUB 4I, SUB 5D, SUB 5H, SUB 7H, LLC L.P. LLC LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) 80 (191) (432) 596 76 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 114 144 362 493 152 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (158) 287 95 (1,104) (107) Accounts payable, accrued expenses, accrued interests, and other liabilities 14 (168) 18 391 (94) ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 50 72 43 376 27 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (50) (72) (43) (376) (27) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (50) (72) (43) (376) (27) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
AGH MERISTAR MERISTAR MERISTAR MERISTAR PSS I, SUB 2D, SUB 4F, SUB 5K, SUB 5M, INC. LLC L.P. LLC LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) 641 (120) 105 385 465 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization -- 117 280 297 113 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (563) 77 65 (295) (665) Accounts payable, accrued expenses, accrued interests, and other liabili1ies 172 (70) (254) 44 132 ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 250 4 196 431 45 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (250) 1 (196) (431) (45) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (250) 1 (196) (431) (45) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- (5) -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- (5) -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1E, SUB 5O SUB 6M SUB 4B, SUB 6C, L.P. LLC COMPANY L.P. LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) 209 188 548 (152) 476 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 76 55 302 177 199 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (218) (267) (840) 824 (645) Accounts payable, accrued expenses, accrued interests, and other liabilities (40) 47 68 (142) 24 ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 27 23 78 707 54 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (27) (23) (78) (707) (54) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (27) (23) (78) (707) (54) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 2C, SUB 4G, SUB 3B, SUB 5G, SUB 5P, LLC L.P. LLC L.P. LLC ---------- ---------- ---------- ---------- ---------- Operating activities: Net income (loss) (311) 385 70 1,253 113 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 255 229 230 1,548 -- Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- 329 Prepaid expenses and other assets -- -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries 30 (220) (252) (2,492) (448) Accounts payable, accrued expenses, accrued interests, and other liabilities 27 (380) 146 466 6 ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 1 14 194 775 -- ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties 7 (14) (194) (775) -- Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities 7 (14) (194) (775) -- ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt (8) -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities (8) -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5J, SUB 5Q, SUB 5A, SUB 8D, SUB 4J, LLC LLC LLC LLC LLC ---------- ---------- ---------- ---------- ------------- Operating activities: Net income (loss) 1,479 487 448 161 316 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 866 120 313 317 336 Equity in earnings of affiliates -- -- -- -- -- Write off of deferred financing costs -- -- -- -- -- Loss on fair value of non-hedging derivatives -- -- -- -- -- Minority interests -- -- -- -- -- Amortization of unearned stock based compensation -- -- -- -- -- Unrealized gain on interest rate swaps recognized in net loss -- -- -- -- -- Deferred income taxes -- -- -- -- -- Changes in operating assets and liabilities: -- -- -- -- -- Accounts receivable -- -- -- -- 31 Prepaid expenses and other assets 483 -- -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- -- -- Due from subsidiaries (3,168) (418) (861) (442) (478) Accounts payable, accrued expenses, accrued interests, and other liabilities 804 160 211 (15) (159) ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by operating activities 464 349 111 21 46 ---------- ---------- ---------- ---------- ---------- Investing activities: Investment in hotel properties (464) (349) (111) (21) (46) Proceeds from sale of assets -- -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts -- -- -- -- -- (Decrease) increase in restricted cash -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash (used in) provided by investing activities (464) (349) (111) (21) (46) ---------- ---------- ---------- ---------- ---------- Financing activities: Deferred financing costs -- -- -- -- -- Proceeds from issuance of long-term debt -- -- -- -- -- Principal payments on long-term debt -- -- -- -- -- Contributions from partners -- -- -- -- -- Repurchase of units -- -- -- -- -- Distributions paid to partners -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Effect of exchange rate changes on cash -- -- -- -- -- Net increase (decrease) in cash and cash equivalents -- -- -- -- -- Cash and cash equivalents, beginning of period -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period -- -- -- -- -- ========== ========== ========== ========== ==========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2002 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR HOTEL GUARANTOR LESSEE, SUBSIDIARIES TOTAL INC. TOTAL ELIMINATIONS CONSOLIDATED -------------- ------------ ------------ ------------ Operating activities: Net income (loss) (1,929) 14,146 (23,860) (10,324) Adjustments to reconcile net income (loss) to net cash -- -- provided by (used in) operating activities: -- -- Depreciation and amortization 294 14,662 -- 30,592 Equity in earnings of affiliates -- -- 23,860 -- Write off of deferred financing costs -- -- -- 1,529 Loss on fair value of non-hedging derivatives -- -- -- 4,735 Minority interests -- -- -- 11 Amortization of unearned stock based compensation -- -- -- 880 Unrealized gain on interest rate swaps recognized in net loss -- -- -- (2,887) Deferred income taxes -- -- -- (281) Changes in operating assets and liabilities: -- -- -- -- Accounts receivable (10,005) (9,412) -- (12,254) Prepaid expenses and other assets (1,328) (901) -- 1,634 Due from/to Interstate Hotels & Resorts 365 365 -- (224) Due from subsidiaries 13,770 (12,763) -- -- Accounts payable, accrued expenses, accrued interests, and other liabilies 7,395 8,085 -- (4,270) -------- -------- -------- -------- Net cash (used in) provided by operating activities 8,562 14,182 -- 9,141 -------- -------- -------- -------- Investing activities: Investment in hotel properties 2 (5,597) -- (12,292) Proceeds from sale of assets -- -- -- -- Net payments from (advances to) Interstate Hotels & Resorts 389 389 -- (9,000) (Decrease) increase in restricted cash -- -- -- 2,952 -------- -------- -------- -------- -------- Net cash (used in) provided by investing activities 391 (5,208) -- (18,340) -------- -------- -------- -------- Financing activities: Deferred financing costs -- -- -- (3,131) Proceeds from issuance of long-term debt -- -- -- 234,545 Principal payments on long-term debt (4,000) (4,021) -- (220,901) Contributions from partners -- -- -- 3,155 Repurchase of units -- -- -- (409) Distributions paid to partners -- -- -- (1,264) -------- -------- -------- -------- Net cash provided by (used in) financing activities (4,000) (4,021) -- 11,995 -------- -------- -------- -------- Effect of exchange rate changes on cash -- -- -- (271) -------- Net increase (decrease) in cash and cash equivalents 4,953 4,953 -- 2,525 -------- Cash and cash equivalents, beginning of period 16,643 16,643 -- 23,441 -------- -------- -------- -------- Cash and cash equivalents, end of period 21,596 21,596 -- 25,966 ======== ======== ======== ========