Investment in Unconsolidated Entities

9 Months Ended

Sep. 30, 2011

Investment in Unconsolidated Entities [Abstract]

Equity Method Investments Disclosure [Text Block]

Investment in Unconsolidated Entities

We owned 50% interests in joint ventures that owned 13 hotels at September 30, 2011 and December 31, 2010.  We also own a 50% interest in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services.  We account for our investments in these unconsolidated entities under the equity method.  We do not have any majority-owned subsidiaries that are not consolidated in our financial statements.  We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures.

The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):

	September 30,		December 31,
	2011		2010
Investment in hotels, net of accumulated depreciation	$	177,172	$	192,584
Total assets	$	201,240	$	209,742
Debt	$	150,563	$	154,590
Total liabilities	$	156,324	$	159,170
Equity	$	44,916	$	50,572

Our unconsolidated entities’ debt at September 30, 2011 and December 31, 2010 consisted entirely of non-recourse mortgage debt.

In December 2010, we sold our 50% interest in the Sheraton Premier at Tysons Corner.

5. Investment in Unconsolidated Entities — (continued)

The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Total revenues	$	19,975		$	21,810		$	49,990		$	54,197
Net income (loss)	$	1,428		$	1,531		$	184		$	(582	)
Net income (loss) attributable to FelCor	$	714		$	767		$	92		$	(50	)
Gain on joint venture liquidation	—			—			—			559
Depreciation of cost in excess of book value	(465		)	(465		)	(1,395		)	(1,395		)
Equity in income (loss) from unconsolidated entities	$	249		$	302		$	(1,303	)	$	(886	)

The following table summarizes the components of our investment in unconsolidated entities (in thousands):

	September 30,		December 31,
	2011		2010
Hotel-related investments	$	13,085	$	15,736
Cost in excess of book value of hotel investments	49,239		50,634
Land and condominium investments	9,373		9,550
	$	71,697	$	75,920

The following table summarizes the components of our equity in income (loss) from unconsolidated entities (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Hotel investments	$	(199	)	$	(200	)	$	(1,127	)	$	(813	)
Other investments	448			502			(176		)	(73		)
Equity in income (loss) from unconsolidated entities	$	249		$	302		$	(1,303	)	$	(886	)