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FelCor LP's Consolidating Financial Information (Felcor Lodging LP [Member])
9 Months Ended
Sep. 30, 2011
Felcor Lodging LP [Member]
 
Consolidating Financial Information [Text Block]
FelCor LP's Consolidating Financial Information

Certain of FelCor LP's 100% subsidiaries (FelCor/CSS Holdings, L.P.; FelCor Lodging Holding Company, L.L.C.; FelCor TRS Borrower 1, L.P.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor/St. Paul Holdings, L.P.; FelCor Hotel Asset Company, L.L.C.; FelCor Copley Plaza, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; Los Angeles International Airport Hotel Associates, a Texas L.P.; Madison 237 Hotel, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guarantee, fully and unconditionally, and jointly and severally, our senior debt.  The following tables present consolidating information for the Subsidiary Guarantors.

16.
FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
September 30, 2011
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net investment in hotel properties
$
60,807

 
$
822,075

 
$
1,084,775

 
$
—

 
$
1,967,657

Equity investment in consolidated
    entities
1,469,783

 
—

 
—

 
(1,469,783
)
 
—

Investment in unconsolidated
    entities
57,694

 
12,544

 
1,459

 
—

 
71,697

Hotel held for sale
—

 
14,065

 
—

 
—

 
14,065

Cash and cash equivalents
66,642

 
47,869

 
2,672

 
—

 
117,183

Restricted cash
—

 
8,675

 
124,122

 
—

 
132,797

Accounts receivable, net
857

 
34,072

 
129

 
—

 
35,058

Deferred expenses, net
25,320

 
—

 
4,796

 
—

 
30,116

Other assets
10,611

 
12,340

 
5,781

 
—

 
28,732

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,691,714

 
$
951,640

 
$
1,223,734

 
$
(1,469,783
)
 
$
2,397,305

 
 
 
 
 
 
 
 
 
 
Debt, net
$
982,556

 
$
—

 
$
570,019

 
$
—

 
$
1,552,575

Distributions payable
76,293

 
—

 
—

 
—

 
76,293

Accrued expenses and other
    liabilities
26,817

 
99,119

 
11,149

 
—

 
137,085

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,085,666

 
99,119

 
581,168

 
—

 
1,765,953

 
 
 
 
 
 
 
 
 
 
Redeemable units
2,954

 
—

 
—

 
—

 
2,954

 
 
 
 
 
 
 
 
 
 
Preferred units
478,774

 
—

 
—

 
—

 
478,774

Common units
124,320

 
829,416

 
615,850

 
(1,469,783
)
 
99,803

Accumulated other comprehensive
    income
—

 
24,517

 
—

 
—

 
24,517

Total FelCor LP partners’
    capital
603,094

 
853,933

 
615,850

 
(1,469,783
)
 
603,094

Noncontrolling interests
—

 
(1,412
)
 
26,716

 
—

 
25,304

Total partners' capital
603,094

 
852,521

 
642,566

 
(1,469,783
)
 
628,398

Total liabilities and
   partners' capital
$
1,691,714

 
$
951,640

 
$
1,223,734

 
$
(1,469,783
)
 
$
2,397,305

          
16.
FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2010
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net investment in hotel properties
$
76,763

 
$
720,093

 
$
1,188,923

 
$
—

 
$
1,985,779

Equity investment in consolidated
    entities
1,025,818

 
—

 
—

 
(1,025,818
)
 
—

Investment in unconsolidated
    entities
61,833

 
12,594

 
1,493

 
—

 
75,920

Cash and cash equivalents
155,350

 
43,647

 
1,975

 
—

 
200,972

Restricted cash
—

 
6,347

 
10,355

 
—

 
16,702

Accounts receivable, net
642

 
27,190

 
19

 
—

 
27,851

Deferred expenses, net
11,366

 
—

 
8,574

 
—

 
19,940

Other assets
7,112

 
20,325

 
4,834

 
—

 
32,271

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,338,884

 
$
830,196

 
$
1,216,173

 
$
(1,025,818
)
 
$
2,359,435

 
 
 
 
 
 
 
 
 
 
Debt, net
$
658,168

 
$
—

 
$
890,141

 
$
—

 
$
1,548,309

Distributions payable
76,293

 
—

 
—

 
—

 
76,293

Accrued expenses and other
    liabilities
33,836

 
100,007

 
10,608

 
—

 
144,451

 
 
 
 
 
 
 
 
 
 
Total liabilities
768,297

 
100,007

 
900,749

 
—

 
1,769,053

 
 
 
 
 
 
 
 
 
 
Redeemable units
2,004

 
—

 
—

 
—

 
2,004

 
 
 
 
 
 
 
 
 
 
Preferred units
478,774

 
—

 
—

 
—

 
478,774

Common units
89,809

 
704,117

 
295,127

 
(1,025,818
)
 
63,235

Accumulated other comprehensive
    income
—

 
26,574

 
—

 
—

 
26,574

Total FelCor LP partners’
    capital
568,583

 
730,691

 
295,127

 
(1,025,818
)
 
568,583

Noncontrolling interests                                                         
—

 
(502
)
 
20,297

 
—

 
19,795

Total partners' capital
568,583

 
730,189

 
315,424

 
(1,025,818
)
 
588,378

Total liabilities and
   partners' capital
$
1,338,884

 
$
830,196

 
$
1,216,173

 
$
(1,025,818
)
 
$
2,359,435

FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended September 30, 2011
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
244,124

 
$
—

 
$
—

 
$
244,124

Percentage lease revenue
2,439

 
—

 
45,970

 
(48,409
)
 
—

Other revenue
—

 
1,241

 
153

 
—

 
1,394

Total revenues
2,439

 
245,365

 
46,123

 
(48,409
)
 
245,518

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
169,622

 
—

 
—

 
169,622

Taxes, insurance and lease expense
383

 
66,765

 
5,886

 
(48,409
)
 
24,625

Corporate expenses
139

 
3,486

 
2,633

 
—

 
6,258

Depreciation and amortization
1,138

 
12,397

 
20,357

 
—

 
33,892

Other expenses
(13
)
 
1,138

 
83

 
—

 
1,208

Total operating expenses
1,647

 
253,408

 
28,959

 
(48,409
)
 
235,605

Operating income (loss)
792

 
(8,043
)
 
17,164

 
—

 
9,913

Interest expense, net
(23,730
)
 
(588
)
 
(9,238
)
 
—

 
(33,556
)
Debt extinguishment
1

 
—

 
(214
)
 
—

 
(213
)
Gain on involuntary conversion, net
—

 
109

 
—

 
—

 
109

Income (loss) before equity in
   income (loss) from
   unconsolidated entities
(22,937
)
 
(8,522
)
 
7,712

 
—

 
(23,747
)
Equity in loss from
   consolidated entities
(752
)
 
—

 
—

 
752

 
—

Equity in income (loss) from
   unconsolidated entities
(54
)
 
315

 
(12
)
 
—

 
249

Income (loss) from continuing
    operations
(23,743
)
 
(8,207
)
 
7,700

 
752

 
(23,498
)
Discontinued operations
745

 
(569
)
 
(54
)
 
—

 
122

Net income (loss)
(22,998
)
 
(8,776
)
 
7,646

 
752

 
(23,376
)
Net loss attributable to
    noncontrolling interests
—

 
152

 
226

 
—

 
378

Net income (loss) attributable
   to FelCor LP
(22,998
)
 
(8,624
)
 
7,872

 
752

 
(22,998
)
Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net income (loss) attributable to
   FelCor LP common unitholders
$
(32,676
)
 
$
(8,624
)
 
$
7,872

 
$
752

 
$
(32,676
)


16.
FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended September 30, 2010
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
222,506

 
$
—

 
$
—

 
$
222,506

Percentage lease revenue
3,471

 
—

 
43,481

 
(46,952
)
 
—

Other revenue
—

 
1,286

 
135

 
—

 
1,421

Total revenues
3,471

 
223,792

 
43,616

 
(46,952
)
 
223,927

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
154,152

 
—

 
—

 
154,152

Taxes, insurance and lease expense
232

 
64,341

 
5,578

 
(46,952
)
 
23,199

Corporate expenses
234

 
3,449

 
2,881

 
—

 
6,564

Depreciation and amortization
1,429

 
11,152

 
21,144

 
—

 
33,725

Impairment loss
—

 
6,304

 
17,823

 
—

 
24,127

Other expenses
(9
)
 
1,258

 
82

 
—

 
1,331

Total operating expenses
1,886

 
240,656

 
47,508

 
(46,952
)
 
243,098

Operating income (loss)
1,585

 
(16,864
)
 
(3,892
)
 
—

 
(19,171
)
Interest expense, net
(20,433
)
 
(788
)
 
(13,232
)
 
—

 
(34,453
)
Debt extinguishment
—

 
(163
)
 
(51
)
 
—

 
(214
)
Income (loss) before equity in
   income from unconsolidated
   entities
(18,848
)
 
(17,815
)
 
(17,175
)
 
—

 
(53,838
)
Equity in income from
   consolidated entities
(68,780
)
 
—

 
—

 
68,780

 
—

Equity in income (loss) from
   unconsolidated entities
(47
)
 
366

 
(17
)
 
—

 
302

Income (loss) from continuing
    operations
(87,675
)
 
(17,449
)
 
(17,192
)
 
68,780

 
(53,536
)
Discontinued operations
(1,432
)
 
(10,571
)
 
(23,741
)
 
—

 
(35,744
)
Net loss
(89,107
)
 
(28,020
)
 
(40,933
)
 
68,780

 
(89,280
)
Net loss attributable to
    noncontrolling interests
—

 
147

 
26

 
—

 
173

Net loss attributable to FelCor LP
(89,107
)
 
(27,873
)
 
(40,907
)
 
68,780

 
(89,107
)
Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net loss attributable to
   FelCor LP common unitholders
$
(98,785
)
 
$
(27,873
)
 
$
(40,907
)
 
$
68,780

 
$
(98,785
)


16.
FelCor LP's Consolidating Financial Information – (continued)
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Nine Months Ended September 30, 2011
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
722,107

 
$
—

 
$
—

 
$
722,107

Percentage lease revenue
5,315

 
—

 
137,817

 
(143,132
)
 
—

Other revenue
10

 
2,332

 
288

 
—

 
2,630

Total revenues
5,325

 
724,439

 
138,105

 
(143,132
)
 
724,737

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
496,232

 
—

 
—

 
496,232

Taxes, insurance and lease expense
1,199

 
192,255

 
17,763

 
(143,132
)
 
68,085

Corporate expenses
434

 
12,436

 
9,835

 
—

 
22,705

Depreciation and amortization
3,456

 
36,532

 
61,150

 
—

 
101,138

Impairment loss
—

 
9,018

 
2,688

 
—

 
11,706

Other expenses
11

 
3,261

 
183

 
—

 
3,455

Total operating expenses
5,100

 
749,734

 
91,619

 
(143,132
)
 
703,321

Operating income (loss)
225

 
(25,295
)
 
46,486

 
—

 
21,416

Interest expense, net
(67,695
)
 
(1,882
)
 
(32,327
)
 
—

 
(101,904
)
Debt extinguishment
(27,354
)
 
—

 
3,236

 
—

 
(24,118
)
Gain (loss) on involuntary
   conversion, net
(21
)
 
316

 
(15
)
 
—

 
280

Income (loss) before equity in
   loss from unconsolidated entities
(94,845
)
 
(26,861
)
 
17,380

 
—

 
(104,326
)
Equity in loss from consolidated
    entities
(2,010
)
 
—

 
—

 
2,010

 
—

Equity in income (loss) from
    unconsolidated entities
(1,319
)
 
50

 
(34
)
 
—

 
(1,303
)
Income (loss) from continuing
   operations
(98,174
)
 
(26,811
)
 
17,346

 
2,010

 
(105,629
)
Discontinued operations
944

 
(1,565
)
 
8,751

 
—

 
8,130

Net income (loss)
(97,230
)
 
(28,376
)
 
26,097

 
2,010

 
(97,499
)
Net loss (income) attributable to
    noncontrolling interests
—

 
305

 
(36
)
 
—

 
269

Net income (loss) attributable to
   FelCor LP
(97,230
)
 
(28,071
)
 
26,061

 
2,010

 
(97,230
)
Preferred distributions
(29,034
)
 
—

 
—

 
—

 
(29,034
)
Net income (loss) attributable to
   FelCor LP common unitholders
$
(126,264
)
 
$
(28,071
)
 
$
26,061

 
$
2,010

 
$
(126,264
)


16.
FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Nine Months Ended September 30, 2010
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
654,857

 
$
—

 
$
—

 
$
654,857

Percentage lease revenue
7,561

 
—

 
129,242

 
(136,803
)
 
—

Other revenue
1

 
2,517

 
275

 
—

 
2,793

Total revenues
7,562

 
657,374

 
129,517

 
(136,803
)
 
657,650

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
447,026

 
—

 
—

 
447,026

Taxes, insurance and lease expense
1,166

 
185,938

 
17,962

 
(136,803
)
 
68,263

Corporate expenses
611

 
12,021

 
10,289

 
—

 
22,921

Depreciation and amortization
4,604

 
32,991

 
63,961

 
—

 
101,556

Impairment loss
—

 
6,304

 
17,823

 
—

 
24,127

Other expenses
6

 
2,841

 
(154
)
 
—

 
2,693

Total operating expenses
6,387

 
687,121

 
109,881

 
(136,803
)
 
666,586

Operating income (loss)
1,175

 
(29,747
)
 
19,636

 
—

 
(8,936
)
Interest expense, net
(61,271
)
 
(4,062
)
 
(39,702
)
 
—

 
(105,035
)
Debt extinguishment
—

 
46,436

 
(464
)
 
 
 
45,972

Income (loss) before equity in
   income (loss) from
   unconsolidated entities
(60,096
)
 
12,627

 
(20,530
)
 
—

 
(67,999
)
Equity in loss from
   consolidated entities
(67,438
)
 
—

 
—

 
67,438

 
—

Equity in income (loss) from
   unconsolidated entities
(1,014
)
 
(59
)
 
187

 
—

 
(886
)
Income (loss) from continuing
   operations
(128,548
)
 
12,568

 
(20,343
)
 
67,438

 
(68,885
)
Discontinued operations
(1,607
)
 
(13,640
)
 
(46,100
)
 
—

 
(61,347
)
Net loss
(130,155
)
 
(1,072
)
 
(66,443
)
 
67,438

 
(130,232
)
Net loss attributable to
    noncontrolling interests
—

 
38

 
39

 
—

 
77

Net loss attributable to FelCor LP
(130,155
)
 
(1,034
)
 
(66,404
)
 
67,438

 
(130,155
)
Preferred distributions
(29,034
)
 
—

 
—

 
—

 
(29,034
)
Net loss attributable to FelCor LP
   common unitholders
$
(159,189
)
 
$
(1,034
)
 
$
(66,404
)
 
$
67,438

 
$
(159,189
)

FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2011
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Total Consolidated
Cash flows from (used in) operating activities
$
(65,797
)
 
$
10,612

 
$
91,616

 
$
36,431

Cash flows from (used in) investing activities
13,290

 
(162,044
)
 
(65,106
)
 
(213,860
)
Cash flows from (used in) financing activities
(36,201
)
 
155,807

 
(25,813
)
 
93,793

Effect of exchange rates changes on cash
—

 
(153
)
 
—

 
(153
)
Change in cash and cash equivalents
(88,708
)
 
4,222

 
697

 
(83,789
)
Cash and cash equivalents at beginning of period
155,350

 
43,647

 
1,975

 
200,972

Cash and equivalents at end of period
$
66,642

 
$
47,869

 
$
2,672

 
$
117,183




FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2010
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Total Consolidated
Cash flows from (used in) operating activities
$
(34,923
)
 
$
18,209

 
$
84,775

 
$
68,061

Cash flows from (used in) investing activities
(121,500
)
 
(12,207
)
 
(19,035
)
 
(152,742
)
Cash flows from (used in) financing activities
78,444

 
2,129

 
(67,089
)
 
13,484

Effect of exchange rates changes on cash
—

 
144

 
—

 
144

Change in cash and cash equivalents
(77,979
)
 
8,275

 
(1,349
)
 
(71,053
)
Cash and cash equivalents at beginning of period
224,526

 
36,834

 
2,171

 
263,531

Cash and equivalents at end of period
$
146,547

 
$
45,109

 
$
822

 
$
192,478