EX-99.1 8 w99712exv99w1.txt EXHIBIT 99.1 . . . MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR NON- HOSPITALITY GUARANTOR MERISTAR AGH UPREIT, MERISTAR OP, L.P. SUBSIDIARIES SUB 7C, LLC LLC SUB 5N, LLC ----------- ------------ ----------- ----------- ----------- ASSETS Property and equipment 22,219 1,472,038 -- -- 4,193 Accumulated depreciation (15,590) (270,448) -- -- (748) ----------- ----------- ----------- ----------- ----------- 6,629 1,201,590 -- -- 3,445 Assets held for sale -- 9,313 -- -- -- Investments in affiliates 2,635,432 8,200 32 2,989 -- Due to/from subsidiaries (1,078,785) 528,088 -- 74 4,724 Note receivable from subsidiaries 158,084 -- -- -- -- Prepaid expenses and other assets 32,454 (3,546) -- -- (33) Accounts receivable, net of allowance for doubtful accounts 26,366 810 -- -- -- Restricted cash 67,707 2,166 -- -- -- Cash and cash equivalents - unrestricted 125,513 -- -- -- -- ----------- ----------- ----------- ----------- ----------- 1,973,400 1,746,621 32 3,063 8,136 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 836,204 487,780 -- -- -- Notes payable to MeriStar Hospitality Corporation 207,576 -- -- -- -- Accounts payable and accrued expenses 6,118 7,125 -- -- 37 Accrued interest 38,951 2,170 -- -- -- Due to Interstate Hotels & Resorts 13,841 -- -- -- -- Other liabilities 10,863 -- -- -- -- ----------- ----------- ----------- ----------- ----------- 1,113,553 497,075 -- -- 37 ----------- ----------- ----------- ----------- ----------- Minority interests 2,472 -- -- -- -- Redeemable OP units at redemption value 27,533 -- -- -- -- Partners' capital 829,842 1,249,546 32 3,063 8,099 ----------- ----------- ----------- ----------- ----------- 1,973,400 1,746,621 32 3,063 8,136 =========== =========== =========== =========== =========== MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 8A, LLC 8F, L.P. 8G, LLC 6H, L.P. 8B, LLC ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment -- 11,535 -- 10,863 87,997 Accumulated depreciation -- (2,850) -- (470) (13,458) ----------- ----------- ----------- ----------- ----------- -- 8,685 -- 10,393 74,539 Assets held for sale -- -- -- -- -- Investments in affiliates -- -- 72 -- -- Due to/from subsidiaries -- 7,870 9 7,326 29,243 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets -- (50) -- (5) (70) Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Restricted cash -- 115 -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- -- 16,620 81 17,714 103,712 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses -- 38 -- 43 2,395 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- -- 38 -- 43 2,395 ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital -- 16,582 81 17,671 101,317 ----------- ----------- ----------- ----------- ----------- -- 16,620 81 17,714 103,712 =========== =========== =========== =========== ===========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 1C, L.P. 8E, LLC 7F, LLC 5L, LLC 3C, LLC ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment 26,898 15,610 7,338 12,052 17,509 Accumulated depreciation (6,597) (3,322) (266) (722) (4,047) ----------- ----------- ----------- ----------- ----------- 20,301 12,288 7,072 11,330 13,462 Assets held for sale -- -- -- -- -- Investments in affiliates -- -- -- -- -- Due to/from subsidiaries (3,754) 7,262 5,515 4,673 5,928 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (147) (19) (7) (53) 15 Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 16,400 19,531 12,580 15,950 19,405 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 72 (23) 157 48 212 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 72 (23) 157 48 212 ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 16,328 19,554 12,423 15,902 19,193 ----------- ----------- ----------- ----------- ----------- 16,400 19,531 12,580 15,950 19,405 =========== =========== =========== =========== =========== MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5R, LLC 6D, LLC 6E, LLC 4E, L.P. 1B, LLC ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment -- 17,921 47,575 3,880 19,375 Accumulated depreciation -- (3,166) (10,789) -- (4,313) ----------- ----------- ----------- ----------- ----------- -- 14,755 36,786 3,880 15,062 Assets held for sale -- -- -- -- -- Investments in affiliates 43 -- -- -- -- Due to/from subsidiaries (43) 9,034 22,531 3,772 15,702 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets -- (14) (64) (37) (60) Accounts receivable, net of allowance for doubtful accounts -- 98 -- -- 96 Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- -- 23,873 59,253 7,615 30,800 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- 33 Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses -- 136 60 204 (5) Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- -- 136 60 204 28 ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital -- 23,737 59,193 7,411 30,772 ----------- ----------- ----------- ----------- ----------- -- 23,873 59,253 7,615 30,800 =========== =========== =========== =========== ===========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5F, L.P. 6G, LLC 8C, LLC 4C, L.P. 4H, L.P. ------------- ------------ ------------ ------------ ------------ ASSETS Property and equipment 19,426 22,883 -- -- 1 Accumulated depreciation (589) (5,376) -- -- -- ----------- ----------- ----------- ----------- ----------- 18,837 17,507 -- -- 1 Assets held for sale -- -- -- -- -- Investments in affiliates -- -- -- -- -- Due to/from subsidiaries 11,741 8,548 11,440 -- 3,413 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (126) (24) -- -- -- Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 30,452 26,031 11,440 -- 3,414 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 120 72 1 -- -- Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 120 72 1 -- -- ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 30,332 25,959 11,439 -- 3,414 ----------- ----------- ----------- ----------- ----------- 30,452 26,031 11,440 -- 3,414 =========== =========== =========== =========== =========== MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 7A JOINT MERISTAR SUB 7E, LLC 3D, LLC 1A, LLC VENTURE 2B, LLC ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment 20,138 22,826 -- -- -- Accumulated depreciation (3,636) (7,418) -- -- -- ----------- ----------- ----------- ----------- ----------- 16,502 15,408 -- -- -- Assets held for sale -- -- 7,857 4,656 -- Investments in affiliates -- -- -- -- -- Due to/from subsidiaries 5,428 9,001 7,965 5,449 (3,497) Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (15) (31) (86) (9) -- Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 21,915 24,378 15,736 10,096 (3,497) =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 108 85 27 177 (7) Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 108 85 27 177 (7) ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 21,807 24,293 15,709 9,919 (3,490) ----------- ----------- ----------- ----------- ----------- 21,915 24,378 15,736 10,096 (3,497) =========== =========== =========== =========== ===========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR SUB SUB 4A, MERISTAR SUB MERISTAR SUB MERISTAR SUB 3A, LLC LLC 4D, LLC 2A, LLC 6L, LLC ------------ ----------- ------------ ------------ ------------ ASSETS Property and equipment -- -- -- -- -- Accumulated depreciation -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- -- -- -- -- -- Assets held for sale -- -- -- -- -- Investments in affiliates -- -- -- -- -- Due to/from subsidiaries 4,976 7,612 -- (7,913) 20,297 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- -- Accounts receivable, net of allowance for doubtful accounts -- -- -- -- 178 Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 4,976 7,612 -- (7,913) 20,475 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses -- -- -- (7) -- Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- -- -- -- (7) -- ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 4,976 7,612 -- (7,906) 20,475 ----------- ----------- ----------- ----------- ----------- 4,976 7,612 -- (7,913) 20,475 =========== =========== =========== =========== =========== MDV LIMITED MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB PARTNERSHIP 5C, LLC 6J, LLC 1D, L.P. 7B, L.P. ----------- ------------ ------------ ------------ ------------ ASSETS Property and equipment 3,900 -- 19,721 69,078 -- Accumulated depreciation (756) -- (4,051) (13,172) -- ----------- ----------- ----------- ----------- ----------- 3,144 -- 15,670 55,906 -- Assets held for sale -- -- -- -- -- Investments in affiliates -- -- -- -- -- Due to/from subsidiaries 2,702 5,087 8,844 21,253 (262) Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (14) 4 9 (393) -- Accounts receivable, net of allowance for doubtful accounts -- (2) -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 5,832 5,089 24,523 76,766 (262) =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 102 -- 72 98 -- Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 102 -- 72 98 -- ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 5,730 5,089 24,451 76,668 (262) ----------- ----------- ----------- ----------- ----------- 5,832 5,089 24,523 76,766 (262) =========== =========== =========== =========== ===========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 7D, LLC 7G, LLC 6B, LLC 4I, L.P. 5D, LLC ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment 53,422 -- 11,464 -- 42,262 Accumulated depreciation (10,591) -- (2,411) -- (8,839) ----------- ----------- ----------- ----------- ----------- 42,831 -- 9,053 -- 33,423 Assets held for sale -- -- -- -- -- Investments in affiliates -- -- -- -- 51,368 Due to/from subsidiaries 27,467 2,369 3,052 1,660 (6,043) Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets 118 -- (10) -- (49) Accounts receivable, net of allowance for doubtful accounts 676 -- -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 71,092 2,369 12,095 1,660 78,699 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- 24,000 Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 4,611 -- (2) -- 372 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts (200) -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 4,411 -- (2) -- 24,372 ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 66,681 2,369 12,097 1,660 54,327 ----------- ----------- ----------- ----------- ----------- 71,092 2,369 12,095 1,660 78,699 =========== =========== =========== =========== =========== MERISTAR SUB MERISTAR SUB AGH MERISTAR SUB MERISTAR SUB 5H, LLC 7H, LLC PSS I, INC. 2D, LLC 4F, L.P. ------------ ------------ ----------- ------------ ------------ ASSETS Property and equipment -- -- -- -- 33,470 Accumulated depreciation -- -- -- -- (6,361) ----------- ----------- ----------- ----------- ----------- -- -- -- -- 27,109 Assets held for sale -- -- -- -- -- Investments in affiliates -- -- -- -- -- Due to/from subsidiaries 36,576 9,589 25,570 (4,616) 4,992 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets -- -- -- -- 1 Accounts receivable, net of allowance for doubtful accounts 46 -- -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 36,622 9,589 25,570 (4,616) 32,102 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses -- -- -- (1) 168 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- -- -- -- (1) 168 ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 36,622 9,589 25,570 (4,615) 31,934 ----------- ----------- ----------- ----------- ----------- 36,622 9,589 25,570 (4,616) 32,102 =========== =========== =========== =========== ===========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5K, LLC 5M, LLC 1E, L.P. 5O, LLC 4B, L.P. ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment 28,635 22,103 -- 8,770 -- Accumulated depreciation (5,854) (2,593) -- (1,259) -- ----------- ----------- ----------- ----------- ----------- 22,781 19,510 -- 7,511 -- Assets held for sale -- -- -- -- -- Investments in affiliates -- -- -- -- -- Due to/from subsidiaries (969) 8,794 24,352 3,527 1,728 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (139) (85) -- (28) -- Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 21,673 28,219 24,352 11,010 1,728 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 1,548 98 -- 38 -- Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 1,548 98 -- 38 -- ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 20,125 28,121 24,352 10,972 1,728 ----------- ----------- ----------- ----------- ----------- 21,673 28,219 24,352 11,010 1,728 =========== =========== =========== =========== =========== MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 2C, LLC 4G, L.P. 3B, LLC 5G, L.P. 5P, LLC ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment -- 8,734 -- 168,326 39 Accumulated depreciation -- (111) -- (33,652) (25) ----------- ----------- ----------- ----------- ----------- -- 8,623 -- 134,674 14 Assets held for sale -- -- -- -- -- Investments in affiliates -- -- -- -- -- Due to/from subsidiaries (6,612) 9,361 9,351 43,062 3,575 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (7) (170) (3) (206) (7) Accounts receivable, net of allowance for doubtful accounts 5 -- -- -- 38 Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- (6,614) 17,814 9,348 177,530 3,620 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (33) 171 22 574 -- Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- (33) 171 22 574 -- ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital (6,581) 17,643 9,326 176,956 3,620 ----------- ----------- ----------- ----------- ----------- (6,614) 17,814 9,348 177,530 3,620 =========== =========== =========== =========== ===========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5J, LLC 5Q, LLC 5A, LLC 8D, LLC 4J, LLC ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment 112,407 16,905 36,345 2 39,184 Accumulated depreciation (19,626) (2,563) (11,218) -- (7,759) ----------- ----------- ----------- ----------- ----------- 92,781 14,342 25,127 2 31,425 Assets held for sale -- -- -- -- -- Investments in affiliates -- -- 4,627 -- -- Due to/from subsidiaries 24,957 5,674 7,844 16,377 7,883 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (661) (98) (55) -- (36) Accounts receivable, net of allowance for doubtful accounts -- -- -- 359 (14) Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 117,077 19,918 37,543 16,738 39,258 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- 23,609 -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 441 41 364 -- 155 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- 441 41 23,973 -- 155 ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 116,636 19,877 13,570 16,738 39,103 ----------- ----------- ----------- ----------- ----------- 117,077 19,918 37,543 16,738 39,258 =========== =========== =========== =========== =========== MERISTAR MERISTAR GUARANTOR PENTAGON HOTEL SUBSIDIARIES TOTAL CITY, LLC LESSEE, INC. TOTAL ELIMINATIONS CONSOLIDATED ------------ ------------ ------------ ------------ ------------ ASSETS Property and equipment 92,807 3,316 1,138,910 -- 2,633,167 Accumulated depreciation (355) (3,370) (202,333) -- (488,371) ----------- ----------- ----------- ----------- ----------- 92,452 (54) 936,577 -- 2,144,796 Assets held for sale -- -- 12,513 -- 21,826 Investments in affiliates -- 1,629 60,760 (2,689,392) 15,000 Due to/from subsidiaries 56,880 (7,653) 550,697 -- -- Note receivable from subsidiaries -- -- -- (158,084) -- Prepaid expenses and other assets 524 14,053 11,913 -- 40,821 Accounts receivable, net of allowance for doubtful accounts -- 47,861 49,341 (4,344) 72,173 Restricted cash -- 2,490 2,605 -- 72,478 Cash and cash equivalents - unrestricted -- 23,299 23,299 -- 148,812 ----------- ----------- ----------- ----------- ----------- 149,856 81,625 1,647,705 (2,851,820) 2,515,906 =========== =========== =========== =========== =========== LIABILITIES AND PARTNERS' CAPITAL Long-term debt 55,800 110,486 213,928 (158,084) 1,379,828 Notes payable to MeriStar Hospitality Corporation -- -- -- -- 207,576 Accounts payable and accrued expenses 325 61,716 74,830 -- 88,073 Accrued interest -- 4,344 4,344 (4,344) 41,121 Due to Interstate Hotels & Resorts -- 8,246 8,046 -- 21,887 Other liabilities -- 8,292 8,292 -- 19,155 ----------- ----------- ----------- ----------- ----------- 56,125 193,084 309,440 (162,428) 1,757,640 ----------- ----------- ----------- ----------- ----------- Minority interests -- -- -- -- 2,472 Redeemable OP units at redemption value -- -- -- -- 27,533 Partners' capital 93,731 (111,459) 1,338,265 (2,689,392) 728,261 ----------- ----------- ----------- ----------- ----------- 149,856 81,625 1,647,705 (2,851,820) 2,515,906 =========== =========== =========== =========== ===========
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
MERISTAR NON- HOSPITALITY GUARANTOR MERISTAR SUB AGH UPREIT, MERISTAR OP, L.P. SUBSIDIARIES 7C, LLC LLC SUB 5N, LLC ------------- ------------- ------------- ------------- ------------- ASSETS Property and equipment 18,987 1,407,432 -- -- 4,146 Accumulated depreciation (13,219) (246,091) -- -- (679) ------------- ------------- ------------- ------------- ------------- 5,768 1,161,341 -- -- 3,467 Assets held for sale -- 4,273 -- -- -- Investments in affiliate 2,208,641 8,200 32 2,989 -- Due from/to subsidiaries (838,258) 397,837 -- 133 4,243 Note receivable from subsidiaries 120,855 -- -- -- -- Prepaid expenses and other assets 34,658 (1,612) -- -- (18) Accounts receivable, net of allowance for doubtful accounts 18,220 956 -- -- -- Restricted cash 39,932 2,476 -- -- -- Cash and cash equivalents - unrestricted 218,646 -- -- -- -- ------------- ------------- ------------- ------------- ------------- 1,808,462 1,573,471 32 3,122 7,692 ============= ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt 917,232 436,778 -- -- -- Notes payable to MeriStar Hospitality Corporation 256,473 -- -- -- -- Accounts payable and accrued expenses 14,806 5,517 -- -- (11) Accrued interest 43,396 2,639 -- -- -- Due to Interstate Hotels & Resorts 6,923 -- -- -- -- Other liabilities 1,750 (304) -- -- -- ------------- ------------- ------------- ------------- ------------- Total liabilities 1,240,580 444,630 -- -- (11) ------------- ------------- ------------- ------------- ------------- Minority interests 2,496 -- -- -- -- Redeemable OP units at redemption value 35,926 -- -- -- -- Partners' capital 529,460 1,128,841 32 3,122 7,703 ------------- ------------- ------------- ------------- ------------- 1,808,462 1,573,471 32 3,122 7,692 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 8A, LLC 8F, L.P. 8G, LLC 6H, L.P. ------------- ------------- ------------- ------------- ASSETS Property and equipment -- 11,502 -- 10,862 Accumulated depreciation -- (2,521) -- (157) ------------- ------------- ------------- ------------- -- 8,981 -- 10,705 Assets held for sale -- -- -- -- Investments in affiliate -- -- 72 -- Due from/to subsidiaries -- 7,012 10 6,814 Note receivable from subsidiaries -- -- -- -- Prepaid expenses and other assets -- (28) -- 1 Accounts receivable, net of allowance for doubtful accounts -- -- -- -- Restricted cash -- 115 -- -- Cash and cash equivalents - unrestricted -- -- -- -- ------------- ------------- ------------- ------------- -- 16,080 82 17,520 ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- Accounts payable and accrued expenses -- 67 -- 161 Accrued interest -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- Other liabilities -- -- -- -- ------------- ------------- ------------- ------------- Total liabilities -- 67 -- 161 ------------- ------------- ------------- ------------- Minority interests -- -- -- -- Redeemable OP units at redemption value -- -- -- -- Partners' capital -- 16,013 82 17,359 ------------- ------------- ------------- ------------- -- 16,080 82 17,520 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 8B, LLC 1C, L.P. 8E, LLC 7F, LLC 5L, LLC ------------- ------------- ------------- ------------- ------------- ASSETS Property and equipment 83,215 26,641 15,493 7,293 11,841 Accumulated depreciation (12,270) (5,900) (3,024) (97) (645) ------------- ------------- ------------- ------------- ------------- 70,945 20,741 12,469 7,196 11,196 Assets held for sale -- -- -- -- -- Investments in affiliate -- -- -- -- -- Due from/to subsidiaries 30,981 (3,881) 6,688 5,122 4,239 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (26) (88) (10) (1) (24) Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- 101,900 16,772 19,147 12,317 15,411 ============= ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 2,502 88 (32) 208 (15) Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Total liabilities 2,502 88 (32) 208 (15) ------------- ------------- ------------- ------------- ------------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 99,398 16,684 19,179 12,109 15,426 ------------- ------------- ------------- ------------- ------------- 101,900 16,772 19,147 12,317 15,411 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 3C, LLC 5R, LLC 6D, LLC 6E, LLC ------------- ------------- ------------- ------------- ASSETS Property and equipment 17,498 -- 17,449 45,155 Accumulated depreciation (3,696) -- (2,893) (9,963) ------------- ------------- ------------- ------------- 13,802 -- 14,556 35,192 Assets held for sale -- -- -- -- Investments in affiliate -- 43 -- -- Due from/to subsidiaries 5,062 (43) 8,445 21,931 Note receivable from subsidiaries -- -- -- -- Prepaid expenses and other assets 28 -- (7) (33) Accounts receivable, net of allowance for doubtful accounts -- -- 103 -- Restricted cash -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- ------------- ------------- ------------- ------------- 18,892 -- 23,097 57,090 ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- Accounts payable and accrued expenses 140 -- 38 (208) Accrued interest -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- Other liabilities -- -- -- -- ------------- ------------- ------------- ------------- Total liabilities 140 -- 38 (208) ------------- ------------- ------------- ------------- Minority interests -- -- -- -- Redeemable OP units at redemption value -- -- -- -- Partners' capital 18,752 -- 23,059 57,298 ------------- ------------- ------------- ------------- 18,892 -- 23,097 57,090 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 4E, L.P. 1B, LLC 5F, L.P. 6G, LLC 8C, LLC ------------- ------------- ------------- ------------- ------------- ASSETS Property and equipment 5,047 18,656 17,410 22,578 -- Accumulated depreciation (76) (4,064) (198) (5,014) -- ------------- ------------- ------------- ------------- ------------- 4,971 14,592 17,212 17,564 -- Assets held for sale -- -- -- -- 5,530 Investments in affiliate -- -- -- -- -- Due from/to subsidiaries 3,545 15,375 12,431 6,988 5,557 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (17) (32) (63) (12) 117 Accounts receivable, net of allowance for doubtful accounts -- 96 -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- 8,499 30,031 29,580 24,540 11,204 ============= ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- 33 -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses 351 39 97 (69) (306) Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Total liabilities 351 72 97 (69) (306) ------------- ------------- ------------- ------------- ------------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 8,148 29,959 29,483 24,609 11,510 ------------- ------------- ------------- ------------- ------------- 8,499 30,031 29,580 24,540 11,204 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC ------------- ------------- ------------- ------------- ASSETS Property and equipment -- 4,929 18,569 22,682 Accumulated depreciation -- (130) (3,323) (7,036) ------------- ------------- ------------- ------------- -- 4,799 15,246 15,646 Assets held for sale -- -- -- -- Investments in affiliate -- -- -- -- Due from/to subsidiaries -- (791) 6,367 8,459 Note receivable from subsidiaries -- -- -- -- Prepaid expenses and other assets -- (8) (8) (16) Accounts receivable, net of allowance for doubtful accounts -- -- -- -- Restricted cash -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- ------------- ------------- ------------- ------------- -- 4,000 21,605 24,089 ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- Accounts payable and accrued expenses -- 178 74 30 Accrued interest -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- Other liabilities -- -- -- -- ------------- ------------- ------------- ------------- Total liabilities -- 178 74 30 ------------- ------------- ------------- ------------- Minority interests -- -- -- -- Redeemable OP units at redemption value -- -- -- -- Partners' capital -- 3,822 21,531 24,059 ------------- ------------- ------------- ------------- -- 4,000 21,605 24,089 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR MERISTAR SUB 7A JOINT MERISTAR SUB MERISTAR SUB SUB 4A, 1A, LLC VENTURE 2B, LLC 3A, LLC LLC ------------- ------------- ------------- ------------- ------------- ASSETS Property and equipment 11,514 5,881 -- 3,197 -- Accumulated depreciation (2,928) (121) -- (51) -- ------------- ------------- ------------- ------------- ------------- 8,586 5,760 -- 3,146 -- Assets held for sale -- -- -- -- 3,301 Investments in affiliate -- -- -- -- -- Due from/to subsidiaries 7,330 5,021 (7,036) 1,904 4,573 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (56) 1 -- 1 (9) Accounts receivable, net of allowance for doubtful accounts -- -- 2,345 -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- 15,860 10,782 (4,691) 5,051 7,865 ============= ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (17) 150 (8) 161 342 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Total liabilities (17) 150 (8) 161 342 ------------- ------------- ------------- ------------- ------------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 15,877 10,632 (4,683) 4,890 7,523 ------------- ------------- ------------- ------------- ------------- 15,860 10,782 (4,691) 5,051 7,865 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MDV LIMITED 4D, LLC 2A, LLC 6L, LLC PARTNERSHIP ------------- ------------- ------------- ------------- ASSETS Property and equipment -- -- -- 3,850 Accumulated depreciation -- -- -- (686) ------------- ------------- ------------- ------------- -- -- -- 3,164 Assets held for sale -- -- 12,395 -- Investments in affiliate -- -- -- -- Due from/to subsidiaries 2,930 (9,934) 6,238 2,538 Note receivable from subsidiaries -- -- -- -- Prepaid expenses and other assets 3 -- 15 (4) Accounts receivable, net of allowance for doubtful accounts -- 2,002 -- -- Restricted cash -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- ------------- ------------- ------------- ------------- 2,933 (7,932) 18,648 5,698 ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- Accounts payable and accrued expenses -- (8) 25 96 Accrued interest -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- Other liabilities -- -- -- -- ------------- ------------- ------------- ------------- Total liabilities -- (8) 25 96 ------------- ------------- ------------- ------------- Minority interests -- -- -- -- Redeemable OP units at redemption value -- -- -- -- Partners' capital 2,933 (7,924) 18,623 5,602 ------------- ------------- ------------- ------------- 2,933 (7,932) 18,648 5,698 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5C, LLC 6J, LLC 1D, L.P. 7B, L.P. 7D, LLC ------------- ------------- ------------- ------------- ------------- ASSETS Property and equipment -- 19,530 68,709 4,806 52,417 Accumulated depreciation -- (3,776) (12,036) (156) (9,771) ------------- ------------- ------------- ------------- ------------- -- 15,754 56,673 4,650 42,646 Assets held for sale -- -- -- -- -- Investments in affiliate -- -- -- -- -- Due from/to subsidiaries 5,088 7,636 19,511 (3,011) 25,422 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets -- 23 (209) 1 192 Accounts receivable, net of allowance for doubtful accounts -- -- -- -- 1,326 Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- 5,088 23,413 75,975 1,640 69,586 ============= ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses -- (216) (91) 1,080 4,169 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- (200) Other liabilities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Total liabilities -- (216) (91) 1,080 3,969 ------------- ------------- ------------- ------------- ------------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 5,088 23,629 76,066 560 65,617 ------------- ------------- ------------- ------------- ------------- 5,088 23,413 75,975 1,640 69,586 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 7G, LLC 6B, LLC 4I, L.P. 5D, LLC ------------- ------------- ------------- ------------- ASSETS Property and equipment 1,901 10,802 -- 42,105 Accumulated depreciation -- (2,188) -- (8,102) ------------- ------------- ------------- ------------- 1,901 8,614 -- 34,003 Assets held for sale -- -- -- -- Investments in affiliate -- -- -- 51,368 Due from/to subsidiaries 365 3,137 1,609 (6,600) Note receivable from subsidiaries -- -- -- -- Prepaid expenses and other assets -- (5) -- (17) Accounts receivable, net of allowance for doubtful accounts -- -- -- -- Restricted cash -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- ------------- ------------- ------------- ------------- 2,266 11,746 1,609 78,754 ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- 24,000 Notes payable to MeriStar Hospitality Corporation -- -- -- -- Accounts payable and accrued expenses (6) (107) (61) 12 Accrued interest -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- Other liabilities -- -- -- -- ------------- ------------- ------------- ------------- Total liabilities (6) (107) (61) 24,012 ------------- ------------- ------------- ------------- Minority interests -- -- -- -- Redeemable OP units at redemption value -- -- -- -- Partners' capital 2,272 11,853 1,670 54,742 ------------- ------------- ------------- ------------- 2,266 11,746 1,609 78,754 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB AGH MERISTAR SUB MERISTAR SUB 5H, LLC 7H, LLC PSS I, INC. 2D, LLC 4F, L.P. ------------- ------------- ------------- ------------- ------------- ASSETS Property and equipment -- -- -- -- 32,615 Accumulated depreciation -- -- -- -- (5,809) ------------- ------------- ------------- ------------- ------------- -- -- -- -- 26,806 Assets held for sale -- -- -- -- -- Investments in affiliate -- -- -- -- -- Due from/to subsidiaries 36,579 9,567 25,579 (6,223) 5,237 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets 1 -- 1 -- 13 Accounts receivable, net of allowance for doubtful accounts 46 43 -- 1,166 -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- 36,626 9,610 25,580 (5,057) 32,056 ============= ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (2) -- -- (1) 370 Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Total liabilities (2) -- -- (1) 370 ------------- ------------- ------------- ------------- ------------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 36,628 9,610 25,580 (5,056) 31,686 ------------- ------------- ------------- ------------- ------------- 36,626 9,610 25,580 (5,057) 32,056 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB 5K, LLC 5M, LLC 1E, L.P. ------------- ------------- ------------- ASSETS Property and equipment 28,386 22,056 -- Accumulated depreciation (5,206) (2,355) -- ------------- ------------- ------------- 23,180 19,701 -- Assets held for sale -- -- -- Investments in affiliate -- -- -- Due from/to subsidiaries (365) 7,852 24,172 Note receivable from subsidiaries -- -- -- Prepaid expenses and other assets (74) (48) (1) Accounts receivable, net of allowance for doubtful accounts -- -- 198 Restricted cash -- -- -- Cash and cash equivalents - unrestricted -- -- -- ------------- ------------- ------------- 22,741 27,505 24,369 ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- Accounts payable and accrued expenses 3,028 -- 14 Accrued interest -- -- -- Due to Interstate Hotels & Resorts -- -- -- Other liabilities -- -- -- ------------- ------------- ------------- Total liabilities 3,028 -- 14 ------------- ------------- ------------- Minority interests -- -- -- Redeemable OP units at redemption value -- -- -- Partners' capital 19,713 27,505 24,355 ------------- ------------- ------------- 22,741 27,505 24,369 ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5O, LLC 4B, L.P. 2C, LLC 4G, L.P. 3B, LLC ------------- ------------- ------------- ------------- ------------- ASSETS Property and equipment 8,741 -- -- 9,086 -- Accumulated depreciation (1,144) -- -- -- -- ------------- ------------- ------------- ------------- ------------- 7,597 -- -- 9,086 -- Assets held for sale -- 7,158 9,415 -- -- Investments in affiliate -- -- -- -- -- Due from/to subsidiaries 3,077 (4,789) 5,673 8,806 9,336 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (15) (4) (240) (89) (3) Accounts receivable, net of allowance for doubtful accounts -- -- -- -- -- Restricted cash -- -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- 10,659 2,365 14,848 17,803 9,333 ============= ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- 19,731 -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (8) 410 257 488 -- Accrued interest -- -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- -- Other liabilities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Total liabilities (8) 410 19,988 488 -- ------------- ------------- ------------- ------------- ------------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 10,667 1,955 (5,140) 17,315 9,333 ------------- ------------- ------------- ------------- ------------- 10,659 2,365 14,848 17,803 9,333 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5G, L.P. 5P, LLC 5J, LLC 5Q, LLC ------------- ------------- ------------- ------------- ASSETS Property and equipment 164,273 39 110,406 16,737 Accumulated depreciation (30,502) (23) (16,816) (2,269) ------------- ------------- ------------- ------------- 133,771 16 93,590 14,468 Assets held for sale -- -- -- -- Investments in affiliate -- -- -- -- Due from/to subsidiaries 42,679 3,088 21,963 4,637 Note receivable from subsidiaries -- -- -- -- Prepaid expenses and other assets (255) (4) (370) (53) Accounts receivable, net of allowance for doubtful accounts -- 38 -- -- Restricted cash -- -- -- -- Cash and cash equivalents - unrestricted -- -- -- -- ------------- ------------- ------------- ------------- 176,195 3,138 115,183 19,052 ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt -- -- -- -- Notes payable to MeriStar Hospitality Corporation -- -- -- -- Accounts payable and accrued expenses 775 -- 131 (189) Accrued interest -- -- -- -- Due to Interstate Hotels & Resorts -- -- -- -- Other liabilities -- -- -- -- ------------- ------------- ------------- ------------- Total liabilities 775 -- 131 (189) ------------- ------------- ------------- ------------- Minority interests -- -- -- -- Redeemable OP units at redemption value -- -- -- -- Partners' capital 175,420 3,138 115,052 19,241 ------------- ------------- ------------- ------------- 176,195 3,138 115,183 19,052 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
GUARANTOR MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR HOTEL SUBSIDIARIES 5A, LLC 8D, LLC 4J, LLC LESSEE, INC. TOTAL ------------- ------------- ------------- ------------- ------------- ASSETS Property and equipment 35,707 -- 38,463 3,146 1,055,333 Accumulated depreciation (10,686) -- (7,127) (3,284) (186,722) ------------- ------------- ------------- ------------- ------------- 25,021 -- 31,336 (138) 868,611 Assets held for sale -- 9,097 -- -- 46,896 Investments in affiliate 4,627 -- -- 1,629 60,760 Due from/to subsidiaries 6,562 8,303 7,469 (189) 440,421 Note receivable from subsidiaries -- -- -- -- -- Prepaid expenses and other assets (29) 14 (19) 15,471 13,987 Accounts receivable, net of allowance for doubtful accounts -- -- (13) 38,183 45,533 Restricted cash -- -- -- -- 115 Cash and cash equivalents - unrestricted -- -- -- 12,230 12,230 ------------- ------------- ------------- ------------- ------------- 36,181 17,414 38,773 67,186 1,488,553 ============= ============= ============= ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt 23,609 -- -- 81,027 148,400 Notes payable to MeriStar Hospitality Corporation -- -- -- -- -- Accounts payable and accrued expenses (195) (183) 81 45,862 59,691 Accrued interest -- -- -- 778 778 Due to Interstate Hotels & Resorts -- -- -- 9,688 9,488 Other liabilities -- -- -- 9,599 9,599 ------------- ------------- ------------- ------------- ------------- Total liabilities 23,414 (183) 81 146,954 227,956 ------------- ------------- ------------- ------------- ------------- Minority interests -- -- -- -- -- Redeemable OP units at redemption value -- -- -- -- -- Partners' capital 12,767 17,597 38,692 (79,768) 1,260,597 ------------- ------------- ------------- ------------- ------------- 36,181 17,414 38,773 67,186 1,488,553 ============= ============= ============= ============= ============= TOTAL ELIMINATIONS CONSOLIDATED ------------- ------------- ASSETS Property and equipment -- 2,481,752 Accumulated depreciation -- (446,032) ------------- ------------- -- 2,035,720 Assets held for sale -- 51,169 Investments in affiliate (2,262,601) 15,000 Due from/to subsidiaries -- -- Note receivable from subsidiaries (120,855) -- Prepaid expenses and other assets -- 47,033 Accounts receivable, net of allowance for doubtful accounts -- 64,709 Restricted cash -- 42,523 Cash and cash equivalents - unrestricted -- 230,876 ------------- ------------- (2,383,456) 2,487,030 ============= ============= LIABILITIES AND PARTNERS' CAPITAL Long-term debt (120,855) 1,381,555 Notes payable to MeriStar Hospitality Corporation -- 256,473 Accounts payable and accrued expenses -- 80,014 Accrued interest -- 46,813 Due to Interstate Hotels & Resorts -- 16,411 Other liabilities -- 11,045 ------------- ------------- Total liabilities (120,855) 1,792,311 ------------- ------------- Minority interests -- 2,496 Redeemable OP units at redemption value -- 35,926 Partners' capital (2,262,601) 656,297 ------------- ------------- (2,383,456) 2,487,030 ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR NON- HOSPITALITY GUARANTOR MERISTAR SUB AGH UPREIT, MERISTAR SUB OP, L.P. SUBSIDIARIES 7C, LLC LLC 5N, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 1,623 662 -- -- -- Participating lease revenue -- 33,509 -- -- 211 ------------- ------------- ------------- ------------- ------------- Total revenue 1,623 34,171 -- -- 211 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- 271 -- -- -- Other operating expenses: General and administrative, hotel -- 23 -- -- -- General and administrative, corporate 3,185 -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 2,860 12,437 -- -- 35 Property taxes, insurance and other (356) 4,738 -- -- 24 Loss on asset impairments -- 310 -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses 5,689 17,779 -- -- 59 ------------- ------------- ------------- ------------- ------------- Operating income (loss) (4,066) 16,392 -- -- 152 ------------- ------------- ------------- ------------- ------------- Minority interest 20 -- -- -- -- Interest expense, net (18,895) (7,887) -- -- -- Loss on early extinguishments of debt (1,980) -- -- -- -- Equity in income from consolidated entities 12,880 -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations (12,041) 8,505 -- -- 152 Income tax (expense) benefit (25) -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations (12,066) 8,505 -- -- 152 Discontinued operations: (Loss) income from discontinued operations before income tax (30) 1,569 -- -- -- Income tax (expense) benefit 45 -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations 15 1,569 -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income (12,051) 10,074 -- -- 152 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 8A, LLC 8F, L.P. 8G, LLC 6H, L.P. ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue -- 601 -- 373 ------------- ------------- ------------- ------------- Total revenue -- 601 -- 373 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- 165 -- 156 Property taxes, insurance and other -- 182 -- 26 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- 347 -- 182 ------------- ------------- ------------- ------------- Operating income (loss) -- 254 -- 191 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 254 -- 191 Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 254 -- 191 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income -- 254 -- 191 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 8B, LLC 1C, L.P. 8E, LLC 7F, LLC 5L, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- 7 -- -- Participating lease revenue 1,863 304 371 305 253 ------------- ------------- ------------- ------------- ------------- Total revenue 1,863 304 378 305 253 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 602 341 149 73 39 Property taxes, insurance and other 250 169 22 32 36 Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses 852 510 171 105 75 ------------- ------------- ------------- ------------- ------------- Operating income (loss) 1,011 (206) 207 200 178 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 1,011 (206) 207 200 178 Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 1,011 (206) 207 200 178 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income 1,011 (206) 207 200 178 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 3C, LLC 5R, LLC 6D, LLC 6E, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- 41 -- Participating lease revenue 432 -- 582 1,594 ------------- ------------- ------------- ------------- Total revenue 432 -- 623 1,594 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization 178 -- 136 415 Property taxes, insurance and other 93 -- 74 135 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses 271 -- 210 550 ------------- ------------- ------------- ------------- Operating income (loss) 161 -- 413 1,044 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 161 -- 413 1,044 Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 161 -- 413 1,044 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 161 -- 413 1,044 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 4E, L.P. 1B, LLC 5F, L.P. 6G, LLC 8C, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 2 (4) -- -- -- Participating lease revenue 360 519 737 1,084 -- ------------- ------------- ------------- ------------- ------------- Total revenue 362 515 737 1,084 -- ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 73 121 195 153 -- Property taxes, insurance and other 194 8 89 92 -- Loss on asset impairments 981 -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses 1,248 129 284 245 -- ------------- ------------- ------------- ------------- ------------- Operating income (loss) (886) 386 453 839 -- ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations (886) 386 453 839 -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations (886) 386 453 839 -- Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- 142 Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- 142 ------------- ------------- ------------- ------------- ------------- Net (loss) income (886) 386 453 839 142 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue -- -- 344 378 ------------- ------------- ------------- ------------- Total revenue -- -- 344 378 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- -- 161 190 Property taxes, insurance and other -- -- 48 61 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- -- 209 251 ------------- ------------- ------------- ------------- Operating income (loss) -- -- 135 127 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- 135 127 Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- 135 127 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income -- -- 135 127 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB 7A JOINT MERISTAR SUB MERISTAR SUB MERISTAR SUB 1A, LLC VENTURE 2B, LLC 3A, LLC 4A, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Total revenue -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- -- -- -- -- Property taxes, insurance and other -- -- -- -- -- Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- -- -- -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- -- -- -- Discontinued operations: (Loss) income from discontinued operations before income tax (149) (49) -- -- 1 Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations (149) (49) -- -- 1 ------------- ------------- ------------- ------------- ------------- Net (loss) income (149) (49) -- -- 1 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MDV LIMITED 4D, LLC 2A, LLC 6L, LLC PARTNERSHIP ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue -- -- -- 133 ------------- ------------- ------------- ------------- Total revenue -- -- -- 133 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- -- -- 47 Property taxes, insurance and other -- -- -- 34 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- -- -- 81 ------------- ------------- ------------- ------------- Operating income (loss) -- -- -- 52 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- -- 52 Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- -- 52 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income -- -- -- 52 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5C, LLC 6J, LLC 1D, L.P. 7B, L.P. 7D, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- 55 -- 274 Participating lease revenue -- 754 1,124 -- 1,474 ------------- ------------- ------------- ------------- ------------- Total revenue -- 754 1,179 -- 1,748 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- 35 -- 216 Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 140 567 -- 431 Property taxes, insurance and other -- 71 389 -- 647 Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- 211 991 -- 1,294 ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- 543 188 -- 454 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 543 188 -- 454 Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 543 188 -- 454 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- (503) -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- (503) -- ------------- ------------- ------------- ------------- ------------- Net (loss) income -- 543 188 (503) 454 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 7G, LLC 6B, LLC 4I, L.P. 5D, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue -- 356 -- 642 ------------- ------------- ------------- ------------- Total revenue -- 356 -- 642 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- 112 -- 369 Property taxes, insurance and other -- 54 -- 49 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- 166 -- 418 ------------- ------------- ------------- ------------- Operating income (loss) -- 190 -- 224 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- (340) Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 190 -- (116) Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 190 -- (116) Discontinued operations: (Loss) income from discontinued operations before income tax 56 -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations 56 -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 56 190 -- (116) ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB AGH PSS I, MERISTAR SUB MERISTAR SUB 5H, LLC 7H, LLC INC. 2D, LLC 4F, L.P. ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- 6 Participating lease revenue -- -- -- -- 492 ------------- ------------- ------------- ------------- ------------- Total revenue -- -- -- -- 498 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- -- -- -- 275 Property taxes, insurance and other -- -- -- -- 98 Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- -- -- -- 373 ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- -- -- -- 125 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- -- -- 125 Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- -- -- 125 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income -- -- -- -- 125 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5K, LLC 5M, LLC 1E, L.P. 5O, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue 577 422 -- 210 ------------- ------------- ------------- ------------- Total revenue 577 422 -- 210 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization 324 120 -- 57 Property taxes, insurance and other 88 64 -- 25 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses 412 184 -- 82 ------------- ------------- ------------- ------------- Operating income (loss) 165 238 -- 128 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 165 238 -- 128 Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 165 238 -- 128 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 165 238 -- 128 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 4B, L.P. 2C, LLC 4G, L.P. 3B, LLC 5G, L.P. ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- 7 Participating lease revenue -- -- 489 -- 2,444 ------------- ------------- ------------- ------------- ------------- Total revenue -- -- 489 -- 2,451 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- -- 111 -- 1,578 Property taxes, insurance and other -- -- 122 -- 393 Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- -- 233 -- 1,971 ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- -- 256 -- 480 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- (Loss) income before income taxes and ------------- ------------- ------------- ------------- ------------- discontinued operations -- -- 256 -- 480 Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- 256 -- 480 Discontinued operations: (Loss) income from discontinued operations before income tax (1) (667) -- -- -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations (1) (667) -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income (1) (667) 256 -- 480 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5P, LLC 5J, LLC 5Q, LLC 5A, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- 24 Participating lease revenue 321 2,611 516 1,484 ------------- ------------- ------------- ------------- Total revenue 321 2,611 516 1,508 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization 1 1,395 154 263 Property taxes, insurance and other 1 498 97 201 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses 2 1,893 251 464 ------------- ------------- ------------- ------------- Operating income (loss) 319 718 265 1,044 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- (709) Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- (Loss) income before income taxes and ------------- ------------- ------------- ------------- discontinued operations 319 718 265 335 Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 319 718 265 335 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 319 718 265 335 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR GUARANTOR MERISTAR SUB MERISTAR SUB PENTAGON HOTEL LESSEE, SUBSIDIARIES 8D, LLC 4J, LLC CITY, LLC INC. TOTAL ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- 143,156 143,156 Food and beverage -- -- -- 59,442 59,442 Other hotel operations -- -- -- 17,362 17,362 Office rental, parking and other revenue -- 72 -- 160 644 Participating lease revenue -- 699 1,406 -- 26,465 ------------- ------------- ------------- ------------- ------------- Total revenue -- 771 1,406 220,120 247,069 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- 35,046 35,046 Food and beverage -- -- -- 41,739 41,739 Other hotel operating expenses -- -- -- 10,864 10,864 Office rental, parking and other expenses -- 148 -- -- 399 Other operating expenses: General and administrative, hotel -- -- 4 31,983 31,987 General and administrative, corporate -- -- -- 288 288 Property operating costs -- -- -- 31,909 31,909 Depreciation and amortization -- 317 355 42 9,840 Property taxes, insurance and other -- 81 177 66,974 71,598 Loss on asset impairments -- -- -- -- 981 ------------- ------------- ------------- ------------- ------------- Operating expenses -- 546 536 218,845 234,651 ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- 225 870 1,275 12,418 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- (9) (1,884) (2,942) Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 225 861 (609) 9,476 Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 225 861 (609) 9,476 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- (5,500) (6,670) Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- (5,500) (6,670) ------------- ------------- ------------- ------------- ------------- Net (loss) income -- 225 861 (6,109) 2,806 ============= ============= ============= ============= ============= TOTAL ELIMINATIONS CONSOLIDATED ------------- ------------- Revenue: Hotel operations: Rooms -- 143,156 Food and beverage -- 59,442 Other hotel operations -- 17,362 Office rental, parking and other revenue -- 2,929 Participating lease revenue (59,974) -- ------------- ------------- Total revenue (59,974) 222,889 ------------- ------------- Hotel operating expenses: Rooms -- 35,046 Food and beverage -- 41,739 Other hotel operating expenses -- 10,864 Office rental, parking and other expenses -- 670 Other operating expenses: General and administrative, hotel -- 32,010 General and administrative, corporate -- 3,473 Property operating costs -- 31,909 Depreciation and amortization -- 25,137 Property taxes, insurance and other (59,974) 16,006 Loss on asset impairments -- 1,291 ------------- ------------- Operating expenses (59,974) 198,145 ------------- ------------- Operating income (loss) -- 24,744 ------------- ------------- Minority interest -- 20 Interest expense, net -- (29,724) Loss on early extinguishments of debt -- (1,980) Equity in income from consolidated entities (12,880) -- ------------- ------------- (Loss) income before income taxes and -- -- discontinued operations (12,880) (6,940) Income tax (expense) benefit -- (25) -- ------------- ------------- (Loss) income from continuing operations (12,880) (6,965) Discontinued operations: (Loss) income from discontinued operations before income tax -- (5,131) Income tax (expense) benefit -- 45 ------------- ------------- (Loss) income from discontinued operations -- (5,086) -- ------------- ------------- Net (loss) income (12,880) (12,051) ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR HOSPITALITY OP, NON-GUARANTOR MERISTAR SUB 7C, AGH UPREIT, MERISTAR SUB 5N, L.P. SUBSIDIARIES LLC LLC LLC --------------- ------------- ---------------- ----------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenues 2,158 1,716 -- -- -- Participating lease revenue -- 26,838 -- -- 234 --------------- ------------- ---------------- ----------- ---------------- Total revenue 2,158 28,554 -- -- 234 --------------- ------------- ---------------- ----------- ---------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- 525 -- -- -- Other operating expenses: General and administrative, hotel -- (260) -- -- -- General and administrative, corporate 3,185 -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 2,858 11,102 -- -- 35 Property taxes, insurance and other 1,337 4,828 -- -- 25 Loss on asset impairments -- 33,644 -- -- -- --------------- ------------- ---------------- ----------- ---------------- Operating expenses 7,380 49,839 -- -- 60 --------------- ------------- ---------------- ----------- ---------------- Operating (loss) income (5,222) (21,285) -- -- 174 Minority interest 5 -- -- -- -- Interest expense, net (26,212) (6,792) -- -- -- Equity in loss from consolidated entities (186,138) -- -- -- -- --------------- ------------- ---------------- ----------- ---------------- (Loss) income before income taxes and discontinued operations (217,567) (28,077) -- -- 174 Income tax expense (10) -- -- -- -- --------------- ------------- ---------------- ----------- ---------------- (Loss) income from continuing operations (217,577) (28,077) -- -- 174 Discontinued operations: (Loss) income from discontinued operations before income tax 927 (80,881) -- -- -- Income tax expense (9) -- -- -- -- --------------- ------------- ---------------- ----------- ---------------- (Loss) income on discontinued operations 918 (80,881) -- -- -- --------------- ------------- ---------------- ----------- ---------------- Net (loss) income (216,659) (108,958) -- -- 174 =============== ============= ================ =========== ================ MERISTAR SUB 8A, MERISTAR SUB 8F, MERISTAR SUB 8G, MERISTAR SUB 6H, LLC L.P. LLC L.P. ---------------- ---------------- ---------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenues -- -- -- -- Participating lease revenue -- 586 -- 313 ---------------- ---------------- ---------------- ---------------- Total revenue -- 586 -- 313 ---------------- ---------------- ---------------- ---------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- 146 -- 144 Property taxes, insurance and other -- 99 -- 23 Loss on asset impairments -- -- -- -- ---------------- ---------------- ---------------- ---------------- Operating expenses -- 245 -- 167 ---------------- ---------------- ---------------- ---------------- Operating (loss) income -- 341 -- 146 Minority interest -- -- -- -- Interest expense, net -- -- -- -- Equity in loss from consolidated entities -- -- -- -- ---------------- ---------------- ---------------- ---------------- (Loss) income before income taxes and discontinued operations -- 341 -- 146 Income tax expense -- -- -- -- ---------------- ---------------- ---------------- ---------------- (Loss) income from continuing operations -- 341 -- 146 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax expense -- -- -- -- ---------------- ---------------- ---------------- ---------------- (Loss) income on discontinued operations -- -- -- -- ---------------- ---------------- ---------------- ---------------- Net (loss) income -- 341 -- 146 ================ ================ ================ ================
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 8B, SUB 1C, SUB 8E, SUB 7F, SUB 5L, LLC L.P. LLC LLC LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenues -- -- 5 -- -- Participating lease revenue 1,818 308 362 226 228 ------------- ------------- ------------- ------------- ------------- Total revenue 1,818 308 367 226 228 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 610 254 145 114 35 Property taxes, insurance and other 346 132 54 41 37 Loss on asset impairments -- -- -- 1,637 -- ------------- ------------- ------------- ------------- ------------- Operating expenses 956 386 199 1,792 72 ------------- ------------- ------------- ------------- ------------- Operating (loss) income 862 (78) 168 (1,566) 156 Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 862 (78) 168 (1,566) 156 Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 862 (78) 168 (1,566) 156 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- -- Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income 862 (78) 168 (1,566) 156 ============= ============= ============= ============= ============= MERISTAR MERISTAR MERISTAR MERISTAR SUB 3C, SUB 5R, SUB 6D, SUB 6E, LLC LLC LLC LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenues -- -- 4 -- Participating lease revenue 375 -- 531 1,483 ------------- ------------- ------------- ------------- Total revenue 375 -- 535 1,483 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization 177 -- 136 408 Property taxes, insurance and other 99 -- 80 161 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses 276 -- 216 569 ------------- ------------- ------------- ------------- Operating (loss) income 99 -- 319 914 Minority interest -- -- -- -- Interest expense, net -- -- -- -- Equity in loss from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 99 -- 319 914 Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 99 -- 319 914 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 99 -- 319 914 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 4E, SUB 1B, SUB 5F, SUB 6G, SUB 8C, L.P. LLC L.P. LLC LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenues 2 1 -- -- -- Participating lease revenue 352 684 761 732 -- ------------- ------------- ------------- ------------- ------------- Total revenue 354 685 761 732 -- ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 210 141 267 215 -- Property taxes, insurance and other 112 48 99 101 -- Loss on asset impairments 14,611 -- 7,231 -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses 14,933 189 7,597 316 -- Operating (loss) income (14,579) 496 (6,836) 416 -- ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations (14,579) 496 (6,836) 416 -- Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations (14,579) 496 (6,836) 416 -- Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- (935) Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations -- -- -- -- (935) ------------- ------------- ------------- ------------- ------------- Net (loss) income (14,579) 496 (6,836) 416 (935) ============= ============= ============= ============= ============= MERISTAR MERISTAR MERISTAR MERISTAR SUB 4C, SUB 4H, SUB 7E, SUB 3D, L.P. L.P. LLC LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenues -- -- -- 1 Participating lease revenue -- -- 337 352 ------------- ------------- ------------- ------------- Total revenue -- -- 337 353 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- -- 154 195 Property taxes, insurance and other -- -- 50 58 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- -- 204 253 ------------- ------------- ------------- ------------- Operating (loss) income -- -- 133 100 Minority interest -- -- -- -- Interest expense, net -- -- -- -- Equity in loss from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- 133 100 Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- 133 100 Discontinued operations: (Loss) income from discontinued operations before income tax -- (5,285) -- -- Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations -- (5,285) -- -- ------------- ------------- ------------- ------------- Net (loss) income -- (5,285) 133 100 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR SUB 7A MERISTAR MERISTAR SUB 1A, SUB 5E, JOINT SUB 6K, SUB 2B, LLC LLC VENTURE LLC LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenues -- -- -- -- -- Participating lease revenue -- 1,698 -- 1,088 -- ------------- ------------- ------------- ------------- ------------- Total revenue -- 1,698 -- 1,088 -- ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 478 -- 184 -- Property taxes, insurance and other -- 100 -- 96 -- Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- 578 -- 280 -- ------------- ------------- ------------- ------------- ------------- Operating (loss) income -- 1,120 -- 808 -- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 1,120 -- 808 -- Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 1,120 -- 808 -- Discontinued operations: (Loss) income from discontinued operations before income tax 229 -- (5,316) -- (1,136) Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations 229 -- (5,316) -- (1,136) ------------- ------------- ------------- ------------- ------------- Net (loss) income 229 1,120 (5,316) 808 (1,136) ============= ============= ============= ============= ============= MERISTAR MERISTAR MERISTAR MERISTAR SUB 3A, SUB 4A, SUB 4D, SUB 2A, LLC LLC LLC LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenues -- -- -- -- Participating lease revenue -- -- -- -- ------------- ------------- ------------- ------------- Total revenue -- -- -- -- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- -- -- -- Property taxes, insurance and other -- -- -- -- Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- -- -- -- ------------- ------------- ------------- ------------- Operating (loss) income -- -- -- -- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Equity in loss from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- -- -- Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- -- -- Discontinued operations: (Loss) income from discontinued operations before income tax (1,443) (1,292) 30 (1,044) Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations (1,443) (1,292) 30 (1,044) ------------- ------------- ------------- ------------- Net (loss) income (1,443) (1,292) 30 (1,044) ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MDV MERISTAR MERISTAR MERISTAR SUB 6L, LIMITED SUB 5C, SUB 6J, SUB 1D, LLC PARTNERSHIP LLC LLC L.P. ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenues -- -- -- -- (73) Participating lease revenue -- 127 -- 589 1,241 ------------- ------------- ------------- ------------- ------------- Total revenue -- 127 -- 589 1,168 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- 5 Other operating expenses: General and administrative, hotel -- -- -- -- 25 General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 34 -- 144 570 Property taxes, insurance and other -- 36 -- 65 448 Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- 70 -- 209 1,048 ------------- ------------- ------------- ------------- ------------- Operating (loss) income -- 57 -- 380 120 Minority interest -- -- -- -- -- Interest expense, net -- -- -- 1 -- Equity in loss from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 57 -- 381 120 Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 57 -- 381 120 Discontinued operations: (Loss) income from discontinued operations before income tax (13,159) -- (1,191) -- -- Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations (13,159) -- (1,191) -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income (13,159) 57 (1,191) 381 120 ============= ============= ============= ============= ============= MERISTAR MERISTAR MERISTAR MERISTAR SUB 7B, SUB 7D, SUB 7G, SUB 6B, L.P. LLC LLC LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenues -- (358) -- -- Participating lease revenue -- 2,240 -- 325 ------------- ------------- ------------- ------------- Total revenue -- 1,882 -- 325 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- (11) -- -- Other operating expenses: General and administrative, hotel -- 177 -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- 441 -- 116 Property taxes, insurance and other -- 564 -- 50 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- 1,171 -- 166 ------------- ------------- ------------- ------------- Operating (loss) income -- 711 -- 159 Minority interest -- -- -- -- Interest expense, net -- -- -- -- Equity in loss from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 711 -- 159 Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 711 -- 159 Discontinued operations: (Loss) income from discontinued operations before income tax (2,335) -- (901) -- Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations (2,335) -- (901) -- ------------- ------------- ------------- ------------- Net (loss) income (2,335) 711 (901) 159 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR SUB 4I, SUB 5D, SUB 5H, SUB 7H, AGH PSSI, L.P. LLC LLC LLC INC. ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenues -- -- -- -- -- Participating lease revenue -- 549 -- -- -- ------------- ------------- ------------- ------------- ------------- Total revenue -- 549 -- -- -- ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 365 -- -- -- Property taxes, insurance and other -- 54 -- -- -- Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- 419 -- -- -- ------------- ------------- ------------- ------------- ------------- Operating (loss) income -- 130 -- -- -- Minority interest -- -- -- -- -- Interest expense, net -- (316) -- -- -- Equity in loss from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- (186) -- -- -- Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- (186) -- -- -- Discontinued operations: (Loss) income from discontinued operations before income tax (1,373) -- (17,930) (1,232) (1,346) Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations (1,373) -- (17,930) (1,232) (1,346) ------------- ------------- ------------- ------------- ------------- Net (loss) income (1,373) (186) (17,930) (1,232) (1,346) ============= ============= ============= ============= ============= MERISTAR MERISTAR MERISTAR MERISTAR SUB 2D, SUB 4F, SUB 5K, SUB 5M, LLC L.P. LLC LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenues -- 4 -- -- Participating lease revenue -- 455 632 429 ------------- ------------- ------------- ------------- Total revenue -- 459 632 429 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- 277 322 118 Property taxes, insurance and other -- 87 93 65 Loss on asset impairments -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- 364 415 183 ------------- ------------- ------------- ------------- Operating (loss) income -- 95 217 246 Minority interest -- -- -- -- Interest expense, net -- -- -- -- Equity in loss from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 95 217 246 Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 95 217 246 Discontinued operations: (Loss) income from discontinued operations before income tax (1,087) -- -- -- Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations (1,087) -- -- -- ------------- ------------- ------------- ------------- Net (loss) income (1,087) 95 217 246 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 1E, SUB 5O, SUB 6M SUB 4B, SUB 6C, L.P. LLC COMPANY L.P. LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenues -- -- -- -- 1 Participating lease revenue -- 200 1,160 -- 753 ------------- ------------- ------------- ------------- ------------- Total revenue -- 200 1,160 -- 754 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 57 308 -- 193 Property taxes, insurance and other -- 26 82 -- 56 Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- 83 390 -- 249 ------------- ------------- ------------- ------------- ------------- Operating (loss) income -- 117 770 -- 505 Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 117 770 -- 505 Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 117 770 -- 505 Discontinued operations: (Loss) income from discontinued operations before income tax 300 -- -- (416) -- Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations 300 -- -- (416) -- ------------- ------------- ------------- ------------- ------------- Net (loss) income 300 117 770 (416) 505 ============= ============= ============= ============= ============= MERISTAR MERISTAR MERISTAR MERISTAR SUB 2C, SUB 4G, SUB 3B, SUB 5G, LLC L.P. LLC L.P. ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenues -- -- -- 16 Participating lease revenue -- 498 -- 2,267 ------------- ------------- ------------- ------------- Total revenue -- 498 -- 2,283 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating expenses -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- 223 -- 1,573 Property taxes, insurance and other -- 165 -- 474 Loss on asset impairments -- 8,000 -- -- ------------- ------------- ------------- ------------- Operating expenses -- 8,388 -- 2,047 ------------- ------------- ------------- ------------- Operating (loss) income -- (7,890) -- 236 Minority interest -- -- -- -- Interest expense, net -- -- -- -- Equity in loss from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- (7,890) -- 236 Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- (7,890) -- 236 Discontinued operations: (Loss) income from discontinued operations before income tax (2,346) -- (392) -- Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations (2,346) -- (392) -- ------------- ------------- ------------- ------------- Net (loss) income (2,346) (7,890) (392) 236 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR MERISTAR MERISTAR MERISTAR SUB 5P, SUB 5J, SUB 5Q, SUB 5A, SUB 8D, LLC LLC LLC LLC LLC ------------- ------------- ------------- ------------- -------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenues -- -- -- 27 -- Participating lease revenue 505 2,676 585 1,288 -- ------------- ------------- ------------- ------------- -------------- Total revenue 505 2,676 585 1,315 -- ------------- ------------- ------------- ------------- -------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 1 870 140 385 -- Property taxes, insurance and other 1 369 55 178 -- Loss on asset impairments -- -- -- -- -- ------------- ------------- ------------- ------------- -------------- Operating expenses 2 1,239 195 563 -- ------------- ------------- ------------- ------------- -------------- Operating (loss) income 503 1,437 390 752 -- Minority interest -- -- -- -- -- Interest expense, net -- -- -- (709) -- Equity in loss from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- -------------- (Loss) income before income taxes and discontinued operations 503 1,437 390 43 -- Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- -------------- (Loss) income from continuing operations 503 1,437 390 43 -- Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- 166 Income tax expense -- -- -- -- -- ------------- ------------- ------------- ------------- -------------- (Loss) income on discontinued operations -- -- -- -- 166 ------------- ------------- ------------- ------------- -------------- Net (loss) income 503 1,437 390 43 166 ============= ============= ============= ============= ============== MERISTAR MERISTAR GUARANTOR SUB 4J, HOTEL SUBSIDIARIES LLC LESSEE, INC. TOTAL ELIMINATIONS ------------- ------------- ------------- ------------- Revenue: Hotel operations: Rooms -- 136,911 136,911 -- Food and beverage -- 56,404 56,404 -- Other hotel operations -- 19,201 19,201 -- Office rental, parking and other revenues (51) -- (421) -- Participating lease revenue 905 -- 29,892 (56,730) ------------- ------------- ------------- ------------- Total revenue 854 212,516 241,987 (56,730) ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- 32,467 32,467 -- Food and beverage -- 38,789 38,789 -- Other hotel operating expenses -- 10,936 10,936 -- Office rental, parking and other expenses 64 -- 58 -- Other operating expenses: General and administrative, hotel 48 31,874 32,124 -- General and administrative, corporate -- (53) (53) -- Property operating costs -- 30,620 30,620 -- Depreciation and amortization 317 491 10,993 -- Property taxes, insurance and other 79 63,405 68,113 (56,730) Loss on asset impairments -- -- 31,479 -- ------------- ------------- ------------- ------------- Operating expenses 508 208,529 255,526 (56,730) ------------- ------------- ------------- ------------- Operating (loss) income 346 3,987 (13,539) -- Minority interest -- -- -- -- Interest expense, net -- (555) (1,579) -- Equity in loss from consolidated entities -- -- -- 186,138 ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 346 3,432 (15,118) 186,138 Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 346 3,432 (15,118) 186,138 Discontinued operations: (Loss) income from discontinued operations before income tax -- (2,628) (62,062) -- Income tax expense -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income on discontinued operations -- (2,628) (62,062) -- ------------- ------------- ------------- ------------- Net (loss) income 346 804 (77,180) 186,138 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
TOTAL CONSOLIDATED ------------- Revenue: Hotel operations: Rooms 136,911 Food and beverage 56,404 Other hotel operations 19,201 Office rental, parking and other revenues 3,453 Participating lease revenue -- ------------- Total revenue 215,969 ------------- Hotel operating expenses: Rooms 32,467 Food and beverage 38,789 Other hotel operating expenses 10,936 Office rental, parking and other expenses 583 Other operating expenses: General and administrative, hotel 31,864 General and administrative, corporate 3,132 Property operating costs 30,620 Depreciation and amortization 24,953 Property taxes, insurance and other 17,548 Loss on asset impairments 65,123 ------------- Operating expenses 256,015 ------------- Operating (loss) income (40,046) Minority interest 5 Interest expense, net (34,583) Equity in loss from consolidated entities -- ------------- (Loss) income before income taxes and discontinued operations (74,624) Income tax expense (10) ------------- (Loss) income from continuing operations (74,634) Discontinued operations: -- (Loss) income from discontinued operations before income tax (142,016) Income tax expense (9) ------------- (Loss) income on discontinued operations (142,025) ------------- Net (loss) income (216,659) =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR NON- HOSPITALITY GUARANTOR MERISTAR SUB AGH UPREIT, MERISTAR SUB OP, L.P. SUBSIDIARIES 7C, LLC LLC 5N, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- -- Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 3,227 1,295 -- -- -- Participating lease revenue -- 68,968 -- -- 519 ------------- ------------- ------------- ------------- ------------- Total revenue 3,227 70,263 -- -- 519 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating departments -- -- -- -- -- Office rental, parking and other expenses -- 561 -- -- -- Other operating expenses: -- -- -- -- -- General and administrative, hotel -- 23 -- -- -- General and administrative, corporate 7,016 -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 6,237 25,092 -- -- 69 Property taxes, insurance and other (356) 10,150 -- -- 52 Loss on asset impairment -- 310 -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses 12,897 36,136 -- -- 121 ------------- ------------- ------------- ------------- ------------- Operating income (loss) (9,670) 34,127 -- -- 398 ------------- ------------- ------------- ------------- ------------- Minority interest 24 -- -- -- -- Interest expense, net (42,325) (16,179) -- -- -- Loss on early extinguishments of debt (7,903) -- -- -- -- Equity in income from consolidated entities 6,014 -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations (53,860) 17,948 -- -- 398 Income tax benefit (expense) 314 -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations (53,546) 17,948 -- -- 398 Discontinued operations: (Loss) income from discontinued operations before income tax 447 1,123 -- -- -- Income tax (expense) benefit 161 -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations 608 1,123 -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income (52,938) 19,071 -- -- 398 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 8A, LLC 8F, L.P. 8G, LLC 6H, L.P. ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue -- 1,202 -- 675 ------------- ------------- ------------- ------------- Total revenue -- 1,202 -- 675 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating departments -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: -- -- -- -- General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- 329 -- 313 Property taxes, insurance and other -- 305 -- 50 Loss on asset impairment -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- 634 -- 363 ------------- ------------- ------------- ------------- Operating income (loss) -- 568 -- 312 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 568 -- 312 Income tax benefit (expense) -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 568 -- 312 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income -- 568 -- 312 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 8B, LLC 1C, L.P. 8E, LLC 7F, LLC 5L, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- -- Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- 16 -- -- Participating lease revenue 3,727 726 742 550 630 ------------- ------------- ------------- ------------- ------------- Total revenue 3,727 726 758 550 630 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating departments -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: -- -- -- -- -- General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 1,197 697 298 170 77 Property taxes, insurance and other 556 379 84 61 76 Loss on asset impairment -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses 1,753 1,076 382 231 153 ------------- ------------- ------------- ------------- ------------- Operating income (loss) 1,974 (350) 376 319 477 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 1,974 (350) 376 319 477 Income tax benefit (expense) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 1,974 (350) 376 319 477 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income 1,974 (350) 376 319 477 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 3C, LLC 5R, LLC 6D, LLC 6E, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue 1 -- 90 -- Participating lease revenue 1,015 -- 1,014 3,007 ------------- ------------- ------------- ------------- Total revenue 1,016 -- 1,104 3,007 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating departments -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: -- -- -- -- General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization 356 -- 273 825 Property taxes, insurance and other 202 -- 152 288 Loss on asset impairment -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses 558 -- 425 1,113 ------------- ------------- ------------- ------------- Operating income (loss) 458 -- 679 1,894 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 458 -- 679 1,894 Income tax benefit (expense) -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 458 -- 679 1,894 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 458 -- 679 1,894 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 4E, L.P. 1B, LLC 5F, L.P. 6G, LLC 8C, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- -- Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 3 (4) -- -- -- Participating lease revenue 720 1,123 1,429 1,913 -- ------------- ------------- ------------- ------------- ------------- Total revenue 723 1,119 1,429 1,913 -- ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating departments -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: -- -- -- -- -- General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 149 249 391 362 -- Property taxes, insurance and other 314 55 187 197 -- Loss on asset impairment 981 -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses 1,444 304 578 559 -- ------------- ------------- ------------- ------------- ------------- Operating income (loss) (721) 815 851 1,354 -- ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations (721) 815 851 1,354 -- Income tax benefit (expense) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations (721) 815 851 1,354 -- Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- (61) Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- (61) ------------- ------------- ------------- ------------- ------------- Net (loss) income (721) 815 851 1,354 (61) ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 4C, L.P. 4H, L.P. 7E, LLC 3D, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- 1 -- Participating lease revenue -- -- 689 754 ------------- ------------- ------------- ------------- Total revenue -- -- 690 754 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating departments -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: -- -- -- -- General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- -- 313 382 Property taxes, insurance and other -- -- 100 126 Loss on asset impairment -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- -- 413 508 ------------- ------------- ------------- ------------- Operating income (loss) -- -- 277 246 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- 277 246 Income tax benefit (expense) -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- 277 246 Discontinued operations: (Loss) income from discontinued operations before income tax -- (403) -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- (403) -- -- ------------- ------------- ------------- ------------- Net (loss) income -- (403) 277 246 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB 7A JOINT MERISTAR SUB MERISTAR SUB MERISTAR SUB 1A, LLC VENTURE 2B, LLC 3A, LLC 4A, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- -- Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Total revenue -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating departments -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: -- -- -- -- -- General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- -- -- -- -- Property taxes, insurance and other -- -- -- -- -- Loss on asset impairment -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- -- -- -- Income tax benefit (expense) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- -- -- -- Discontinued operations: (Loss) income from discontinued operations before income tax (167) (713) -- 89 97 Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations (167) (713) -- 89 97 ------------- ------------- ------------- ------------- ------------- Net (loss) income (167) (713) -- 89 97 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MDV LIMITED 4D, LLC 2A, LLC 6L, LLC PARTNERSHIP ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue -- -- -- 263 ------------- ------------- ------------- ------------- Total revenue -- -- -- 263 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating departments -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: -- -- -- -- General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- -- -- 70 Property taxes, insurance and other -- -- -- 63 Loss on asset impairment -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- -- -- 133 ------------- ------------- ------------- ------------- Operating income (loss) -- -- -- 130 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- -- 130 Income tax benefit (expense) -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- -- 130 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- 1,852 -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- 1,852 -- ------------- ------------- ------------- ------------- Net (loss) income -- -- 1,852 130 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5C, LLC 6J, LLC 1D, L.P. 7B, L.P. 7D, LLC ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- -- Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- 140 -- 710 Participating lease revenue -- 1,250 2,513 -- 2,935 ------------- ------------- ------------- ------------- ------------- Total revenue -- 1,250 2,653 -- 3,645 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating departments -- -- -- -- -- Office rental, parking and other expenses -- -- 63 -- 415 Other operating expenses: -- -- -- -- -- General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 281 1,136 -- 862 Property taxes, insurance and other -- 146 807 -- 1,305 Loss on asset impairment -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- 427 2,006 -- 2,582 ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- 823 647 -- 1,063 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 823 647 -- 1,063 Income tax benefit (expense) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 823 647 -- 1,063 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- (787) -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- (787) -- ------------- ------------- ------------- ------------- ------------- Net (loss) income -- 823 647 (787) 1,063 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 7G, LLC 6B, LLC 4I, L.P. 5D, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue -- 593 -- 1,101 ------------- ------------- ------------- ------------- Total revenue -- 593 -- 1,101 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating departments -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: -- -- -- -- General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization -- 224 -- 738 Property taxes, insurance and other -- 112 -- 102 Loss on asset impairment -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses -- 336 -- 840 ------------- ------------- ------------- ------------- Operating income (loss) -- 257 -- 261 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- (647) Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 257 -- (386) Income tax benefit (expense) -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 257 -- (386) Discontinued operations: (Loss) income from discontinued operations before income tax 103 -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations 103 -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 103 257 -- (386) ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB AGH PSS I, MERISTAR SUB MERISTAR SUB 5H, LLC 7H, LLC INC. 2D, LLC 4F, L.P. ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- -- Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- 10 Participating lease revenue -- -- -- -- 984 ------------- ------------- ------------- ------------- ------------- Total revenue -- -- -- -- 994 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating departments -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: -- -- -- -- -- General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- -- -- -- 552 Property taxes, insurance and other -- -- -- -- 187 Loss on asset impairment -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- -- -- -- 739 ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- -- -- -- 255 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- -- -- 255 Income tax benefit (expense) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- -- -- 255 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income -- -- -- -- 255 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5K, LLC 5M, LLC 1E, L.P. 5O, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- -- Participating lease revenue 1,263 991 -- 471 ------------- ------------- ------------- ------------- Total revenue 1,263 991 -- 471 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating departments -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: -- -- -- -- General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization 648 238 -- 114 Property taxes, insurance and other 186 135 -- 52 Loss on asset impairment -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses 834 373 -- 166 ------------- ------------- ------------- ------------- Operating income (loss) 429 618 -- 305 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- -- Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 429 618 -- 305 Income tax benefit (expense) -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 429 618 -- 305 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 429 618 -- 305 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 4B, L.P. 2C, LLC 4G, L.P. 3B, LLC 5G, L.P. ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- -- Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- 14 Participating lease revenue -- -- 1,066 -- 5,506 ------------- ------------- ------------- ------------- ------------- Total revenue -- -- 1,066 -- 5,520 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating departments -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: -- -- -- -- -- General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- -- 223 -- 3,150 Property taxes, insurance and other -- -- 257 -- 819 Loss on asset impairment -- -- 245 -- -- ------------- ------------- ------------- ------------- ------------- Operating expenses -- -- 725 -- 3,969 ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- -- 341 -- 1,551 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- -- 341 -- 1,551 Income tax benefit (expense) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- -- 341 -- 1,551 Discontinued operations: (Loss) income from discontinued operations before income tax (217) (1,645) -- -- -- Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations (217) (1,645) -- -- -- ------------- ------------- ------------- ------------- ------------- Net (loss) income (217) (1,645) 341 -- 1,551 ============= ============= ============= ============= ============= MERISTAR SUB MERISTAR SUB MERISTAR SUB MERISTAR SUB 5P, LLC 5J, LLC 5Q, LLC 5A, LLC ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operations -- -- -- -- Office rental, parking and other revenue -- -- -- 60 Participating lease revenue 488 5,286 1,087 3,115 ------------- ------------- ------------- ------------- Total revenue 488 5,286 1,087 3,175 ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- -- Food and beverage -- -- -- -- Other hotel operating departments -- -- -- -- Office rental, parking and other expenses -- -- -- -- Other operating expenses: -- -- -- -- General and administrative, hotel -- -- -- -- General and administrative, corporate -- -- -- -- Property operating costs -- -- -- -- Depreciation and amortization 2 2,810 294 532 Property taxes, insurance and other 3 873 154 390 Loss on asset impairment -- -- -- -- ------------- ------------- ------------- ------------- Operating expenses 5 3,683 448 922 ------------- ------------- ------------- ------------- Operating income (loss) 483 1,603 639 2,253 ------------- ------------- ------------- ------------- Minority interest -- -- -- -- Interest expense, net -- -- -- (1,417) Loss on early extinguishments of debt -- -- -- -- Equity in income from consolidated entities -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations 483 1,603 639 836 Income tax benefit (expense) -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from continuing operations 483 1,603 639 836 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- Income tax (expense) benefit -- -- -- -- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations -- -- -- -- ------------- ------------- ------------- ------------- Net (loss) income 483 1,603 639 836 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR MERISTAR GUARANTOR MERISTAR SUB MERISTAR SUB PENTAGON CITY, HOTEL LESSEE, SUBSIDIARIES 8D, LLC 4J, LLC LLC INC. TOTAL ------------- ------------- ------------- ------------- ------------- Revenue: Hotel operations: -- -- -- -- -- Rooms -- -- -- 277,284 277,284 Food and beverage -- -- -- 110,450 110,450 Other hotel operations -- -- -- 34,397 34,397 Office rental, parking and other revenue -- 104 -- 161 1,306 Participating lease revenue -- 1,353 1,406 -- 52,106 ------------- ------------- ------------- ------------- ------------- Total revenue -- 1,457 1,406 422,292 475,543 ------------- ------------- ------------- ------------- ------------- Hotel operating expenses: Rooms -- -- -- 67,795 67,795 Food and beverage -- -- -- 79,923 79,923 Other hotel operating departments -- -- -- 21,162 21,162 Office rental, parking and other expenses -- 216 -- -- 694 Other operating expenses: -- -- -- -- -- General and administrative, hotel -- -- 4 65,747 65,751 General and administrative, corporate -- -- -- 90 90 Property operating costs -- -- -- 62,941 62,941 Depreciation and amortization -- 632 355 84 19,395 Property taxes, insurance and other -- 172 177 135,016 144,140 Loss on asset impairment -- -- -- -- 1,226 ------------- ------------- ------------- ------------- ------------- Operating expenses -- 1,020 536 432,758 463,117 ------------- ------------- ------------- ------------- ------------- Operating income (loss) -- 437 870 (10,466) 12,426 ------------- ------------- ------------- ------------- ------------- Minority interest -- -- -- -- -- Interest expense, net -- -- (9) (3,526) (5,599) Loss on early extinguishments of debt -- -- -- -- -- Equity in income from consolidated entities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income before income taxes and discontinued operations -- 437 861 (13,992) 6,827 Income tax benefit (expense) -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from continuing operations -- 437 861 (13,992) 6,827 Discontinued operations: (Loss) income from discontinued operations before income tax (857) -- -- (17,175) (19,884) Income tax (expense) benefit -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- (Loss) income from discontinued operations (857) -- -- (17,175) (19,884) ------------- ------------- ------------- ------------- ------------- Net (loss) income (857) 437 861 (31,167) (13,057) ============= ============= ============= ============= ============= TOTAL ELIMINATIONS CONSOLIDATED ------------- ------------- Revenue: Hotel operations: -- -- Rooms -- 277,284 Food and beverage -- 110,450 Other hotel operations -- 34,397 Office rental, parking and other revenue -- 5,828 Participating lease revenue (121,074) -- ------------- ------------- Total revenue (121,074) 427,959 ------------- ------------- Hotel operating expenses: Rooms -- 67,795 Food and beverage -- 79,923 Other hotel operating departments -- 21,162 Office rental, parking and other expenses -- 1,255 Other operating expenses: -- -- General and administrative, hotel -- 65,774 General and administrative, corporate -- 7,106 Property operating costs -- 62,941 Depreciation and amortization -- 50,724 Property taxes, insurance and other (121,074) 32,860 Loss on asset impairment -- 1,536 ------------- ------------- Operating expenses (121,074) 391,076 ------------- ------------- Operating income (loss) -- 36,883 ------------- ------------- Minority interest -- 24 Interest expense, net -- (64,103) Loss on early extinguishments of debt -- (7,903) Equity in income from consolidated entities (6,014) -- ------------- ------------- (Loss) income before income taxes and discontinued operations (6,014) (35,099) Income tax benefit (expense) -- 314 ------------- ------------- (Loss) income from continuing operations (6,014) (34,785) Discontinued operations: (Loss) income from discontinued operations before income tax -- (18,314) Income tax (expense) benefit -- 161 ------------- ------------- (Loss) income from discontinued operations -- (18,153) ------------- ------------- Net (loss) income (6,014) (52,938) ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR HOSPITALITY OP, NON-GUARANTOR MERISTAR SUB7C, AGH UPREIT, MERISTAR SUB 5N, L.P. SUBSIDIARIES LLC LLC LLC --------------- --------------- --------------- --------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 4,211 2,380 -- -- -- Participating lease revenue -- 54,691 -- -- 515 --------------- --------------- --------------- --------------- --------------- Total revenue 4,211 57,071 -- -- 515 --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- 814 -- -- -- Other operating expenses: General and administrative, hotel -- (261) -- -- -- General and administrative, corporate 6,104 -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 5,072 22,031 -- -- 69 Property taxes, insurance and other 2,029 9,456 -- -- 52 Loss on asset impairments -- 33,644 -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses 13,205 65,684 -- -- 121 --------------- --------------- --------------- --------------- --------------- Operating income (loss) (8,994) (8,613) -- -- 394 Minority interest (6) -- -- -- -- Interest expense, net (52,566) (13,679) -- -- -- Equity in loss from consolidated entities (230,202) -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations (291,768) (22,292) -- -- 394 Income tax (expense) benefit 119 -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations (291,649) (22,292) -- -- 394 Discontinued operations: (Loss) income from discontinued operations before income tax 1,786 (83,512) -- -- -- Income tax (expense) benefit 6 -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations 1,792 (83,512) -- -- -- --------------- --------------- --------------- --------------- --------------- Net (loss) income (289,857) (105,804) -- -- 394 =============== =============== =============== =============== =============== MERISTAR SUB 8A, MERISTAR SUB 8F, MERISTAR SUB MERISTAR SUB MERISTAR SUB 8B, LLC L.P. 8G, LLC 6H, L.P. LLC ---------------- ---------------- -------------- --------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue -- 1,172 -- 569 3,636 --------------- --------------- --------------- --------------- --------------- Total revenue -- 1,172 -- 569 3,636 --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 261 -- 252 1,220 Property taxes, insurance and other -- 245 -- 47 692 Loss on asset impairments -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses -- 506 -- 299 1,912 --------------- --------------- --------------- --------------- --------------- Operating income (loss) -- 666 -- 270 1,724 Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations -- 666 -- 270 1,724 Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations -- 666 -- 270 1,724 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- -- Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Net (loss) income -- 666 -- 270 1,724 =============== =============== =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB 1C, MERISTAR SUB 8E, MERISTAR SUB 7F, MERISTAR SUB 5L, MERISTAR SUB 3C, L.P. LLC LLC LLC LLC ---------------- ---------------- ---------------- ---------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 10 -- -- -- Participating lease revenue 834 724 452 547 969 -------------- -------------- -------------- -------------- -------------- Total revenue 834 734 452 547 969 -------------- -------------- -------------- -------------- -------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 508 291 229 69 356 Property taxes, insurance and other 374 108 81 61 197 Loss on asset impairments -- -- 1,637 -- -- -------------- -------------- -------------- -------------- -------------- Operating expenses 882 399 1,947 130 553 -------------- -------------- -------------- -------------- -------------- Operating income (loss) (48) 335 (1,495) 417 416 Minority interest -- -- -- -- -- Interest expense, net -- -- -- (2) -- Equity in loss from consolidated entities -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income before income taxes and discontinued operations (48) 335 (1,495) 415 416 Income tax (expense) benefit -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income from continuing operations (48) 335 (1,495) 415 416 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- -- Income tax (expense) benefit -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income on discontinued operations -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Net (loss) income (48) 335 (1,495) 415 416 ============== ============== ============== ============== ============== MERISTAR SUB 5R, MERISTAR SUB 6D, MERISTAR SUB 6E, MERISTAR SUB 4E, MERISTAR SUB 1B, LLC LLC LLC L.P. LLC ---------------- ---------------- ---------------- ---------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 8 -- 3 1 Participating lease revenue -- 963 2,791 703 1,274 ------------- -------------- -------------- -------------- -------------- Total revenue -- 971 2,791 706 1,275 ------------- -------------- -------------- -------------- -------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 273 822 421 284 Property taxes, insurance and other -- 159 322 223 94 Loss on asset impairments -- -- -- 14,611 -- ------------- -------------- -------------- -------------- -------------- Operating expenses -- 432 1,144 15,255 378 ------------- -------------- -------------- -------------- -------------- Operating income (loss) -- 539 1,647 (14,549) 897 Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- (10) Equity in loss from consolidated entities -- -- -- -- -- ------------- -------------- -------------- -------------- -------------- (Loss) income before income taxes and discontinued operations -- 539 1,647 (14,549) 887 Income tax (expense) benefit -- -- -- -- -- ------------- -------------- -------------- -------------- -------------- (Loss) income from continuing operations -- 539 1,647 (14,549) 887 Discontinued operations: (Loss) income from discontinued operations before income tax -- -- -- -- -- Income tax (expense) benefit -- -- -- -- -- ------------- -------------- -------------- -------------- -------------- (Loss) income on discontinued operations -- -- -- -- -- ------------- -------------- -------------- -------------- -------------- Net (loss) income -- 539 1,647 (14,549) 887 ============= ============== ============== ============== ==============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB 5F, MERISTAR SUB MERISTAR SUB 8C, MERISTAR SUB 4C, MERISTAR SUB L.P. 6G, LLC LLC L.P. 4H, L.P. ---------------- -------------- ---------------- ---------------- -------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 1,487 1,248 -- -- -- -------------- -------------- -------------- -------------- -------------- Total revenue 1,487 1,248 -- -- -- -------------- -------------- -------------- -------------- -------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 534 430 -- -- -- Property taxes, insurance and other 198 189 -- -- -- Loss on asset impairments 7,231 -- -- -- -- -------------- -------------- -------------- -------------- -------------- Operating expenses 7,963 619 -- -- -- -------------- -------------- -------------- -------------- -------------- Operating income (loss) (6,476) 629 -- -- -- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income before income taxes and discontinued operations (6,476) 629 -- -- -- Income tax (expense) benefit -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income from continuing operations (6,476) 629 -- -- -- Discontinued operations: (Loss) income from discontinued operations before income tax -- -- (4,934) -- (5,399) Income tax (expense) benefit -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income on discontinued operations -- -- (4,934) -- (5,399) -------------- -------------- -------------- -------------- -------------- Net (loss) income (6,476) 629 (4,934) -- (5,399) ============== ============== ============== ============== ============== MERISTAR SUB 7E, MERISTAR SUB 3D, MERISTAR SUB 1A, MERISTAR SUB 5E, MERISTAR SUB 7A LLC LLC LLC LLC JOINT VENTURE ---------------- ---------------- ---------------- ---------------- --------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 1 -- -- -- Participating lease revenue 673 726 -- 2,940 -- -------------- -------------- -------------- -------------- -------------- Total revenue 673 727 -- 2,940 -- -------------- -------------- -------------- -------------- -------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 309 392 -- 962 -- Property taxes, insurance and other 99 117 -- 201 -- Loss on asset impairments -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Operating expenses 408 509 -- 1,163 -- -------------- -------------- -------------- -------------- -------------- Operating income (loss) 265 218 -- 1,777 -- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income before income taxes and discontinued operations 265 218 -- 1,777 -- Income tax (expense) benefit -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income from continuing operations 265 218 -- 1,777 -- Discontinued operations: (Loss) income from discontinued operations before income tax -- -- 460 -- (5,215) Income tax (expense) benefit -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- (Loss) income on discontinued operations -- -- 460 -- (5,215) -------------- -------------- -------------- -------------- -------------- Net (loss) income 265 218 460 1,777 (5,215) ============== ============== ============== ============== ==============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB 2B, MERISTAR SUB 3A, MERISTAR SUB 4A, MERISTAR SUB 4D, 6K, LLC LLC LLC LLC LLC --------------- ---------------- ---------------- ---------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue 2,040 -- -- -- -- --------------- --------------- --------------- --------------- --------------- Total revenue 2,040 -- -- -- -- --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 370 -- -- -- -- Property taxes, insurance and other 191 -- -- -- -- Loss on asset impairments -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses 561 -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating income (loss) 1,479 -- -- -- -- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations 1,479 -- -- -- -- Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations 1,479 -- -- -- -- Discontinued operations: (Loss) income from discontinued operations before income tax -- (4,971) (1,399) (1,101) (939) Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations -- (4,971) (1,399) (1,101) (939) --------------- --------------- --------------- --------------- --------------- Net (loss) income 1,479 (4,971) (1,399) (1,101) (939) =============== =============== =============== =============== =============== MERISTAR SUB 2A, MERISTAR SUB 6L, MDV LIMITED MERISTAR SUB 5C, MERISTAR 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 -- -- 253 -- 1,051 --------------- --------------- --------------- --------------- --------------- Total revenue -- -- 253 -- 1,051 --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- -- 69 -- 302 Property taxes, insurance and other -- -- 70 -- 130 Loss on asset impairments -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses -- -- 139 -- 432 --------------- --------------- --------------- --------------- --------------- Operating income (loss) -- -- 114 -- 619 Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- 2 Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations -- -- 114 -- 621 Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations -- -- 114 -- 621 Discontinued operations: (Loss) income from discontinued operations before income tax (3,221) (13,081) -- (7,069) -- Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations (3,221) (13,081) -- (7,069) -- --------------- --------------- --------------- --------------- --------------- Net (loss) income (3,221) (13,081) 114 (7,069) 621 =============== =============== =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB 1D, MERISTAR SUB 7B, MERISTAR SUB 7D, MERISTAR SUB MERISTAR SUB 6B, L.P. L.P. LLC 7G, LLC LLC ---------------- ---------------- ---------------- -------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue 6 -- -- -- -- Participating lease revenue 2,429 -- 3,665 -- 550 --------------- --------------- --------------- --------------- --------------- Total revenue 2,435 -- 3,665 -- 550 --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses 47 -- 190 -- -- Other operating expenses: General and administrative, hotel 25 -- 177 -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 1,148 -- 862 -- 232 Property taxes, insurance and other 835 -- 1,125 -- 100 Loss on asset impairments -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses 2,055 -- 2,354 -- 332 --------------- --------------- --------------- --------------- --------------- Operating income (loss) 380 -- 1,311 -- 218 Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations 380 -- 1,311 -- 218 Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations 380 -- 1,311 -- 218 Discontinued operations: (Loss) income from discontinued operations before income tax -- (10,191) -- (7,531) -- Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations -- (10,191) -- (7,531) -- --------------- --------------- --------------- --------------- --------------- Net (loss) income 380 (10,191) 1,311 (7,531) 218 =============== =============== =============== =============== =============== MERISTAR SUB 4I, MERISTAR SUB 5D, MERISTAR SUB MERISTAR SUB L.P. LLC 5H, LLC 7H, LLC AGH PSS I, INC. ---------------- ---------------- --------------- --------------- --------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- -- -- Participating lease revenue -- 1,024 -- -- -- --------------- --------------- --------------- --------------- --------------- Total revenue -- 1,024 -- -- -- --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 730 -- -- -- Property taxes, insurance and other -- 112 -- -- -- Loss on asset impairments -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses -- 842 -- -- -- --------------- --------------- --------------- --------------- --------------- Operating income (loss) -- 182 -- -- -- Minority interest -- -- -- -- -- Interest expense, net -- (644) -- -- -- Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations -- (462) -- -- -- Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations -- (462) -- -- -- Discontinued operations: (Loss) income from discontinued operations before income tax (1,484) -- (17,368) (1,086) (896) Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations (1,484) -- (17,368) (1,086) (896) --------------- --------------- --------------- --------------- --------------- Net (loss) income (1,484) (462) (17,368) (1,086) (896) =============== =============== =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB 2D, MERISTAR SUB 4F, MERISTAR SUB MERISTAR SUB MERISTAR SUB 1E, LLC L.P. 5K, LLC 5M, LLC L.P. ---------------- ---------------- --------------- --------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- 7 -- -- -- Participating lease revenue -- 981 1,259 976 -- --------------- --------------- --------------- --------------- --------------- Total revenue -- 988 1,259 976 -- --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization -- 556 644 236 -- Property taxes, insurance and other -- 173 187 131 -- Loss on asset impairments -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses -- 729 831 367 -- --------------- --------------- --------------- --------------- --------------- Operating income (loss) -- 259 428 609 -- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations -- 259 428 609 -- Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations -- 259 428 609 -- Discontinued operations: (Loss) income from discontinued operations before income tax (8,913) -- -- -- 538 Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations (8,913) -- -- -- 538 --------------- --------------- --------------- --------------- --------------- Net (loss) income (8,913) 259 428 609 538 =============== =============== =============== =============== =============== MERISTAR SUB MERISTAR SUB 6M MERISTAR SUB 4B, MERISTAR SUB 6C, MERISTAR SUB 2C, 5O, LLC COMPANY L.P. LLC LLC --------------- --------------- ---------------- ---------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- -- 5 -- Participating lease revenue 440 2,077 -- 1,402 -- --------------- --------------- --------------- --------------- --------------- Total revenue 440 2,077 -- 1,407 -- --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 114 616 -- 387 -- Property taxes, insurance and other 52 165 -- 112 -- Loss on asset impairments -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses 166 781 -- 499 -- --------------- --------------- --------------- --------------- --------------- Operating income (loss) 274 1,296 -- 908 -- Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- -- Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations 274 1,296 -- 908 -- Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations 274 1,296 -- 908 -- Discontinued operations: (Loss) income from discontinued operations before income tax -- -- (572) -- (16,006) Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations -- -- (572) -- (16,006) --------------- --------------- --------------- --------------- --------------- Net (loss) income 274 1,296 (572) 908 (16,006) =============== =============== =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB 3B, MERISTAR SUB MERISTAR SUB 5P, MERISTAR SUB 5J, 4G, L.P. LLC 5G, L.P. LLC LLC --------------- ---------------- --------------- ---------------- ---------------- Revenue: Hotel operations: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operations -- -- -- -- -- Office rental, parking and other revenue -- -- 25 -- -- Participating lease revenue 1,026 -- 5,323 686 5,369 --------------- --------------- --------------- --------------- --------------- Total revenue 1,026 -- 5,348 686 5,369 --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- -- Food and beverage -- -- -- -- -- Other hotel operating expenses -- -- -- -- -- Office rental, parking and other expenses -- -- -- -- -- Other operating expenses: General and administrative, hotel -- -- -- -- -- General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- -- Depreciation and amortization 448 -- 3,145 2 1,741 Property taxes, insurance and other 319 -- 955 4 739 Loss on asset impairments 8,000 -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses 8,767 -- 4,100 6 2,480 --------------- --------------- --------------- --------------- --------------- Operating income (loss) (7,741) -- 1,248 680 2,889 Minority interest -- -- -- -- -- Interest expense, net -- -- -- -- (3) Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations (7,741) -- 1,248 680 2,886 Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations (7,741) -- 1,248 680 2,886 Discontinued operations: (Loss) income from discontinued operations before income tax -- (883) -- -- -- Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations -- (883) -- -- -- --------------- --------------- --------------- --------------- --------------- Net (loss) income (7,741) (883) 1,248 680 2,886 =============== =============== =============== =============== =============== MERISTAR SUB MERISTAR SUB 5A, MERISTAR SUB 8D, MERISTAR SUB 4J, MERISTAR HOTEL 5Q, LLC LLC LLC LLC LESSEE, INC. --------------- ---------------- ---------------- ---------------- --------------- Revenue: Hotel operations: Rooms -- -- -- -- 266,706 Food and beverage -- -- -- -- 107,520 Other hotel operations -- -- -- -- 35,754 Office rental, parking and other revenue -- 56 -- 3 -- Participating lease revenue 1,198 2,881 -- 1,630 -- --------------- --------------- --------------- --------------- --------------- Total revenue 1,198 2,937 -- 1,633 409,980 --------------- --------------- --------------- --------------- --------------- Hotel operating expenses: Rooms -- -- -- -- 63,163 Food and beverage -- -- -- -- 75,646 Other hotel operating expenses -- -- -- -- 20,392 Office rental, parking and other expenses -- -- -- 162 -- Other operating expenses: General and administrative, hotel -- -- -- 48 62,917 General and administrative, corporate -- -- -- -- -- Property operating costs -- -- -- -- 59,609 Depreciation and amortization 280 771 -- 643 532 Property taxes, insurance and other 109 355 -- 160 126,753 Loss on asset impairments -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- Operating expenses 389 1,126 -- 1,013 409,013 --------------- --------------- --------------- --------------- --------------- Operating income (loss) 809 1,811 -- 620 967 Minority interest -- -- -- -- -- Interest expense, net -- (1,417) -- -- (982) Equity in loss from consolidated entities -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income before income taxes and discontinued operations 809 394 -- 620 (15) Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income from continuing operations 809 394 -- 620 (15) Discontinued operations: (Loss) income from discontinued operations before income tax -- -- 338 -- (7,405) Income tax (expense) benefit -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- (Loss) income on discontinued operations -- -- 338 -- (7,405) --------------- --------------- --------------- --------------- --------------- Net (loss) income 809 394 338 620 (7,420) =============== =============== =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
GUARANTOR TOTAL SUBSIDIARIES TOTAL ELIMINATIONS CONSOLIDATED ------------------ ----------------- ----------------- Revenue: Hotel operations: Rooms 266,706 -- 266,706 Food and beverage 107,520 -- 107,520 Other hotel operations 35,754 -- 35,754 Office rental, parking and other revenue 125 -- 6,716 Participating lease revenue 58,483 (113,174) -- ----------------- ----------------- ----------------- Total revenue 468,588 (113,174) 416,696 ----------------- ----------------- ----------------- Hotel operating expenses: Rooms 63,163 -- 63,163 Food and beverage 75,646 -- 75,646 Other hotel operating expenses 20,392 -- 20,392 Office rental, parking and other expenses 399 -- 1,213 Other operating expenses: General and administrative, hotel 63,167 -- 62,906 General and administrative, corporate 1 -- 6,105 Property operating costs 59,609 -- 59,609 Depreciation and amortization 21,510 -- 48,613 Property taxes, insurance and other 136,236 (113,174) 34,547 Loss on asset impairments 31,479 -- 65,123 ----------------- ----------------- ----------------- Operating expenses 471,602 (113,174) 437,317 ----------------- ----------------- ----------------- Operating income (loss) (3,014) -- (20,621) Minority interest -- -- (6) Interest expense, net (3,056) -- (69,301) Equity in loss from consolidated entities -- 230,202 -- ----------------- ----------------- ----------------- (Loss) income before income taxes and discontinued operations (6,070) 230,202 (89,928) Income tax (expense) benefit -- -- 119 ----------------- ----------------- ----------------- (Loss) income from continuing operations (6,070) 230,202 (89,809) Discontinued operations: -- (Loss) income from discontinued operations before income tax (118,328) -- (200,054) Income tax (expense) benefit -- -- 6 ----------------- ----------------- ----------------- (Loss) income on discontinued operations (118,328) -- (200,048) ----------------- ----------------- ----------------- Net (loss) income (124,398) 230,202 (289,857) ================= ================= =================
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR HOSPITALITY OP, NON-GUARANTOR MERISTAR SUB L.P. SUBSIDIARIES 7C, LLC --------------- --------------- --------------- Operating activities: Net (loss) income (52,938) 19,071 -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 6,237 25,793 -- Equity in earnings (6,014) -- -- Loss on asset impairments -- 3,763 -- Loss on sale of assets, before tax effect 226 (833) -- Loss on early extinguishments of debt 7,903 -- -- Minority interests (24) -- -- Amortization of unearned stock-based compensation 1,090 -- -- Deferred income taxes (652) -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable (8,146) 149 -- Prepaid expenses and other assets (1,221) 2,738 -- Due from/to Interstate Hotels & Resorts 6,808 -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (12,214) 707 -- Due from subsidiaries 46,887 (26,984) -- --------------- --------------- --------------- Net cash provided by (used in) operating activities (12,058) 24,404 -- --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- (92,140) -- Capital expenditures for property and equipment (1,215) (23,254) -- Proceeds from sales of assets -- 42,075 -- Change in restricted cash (27,774) 309 -- Costs associated with disposition program and other, net 84 (1,654) -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (28,905) (74,664) -- --------------- --------------- --------------- Financing activities: Prepayments on long-term debt (85,319) (807) -- Proceeds from debt issuance, net of issuance costs (347) 54,758 -- Scheduled payments on long-term debt -- (3,691) -- Loans to/from subsidiaries (29,460) -- -- Distributions to partners (141) -- -- Proceed from OP units issuance 72,340 -- -- Purchase of OP units (8,690) -- -- Other (325) -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities (51,942) 50,260 -- --------------- --------------- --------------- Effect of exchange rate changes on cash (227) -- -- --------------- --------------- --------------- NET CHANGE IN CASH (93,132) -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 218,645 -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD 125,513 -- -- =============== =============== =============== AGH UPREIT, MERISTAR SUB MERISTAR SUB LLC 5N, LLC 8A, LLC --------------- --------------- --------------- Operating activities: Net (loss) income -- 398 -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 69 -- Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets -- 15 -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities -- 48 -- Due from subsidiaries -- (483) -- --------------- --------------- --------------- Net cash provided by (used in) operating activities -- 47 -- --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment -- (47) -- Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities -- (47) -- --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 8F, L.P. 8G, LLC 6H, L.P. --------------- --------------- --------------- Operating activities: Net (loss) income 568 -- 312 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 329 -- 313 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets 22 -- 6 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (29) -- (118) Due from subsidiaries (857) -- (512) --------------- --------------- --------------- Net cash provided by (used in) operating activities 33 -- 1 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (33) -- (1) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (33) -- (1) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 8B, LLC 1C, L.P. 8E, LLC --------------- --------------- --------------- Operating activities: Net (loss) income 1,974 (350) 376 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 1,197 697 298 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets 34 59 9 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (107) (16) 9 Due from subsidiaries 1,684 (134) (576) --------------- --------------- --------------- Net cash provided by (used in) operating activities 4,782 256 116 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (4,782) (256) (116) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (4,782) (256) (116) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB 7F, LLC 5L, LLC 3C, LLC --------------- --------------- --------------- Operating activities: Net (loss) income 319 477 458 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 170 77 356 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets 6 29 9 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (51) 63 72 Due from subsidiaries (400) (435) (884) --------------- --------------- --------------- Net cash provided by (used in) operating activities 44 211 11 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (44) (211) (11) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (44) (211) (11) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 5R, LLC 6D, LLC 6E, LLC --------------- --------------- --------------- Operating activities: Net (loss) income -- 679 1,894 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 273 825 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- 5 -- Prepaid expenses and other assets -- 7 31 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities -- 98 268 Due from subsidiaries -- (590) (598) --------------- --------------- --------------- Net cash provided by (used in) operating activities -- 472 2,420 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment -- (472) (2,420) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities -- (472) (2,420) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 4E, L.P. 1B, LLC 5F, L.P. --------------- --------------- --------------- Operating activities: Net (loss) income (721) 815 851 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 149 249 391 Equity in earnings -- -- -- Loss on asset impairments 981 -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets 20 28 62 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (147) (44) 23 Due from subsidiaries (244) (329) 690 --------------- --------------- --------------- Net cash provided by (used in) operating activities 38 719 2,017 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (38) (719) (2,017) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (38) (719) (2,017) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 6G, LLC 8C, LLC 4C, L.P. --------------- --------------- --------------- Operating activities: Net (loss) income 1,354 (61) -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 362 -- -- Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- 110 -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets 12 117 -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 142 839 -- Due from subsidiaries (1,565) (6,603) -- --------------- --------------- --------------- Net cash provided by (used in) operating activities 305 (5,598) -- --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (305) 711 -- Proceeds from sales of assets -- 5,000 -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- (113) -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (305) 5,598 -- --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB 4H, L.P. 7E, LLC 3D, LLC --------------- --------------- --------------- Operating activities: Net (loss) income (403) 277 246 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 43 313 382 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect 365 -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets (8) 7 15 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (236) 34 54 Due from subsidiaries (4,133) 938 (553) --------------- --------------- --------------- Net cash provided by (used in) operating activities (4,372) 1,569 144 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (87) (1,569) (144) Proceeds from sales of assets 4,650 -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net (191) -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities 4,372 (1,569) (144) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB 7A JOINT MERISTAR SUB 1A, LLC VENTURE 2B, LLC --------------- --------------- --------------- Operating activities: Net (loss) income (167) (713) -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 197 121 -- Equity in earnings -- -- -- Loss on asset impairments 544 1,005 -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- 2,345 Prepaid expenses and other assets 30 10 -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 44 27 -- Due from subsidiaries (637) (428) (2,345) --------------- --------------- --------------- Net cash provided by (used in) operating activities 11 22 -- --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (11) (22) -- Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (11) (22) -- --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR MERISTAR SUB MERISTAR SUB 4D, 3A, LLC SUB 4A, LLC LLC --------------- --------------- --------------- Operating activities: Net (loss) income 89 97 -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 51 -- -- Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect (20) 45 -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets 1 (9) 3 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (104) (400) -- Due from subsidiaries (2,993) (2,860) (3) --------------- --------------- --------------- Net cash provided by (used in) operating activities (2,976) (3,127) -- --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (83) (194) -- Proceeds from sales of assets 3,300 3,575 -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net (241) (254) -- --------------- --------------- --------------- Net cash (used in) provided by investing activities 2,976 3,127 -- --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MDV LIMITED 2A, LLC 6L, LLC PARTNERSHIP --------------- --------------- --------------- Operating activities: Net (loss) income -- 1,852 130 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- -- 70 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- (1,827) -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable 2,002 (178) -- Prepaid expenses and other assets -- 14 9 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities -- (109) 6 Due from subsidiaries (2,002) (13,739) (165) --------------- --------------- --------------- Net cash provided by (used in) operating activities -- (13,987) 50 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment -- (319) (50) Proceeds from sales of assets -- 14,775 -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- (469) -- --------------- --------------- --------------- Net cash (used in) provided by investing activities -- 13,987 (50) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB 5C, LLC 6J, LLC 1D, L.P. --------------- --------------- --------------- Operating activities: Net (loss) income -- 823 647 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 281 1,136 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable 2 -- -- Prepaid expenses and other assets (4) 8 183 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities -- 288 189 Due from subsidiaries 2 (1,208) (1,785) --------------- --------------- --------------- Net cash provided by (used in) operating activities -- 192 370 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment -- (192) (370) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities -- (192) (370) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 7B, L.P. 7D, LLC 7G, LLC --------------- --------------- --------------- Operating activities: Net (loss) income (787) 1,063 103 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 99 862 49 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect 1,035 -- (39) Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- 650 -- Prepaid expenses and other assets 1 31 -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (1,602) 442 6 Due from subsidiaries (3,147) (2,044) (1,659) --------------- --------------- --------------- Net cash provided by (used in) operating activities (4,401) 1,004 (1,540) --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment 306 (1,004) (399) Proceeds from sales of assets 4,500 -- 2,300 Change in restricted cash -- -- -- Costs associated with disposition program and other, net (405) -- (361) --------------- --------------- --------------- Net cash (used in) provided by investing activities 4,401 (1,004) 1,540 --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 6B, LLC 4I, L.P. 5D, LLC --------------- --------------- --------------- Operating activities: Net (loss) income 257 -- (386) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 224 -- 738 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets 4 -- 31 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 105 61 359 Due from subsidiaries 73 (61) (585) --------------- --------------- --------------- Net cash provided by (used in) operating activities 663 -- 157 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (663) -- (157) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (663) -- (157) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB AGH PSS I, 5H, LLC 7H, LLC INC. --------------- --------------- --------------- Operating activities: Net (loss) income -- -- -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- -- -- Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- 43 -- Prepaid expenses and other assets 1 -- 1 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 2 -- -- Due from subsidiaries (3) (43) (1) --------------- --------------- --------------- Net cash provided by (used in) operating activities -- -- -- --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment -- -- -- Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities -- -- -- --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB 2D, LLC 4F, L.P. 5K, LLC --------------- --------------- --------------- Operating activities: Net (loss) income -- 255 429 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 552 648 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable 1,166 -- -- Prepaid expenses and other assets -- 13 64 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities -- (202) (1,481) Due from subsidiaries (1,166) 237 589 --------------- --------------- --------------- Net cash provided by (used in) operating activities -- 855 249 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment -- (855) (249) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities -- (855) (249) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 5M, LLC 1E, L.P. 5O, LLC --------------- --------------- --------------- Operating activities: Net (loss) income 618 -- 305 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 238 -- 114 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- 198 -- Prepaid expenses and other assets 37 (1) 13 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 98 (14) 46 Due from subsidiaries (944) (183) (449) --------------- --------------- --------------- Net cash provided by (used in) operating activities 47 -- 29 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (47) -- (29) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities (47) -- (29) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 4B, L.P. 2C, LLC 4G, L.P. --------------- --------------- --------------- Operating activities: Net (loss) income (217) (1,645) 341 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- -- 223 Equity in earnings -- -- -- Loss on asset impairments -- 903 245 Loss on sale of assets, before tax effect 215 1,612 -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- (7) -- Prepaid expenses and other assets (4) (234) 81 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (464) (217) (317) Due from subsidiaries (6,348) 11,658 (569) --------------- --------------- --------------- Net cash provided by (used in) operating activities (6,818) 12,070 4 --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (200) (81) (4) Proceeds from sales of assets 7,500 8,398 -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net (482) (656) -- --------------- --------------- --------------- Net cash (used in) provided by investing activities 6,818 7,661 (4) --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- (19,731) -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- (19,731) -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== =============== MERISTAR SUB MERISTAR SUB MERISTAR SUB 3B, LLC 5G, L.P. 5P, LLC --------------- --------------- --------------- Operating activities: Net (loss) income -- 1,551 483 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 3,150 2 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets -- 228 3 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 22 (478) -- Due from subsidiaries (22) (398) (488) --------------- --------------- --------------- Net cash provided by (used in) operating activities -- 4,053 -- --------------- --------------- --------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment -- (4,053) -- Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- --------------- --------------- --------------- Net cash (used in) provided by investing activities -- (4,053) -- --------------- --------------- --------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- --------------- --------------- --------------- Net cash provided by (used in) financing activities -- -- -- --------------- --------------- --------------- Effect of exchange rate changes on cash -- -- -- --------------- --------------- --------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- --------------- --------------- --------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- =============== =============== ===============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2004 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB 5J, LLC 5Q, LLC 5A, LLC ------------- ------------- ------------- Operating activities: Net (loss) income 1,603 639 836 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 2,810 294 532 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect -- -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable -- -- -- Prepaid expenses and other assets 292 46 26 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 310 229 559 Due from subsidiaries (3,014) (1,040) (1,315) ------------- ------------- ------------- Net cash provided by (used in) operating activities 2,001 168 638 ------------- ------------- ------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- -- Capital expenditures for property and equipment (2,001) (168) (638) Proceeds from sales of assets -- -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ------------- ------------- ------------- Net cash (used in) provided by investing activities (2,001) (168) (638) ------------- ------------- ------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- -- Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- ------------- ------------- ------------- Net cash provided by (used in) financing activities -- -- -- ------------- ------------- ------------- Effect of exchange rate changes on cash -- -- -- ------------- ------------- ------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- ------------- ------------- ------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- ============= ============= ============= MERISTAR MERISTAR SUB MERISTAR SUB PENTAGON CITY, 8D, LLC 4J, LLC LLC ------------- ------------- ------------- Operating activities: Net (loss) income (857) 437 861 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 632 355 Equity in earnings -- -- -- Loss on asset impairments -- -- -- Loss on sale of assets, before tax effect 899 -- -- Loss on early extinguishments of debt -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: -- -- -- Accounts receivable (359) 1 -- Prepaid expenses and other assets 14 17 -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (76) 74 325 Due from subsidiaries (7,723) (440) 35,990 ------------- ------------- ------------- Net cash provided by (used in) operating activities (8,102) 721 37,531 ------------- ------------- ------------- Investing activities: Acquisition of hotels, net of cash acquired -- -- (92,672) Capital expenditures for property and equipment (359) (721) (135) Proceeds from sales of assets 8,800 -- -- Change in restricted cash -- -- -- Costs associated with disposition program and other, net (339) -- -- ------------- ------------- ------------- Net cash (used in) provided by investing activities 8,102 (721) (92,807) ------------- ------------- ------------- Financing activities: Prepayments on long-term debt -- -- -- Proceeds from debt issuance, net of issuance costs -- -- 55,276 Scheduled payments on long-term debt -- -- -- Loans to/from subsidiaries -- -- -- Distributions to partners -- -- -- Proceed from OP units issuance -- -- -- Purchase of OP units -- -- -- Other -- -- -- ------------- ------------- ------------- Net cash provided by (used in) financing activities -- -- 55,276 ------------- ------------- ------------- Effect of exchange rate changes on cash -- -- -- ------------- ------------- ------------- NET CHANGE IN CASH -- -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- -- -- ------------- ------------- ------------- CASH AND CASH EQUIVALENTS, END OF PERIOD -- -- -- ============= ============= ============= MERISTAR GUARANTOR HOTEL LESSEE, SUBSIDIARIES TOTAL INC. TOTAL ELIMINATIONS CONSOLIDATED ------------- ------------- ------------- ------------- Operating activities: Net (loss) income (31,167) (13,057) (6,014) (52,938) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 84 19,955 -- 51,985 Equity in earnings -- -- 6,014 -- Loss on asset impairments -- 3,678 -- 7,441 Loss on sale of assets, before tax effect 9,742 12,137 -- 11,530 Loss on early extinguishments of debt -- -- -- 7,903 Minority interests -- -- -- (24) Amortization of unearned stock-based compensation -- -- -- 1,090 Deferred income taxes -- -- -- (652) Changes in operating assets and liabilities: -- -- -- -- Accounts receivable (6,442) (574) 4,344 (4,227) Prepaid expenses and other assets 1,958 3,347 -- 4,864 Due from/to Interstate Hotels & Resorts (10,049) (10,049) -- (3,241) Accounts payable, accrued expenses, accrued interest and other liabilities 11,181 9,811 (4,344) (6,040) Due from subsidiaries 6,939 (19,903) -- -- ------------- ------------- ------------- ------------- Net cash provided by (used in) operating activities (17,754) 5,345 -- 17,691 ------------- ------------- ------------- ------------- Investing activities: Acquisition of hotels, net of cash acquired 2,022 (90,650) -- (182,790) Capital expenditures for property and equipment (170) (25,429) -- (49,898) Proceeds from sales of assets -- 62,798 -- 104,873 Change in restricted cash (2,490) (2,490) -- (29,955) Costs associated with disposition program and other, net -- (3,511) -- (5,081) ------------- ------------- ------------- ------------- Net cash (used in) provided by investing activities (638) (59,282) -- (162,851) ------------- ------------- ------------- ------------- Financing activities: Prepayments on long-term debt -- (19,731) -- (105,857) Proceeds from debt issuance, net of issuance costs -- 55,276 -- 109,687 Scheduled payments on long-term debt -- -- -- (3,691) Loans to/from subsidiaries 29,460 29,460 -- -- Distributions to partners -- -- -- (141) Proceed from OP units issuance -- -- -- 72,340 Purchase of OP units -- -- -- (8,690) Other -- -- -- (325) ------------- ------------- ------------- ------------- Net cash provided by (used in) financing activities 29,460 65,005 -- 63,323 ------------- ------------- ------------- ------------- Effect of exchange rate changes on cash -- -- -- (227) ------------- ------------- ------------- ------------- NET CHANGE IN CASH 11,068 11,068 -- (82,064) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 12,231 12,231 -- 230,876 ------------- ------------- ------------- ------------- CASH AND CASH EQUIVALENTS, END OF PERIOD 23,299 23,299 -- 148,812 ============= ============= ============= =============
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR HOSPITALITY OP, NON-GUARANTOR MERISTAR SUB L.P. SUBSIDIARIES 7C, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income (289,857) (105,804) -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 5,072 25,558 -- Equity in earnings of affiliates 230,202 -- -- Loss on asset impairments -- 119,917 -- Minority interests 6 -- -- Amortization of unearned stock-based compensation 1,433 -- -- Change in value of interest rate swaps (3,395) -- -- Deferred income taxes (1,534) -- -- Changes in operating assets and liabilities: Accounts receivable (2,792) 144 -- Prepaid expenses and other assets 4,476 89 -- Due from/to Interstate Hotels & Resorts 724 (1) -- Accounts payable, accrued expenses, accrued interest and other liabilities 4,348 (4,256) -- Due to/from subsidiaries 81,069 (41,235) -- ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 29,752 (5,588) -- ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (503) (3,061) -- Proceeds from sales of assets -- 12,650 -- Purchases of marketable securities (18,056) -- -- Payments to Interstate Hotels & Resorts 42,052 -- -- Increase in restricted cash (9,692) (48) -- Costs associated with disposition program and other, net -- (299) -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities 13,801 9,242 -- ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt (24,359) (3,654) -- Distributions to partners (141) -- -- Purchase of limited partnership unit (65) -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by financing activities (24,565) (3,654) -- ---------------- ---------------- ---------------- Effect of exchange rate changes on cash (115) -- -- ---------------- ---------------- ---------------- NET CHANGE IN CASH AND CASH EQUIVALENTS 18,873 -- -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 21,372 -- -- ---------------- ---------------- ---------------- CASH AND CASH EQUIVALENTS, END OF PERIOD 40,245 -- -- ================ ================ ================ AGH UPREIT, MERISTAR SUB MERISTAR SUB LLC 5N, LLC 8A, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income -- 394 -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 69 -- Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities -- 15 (1) Due to/from subsidiaries -- (465) 1 ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities -- 13 -- ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment -- (13) -- Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities -- (13) -- ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB 8F, MERISTAR SUB MERISTAR SUB L.P. 8G, LLC 6H, L.P. ---------------- ---------------- ---------------- Operating activities: Net (loss) income 666 -- 270 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 261 -- 252 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable (28) -- -- Prepaid expenses and other assets (5) -- (5) Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (130) -- 31 Due to/from subsidiaries (743) -- (541) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 21 -- 7 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (21) -- (7) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (21) -- (7) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB MERISTAR SUB 8E, 8B, LLC 1C, L.P. LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income 1,724 (48) 335 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 1,220 508 291 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- (17) -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (44) (143) (15) Due to/from subsidiaries (2,164) (223) (543) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 736 77 68 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (736) (77) (68) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (736) (77) (68) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB 7F, MERISTAR SUB MERISTAR SUB LLC 5L, LLC 3C, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income (1,495) 415 416 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 229 69 356 Equity in earnings of affiliates -- -- -- Loss on asset impairments 1,637 -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- 48 -- Prepaid expenses and other assets -- (6) -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 20 (4) (62) Due to/from subsidiaries (358) (430) (698) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 33 92 12 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (33) (92) (12) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (33) (92) (12) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB MERISTAR SUB 6E, 5R, LLC 6D, LLC LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income -- 539 1,647 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 273 822 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- (5) -- Prepaid expenses and other assets -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities -- (6) (45) Due to/from subsidiaries -- (801) (2,298) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities -- -- 126 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment -- -- (126) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities -- -- (126) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB 4E, MERISTAR SUB MERISTAR SUB 5F, L.P. 1B, LLC L.P. ---------------- ---------------- ---------------- Operating activities: Net (loss) income (14,549) 887 (6,476) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 421 284 534 Equity in earnings of affiliates -- -- -- Loss on asset impairments 14,611 -- 7,231 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- (36) -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (260) (13) 46 Due to/from subsidiaries (129) (1,031) (1,288) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 94 91 47 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (94) (80) (47) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (94) (80) (47) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- (11) -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB MERISTAR SUB 6G, LLC 8C, LLC 4C, L.P. ---------------- ---------------- ---------------- Operating activities: Net (loss) income 629 (4,934) -- Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 430 377 -- Equity in earnings of affiliates -- -- -- Loss on asset impairments -- 5,213 -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- (22) 5 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (150) (145) (5) Due to/from subsidiaries (805) (480) -- ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 104 9 -- ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (104) (9) -- Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (104) (9) -- ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB 7E, MERISTAR SUB 4H, L.P. LLC 3D, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income (5,399) 265 218 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 264 309 392 Equity in earnings of affiliates -- -- -- Loss on asset impairments 5,187 -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable 14 -- -- Prepaid expenses and other assets (7) -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (61) 15 54 Due to/from subsidiaries 94 (495) (556) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 92 94 108 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (92) (94) (108) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (92) (94) (108) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB 5E, MERISTAR SUB 7A 1A, LLC LLC JOINT VENTURE ---------------- ---------------- ---------------- Operating activities: Net (loss) income 460 1,777 (5,215) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 225 962 215 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- 5,478 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (92) 156 (51) Due to/from subsidiaries (499) (2,846) (314) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 94 49 113 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (94) (49) (113) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (94) (49) (113) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB MERISTAR SUB 6K, LLC 2B, LLC 3A, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income 1,479 (4,971) (1,399) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 370 213 131 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- 4,670 1,497 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- 2 -- Prepaid expenses and other assets -- -- (2) Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (113) -- (44) Due to/from subsidiaries (1,727) 632 (160) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 9 546 23 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (9) (546) (23) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (9) (546) (23) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB MERISTAR SUB 4A, LLC 4D, LLC 2A, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income (1,101) (939) (3,221) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization -- 55 164 Equity in earnings of affiliates -- -- -- Loss on asset impairments 1,455 1,004 2,828 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- (1) Prepaid expenses and other assets -- (3) -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (118) (5) (79) Due to/from subsidiaries (3) (3,091) 1,153 ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 233 (2,979) 844 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (233) (91) (844) Proceeds from sales of assets -- 3,070 -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (233) 2,979 (844) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MDV LIMITED MERISTAR SUB 6L, LLC PARTNERSHIP 5C, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income (13,081) 114 (7,069) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 445 69 289 Equity in earnings of affiliates -- -- -- Loss on asset impairments 13,286 -- 7,187 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets (2) -- 26 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 32 (32) (51) Due to/from subsidiaries (635) (143) (302) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 45 8 80 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (45) (8) (80) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (45) (8) (80) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB 6J, MERISTAR SUB MERISTAR SUB LLC 1D, L.P. 7B, L.P. ---------------- ---------------- ---------------- Operating activities: Net (loss) income 621 380 (10,191) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 302 1,148 342 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- 10,288 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (67) (241) (37) Due to/from subsidiaries (822) (1,201) (364) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 34 86 38 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (34) (86) (38) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (34) (86) (38) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB MERISTAR SUB 7D, LLC 7G, LLC 6B, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income 1,311 (7,531) 218 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 862 308 232 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- 7,416 -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable 182 -- -- Prepaid expenses and other assets -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (169) (132) 92 Due to/from subsidiaries (2,139) (2) (439) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 47 59 103 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (47) (59) (103) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (47) (59) (103) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB 4I, MERISTAR SUB MERISTAR SUB L.P. 5D, LLC 5H, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income (1,484) (462) (17,368) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 145 730 1,010 Equity in earnings of affiliates -- -- -- Loss on asset impairments 1,259 -- 18,075 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets (8) -- (1) Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (129) 13 43 Due to/from subsidiaries 246 (254) (1,676) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 29 27 83 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (29) (27) (83) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (29) (27) (83) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB 7H, LLC AGH PSS I, INC. 2D, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income (1,086) (896) (8,913) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 97 -- 234 Equity in earnings of affiliates -- -- -- Loss on asset impairments 1,383 1,787 8,685 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- (7) Prepaid expenses and other assets -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (23) 88 (158) Due to/from subsidiaries (354) (932) 968 ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 17 47 809 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (17) (47) (809) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (17) (47) (809) Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB 4F, MERISTAR SUB MERISTAR SUB L.P. 5K, LLC 5M, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income 259 428 609 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 556 644 236 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- -- 2 Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (189) (1,171) 39 Due to/from subsidiaries (288) 159 (873) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 338 60 13 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (338) (60) (13) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (338) (60) (13) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB 1E, MERISTAR SUB MERISTAR SUB L.P. 5O, LLC 6M COMPANY ---------------- ---------------- ---------------- Operating activities: Net (loss) income 538 274 1,296 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 158 114 616 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (27) 19 136 Due to/from subsidiaries (650) (401) (2,032) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 19 6 16 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (19) (6) (16) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (19) (6) (16) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB MERISTAR SUB 4B, L.P. 6C, LLC 2C, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income (572) 908 (16,006) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 268 387 512 Equity in earnings of affiliates -- -- -- Loss on asset impairments 264 -- 15,255 Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets -- -- -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (147) 41 (202) Due to/from subsidiaries 267 (1,280) 1,923 ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 80 56 1,482 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (80) (56) (1,482) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (80) (56) (1,482) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB MERISTAR SUB 4G, L.P. 3B, LLC 5G, L.P. ---------------- ---------------- ---------------- Operating activities: Net (loss) income (7,741) (883) 1,248 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 448 259 3,145 Equity in earnings of affiliates -- -- -- Loss on asset impairments 8,000 1,064 -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets (3) (11) -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities (282) (35) 373 Due to/from subsidiaries (405) (475) (4,374) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 17 (81) 392 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (17) 81 (392) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (17) 81 (392) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
MERISTAR SUB MERISTAR SUB 5J, MERISTAR SUB 5P, LLC LLC 5Q, LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income 680 2,886 809 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 2 1,741 280 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- -- Prepaid expenses and other assets (8) 29 -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 4 25 (2) Due to/from subsidiaries (678) (3,043) (976) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities -- 1,638 111 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment -- (1,638) (111) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities -- (1,638) (111) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 SUB MERISTAR SUB MERISTAR SUB 4J, 5A, LLC 8D, LLC LLC ---------------- ---------------- ---------------- Operating activities: Net (loss) income 394 338 620 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 771 627 643 Equity in earnings of affiliates -- -- -- Loss on asset impairments -- -- -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable -- -- (12) Prepaid expenses and other assets -- (23) -- Due from/to Interstate Hotels & Resorts -- -- -- Accounts payable, accrued expenses, accrued interest and other liabilities 197 (15) (43) Due to/from subsidiaries (1,132) (564) (1,186) ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities 230 363 22 ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (230) (363) (22) Proceeds from sales of assets -- -- -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (230) (363) (22) ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt -- -- -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by 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 -- -- -- ================ ================ ================ GUARANTOR MERISTAR HOTEL SUBSIDIARIES LESSEE, INC. TOTAL ELIMINATIONS ---------------- ---------------- ---------------- Operating activities: Net (loss) income (7,420) (124,398) 230,202 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 532 27,848 -- Equity in earnings of affiliates -- -- (230,202) Loss on asset impairments -- 144,760 -- Minority interests -- -- -- Amortization of unearned stock-based compensation -- -- -- Change in value of interest rate swaps -- -- -- Deferred income taxes -- -- -- Changes in operating assets and liabilities: Accounts receivable (9,713) (9,520) -- Prepaid expenses and other assets (243) (340) -- Due from/to Interstate Hotels & Resorts (5,298) (5,298) -- Accounts payable, accrued expenses, accrued interest and other liabilities (2,273) (5,572) -- Due to/from subsidiaries 5,031 (39,834) -- ---------------- ---------------- ---------------- Net cash provided by (used in) operating activities (19,384) (12,354) -- ---------------- ---------------- ---------------- Investing activities: Capital expenditures for property and equipment (894) (10,983) -- Proceeds from sales of assets -- 3,070 -- Purchases of marketable securities -- -- -- Payments to Interstate Hotels & Resorts -- -- -- Increase in restricted cash -- -- -- Costs associated with disposition program and other, net -- -- -- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities (894) (7,913) -- ---------------- ---------------- ---------------- Financing activities: Scheduled payments on long-term debt 23,816 23,805 -- Distributions to partners -- -- -- Purchase of limited partnership unit -- -- -- ---------------- ---------------- ---------------- Net cash (used in) provided by financing activities 23,816 23,805 -- ---------------- ---------------- ---------------- Effect of exchange rate changes on cash -- -- -- ---------------- ---------------- ---------------- NET CHANGE IN CASH AND CASH EQUIVALENTS 3,538 3,538 -- CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 12,517 12,517 -- ---------------- ---------------- ---------------- CASH AND CASH EQUIVALENTS, END OF PERIOD 16,055 16,055 -- ================ ================ ================
MERISTAR HOSPITALITY OPERATING PARTNERSHIP, L.P. CONSOLIDATING CASH FLOW SIX MONTHS ENDED JUNE 30, 2003 UNAUDITED (DOLLARS IN THOUSANDS)
TOTAL CONSOLIDATED ---------------- Operating activities: Net (loss) income (289,857) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 58,478 Equity in earnings of affiliates -- Loss on asset impairments 264,677 Minority interests 6 Amortization of unearned stock-based compensation 1,433 Change in value of interest rate swaps (3,395) Deferred income taxes (1,534) Changes in operating assets and liabilities: Accounts receivable (12,168) Prepaid expenses and other assets 4,225 Due from/to Interstate Hotels & Resorts (4,575) Accounts payable, accrued expenses, accrued interest and other liabilities (5,480) Due to/from subsidiaries -- ---------------- Net cash provided by (used in) operating activities 11,810 ---------------- Investing activities: Capital expenditures for property and equipment (14,547) Proceeds from sales of assets 15,720 Purchases of marketable securities (18,056) Payments to Interstate Hotels & Resorts 42,052 Increase in restricted cash (9,740) Costs associated with disposition program and other, net (299) ---------------- Net cash provided by (used in) investing activities 15,130 ---------------- Financing activities: Scheduled payments on long-term debt (4,208) Distributions to partners (141) Purchase of limited partnership unit (65) ---------------- Net cash (used in) provided by financing activities (4,414) ---------------- Effect of exchange rate changes on cash (115) ---------------- NET CHANGE IN CASH AND CASH EQUIVALENTS 22,411 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 33,889 ---------------- CASH AND CASH EQUIVALENTS, END OF PERIOD 56,300 ================