FelCor LP's Consolidating Financial Information (Felcor Lodging LP [Member])

12 Months Ended

Dec. 31, 2011

Felcor Lodging LP [Member]

FelCor LP's 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.

FELCOR LODGING LIMITED PARTNERSHIP

CONSOLIDATING BALANCE SHEET

December 31, 2011

(in thousands)

	FelCor LP		Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotels	$	67,828	$	805,280		$	1,080,687	$	—		$	1,953,795
Hotel development	—		—			120,163		—			120,163
Equity investment in consolidated     entities	1,478,347		—			—		(1,478,347		)	—
Investment in unconsolidated entities	56,492		12,063			1,447		—			70,002
Cash and cash equivalents	23,503		67,001			3,254		—			93,758
Restricted cash	—		11,514			72,726		—			84,240
Accounts receivable, net	540		26,357			238		—			27,135
Deferred expenses, net	24,101		—			5,671		—			29,772
Other assets	8,507		10,817			5,039		—			24,363
Total assets	$	1,659,318	$	933,032		$	1,289,225	$	(1,478,347	)	$	2,403,228
Debt	$	984,931	$	—		$	611,535	$	—		$	1,596,466
Distributions payable	76,293		—			—		—			76,293
Accrued expenses and other liabilities	33,530		98,127			8,891		—			140,548
Total liabilities	1,094,754		98,127			620,426		—			1,813,307
Redeemable units, at redemption value	3,026		—			—		—			3,026
Preferred units	478,774		—			—		—			478,774
Common units	82,764		810,554			641,945		(1,478,347		)	56,916
Accumulated other comprehensive    income	—		25,848			—		—			25,848
Total FelCor LP partners' capital	561,538		836,402			641,945		(1,478,347		)	561,538
Noncontrolling interests	—		(1,497		)	26,854		—			25,357
Total partners' capital	561,538		834,905			668,799		(1,478,347		)	586,895
Total liabilities and    partners' capital	$	1,659,318	$	933,032		$	1,289,225	$	(1,478,347	)	$	2,403,228

24. FelCor LP's Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONSOLIDATING BALANCE SHEET

December 31, 2010

(in thousands)

	FelCor LP		Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotels	$	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	$	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, at redemption value	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

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	943,043		$	—		$	—		$	943,043
Percentage lease revenue	4,787			—			138,611			(143,398		)	—
Other revenue	10			2,593			346			—			2,949
Total revenue	4,797			945,636			138,957			(143,398		)	945,992
Expenses:
Hotel operating expenses	—			654,656			—			—			654,656
Taxes, insurance and lease expense	1,593			209,372			23,445			(143,398		)	91,012
Corporate expenses	291			15,394			13,395			—			29,080
Depreciation and amortization	4,590			46,938			81,591			—			133,119
Impairment loss	—			4,315			2,688			—			7,003
Other expenses	122			3,674			221			—			4,017
Total operating expenses	6,596			934,349			121,340			(143,398		)	918,887
Operating income	(1,799		)	11,287			17,617			—			27,105
Interest expense, net	(90,622		)	(2,433		)	(41,846		)	—			(134,901		)
Debt extinguishment	(27,354		)	—			3,172			—			(24,182		)
Gain on involuntary conversion	(21		)	316			(15		)	—			280
Loss before equity in loss from    unconsolidated entities and    noncontrolling interests	(119,796		)	9,170			(21,072		)	—			(131,698		)
Equity in loss from consolidated    entities	(10,098		)	—			—			10,098			—
Equity in loss from unconsolidated     entities	(1,591		)	(431		)	(46		)	—			(2,068		)
Loss from continuing operations	(131,485		)	8,739			(21,118		)	10,098			(133,766		)
Discontinued operations	942			(6,827		)	8,756			—			2,871
Net loss	(130,543		)	1,912			(12,362		)	10,098			(130,895		)
Net loss attributable to    noncontrolling interests	—			367			(15		)	—			352
Net loss attributable to FelCor LP	(130,543		)	2,279			(12,377		)	10,098			(130,543		)
Preferred distributions	(38,713		)	—			—			—			(38,713		)
Net loss attributable to FelCor LP    unitholders	$	(169,256	)	$	2,279		$	(12,377	)	$	10,098		$	(169,256	)

24. Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Year Ended December 31, 2010

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	859,835		$	—		$	—		$	859,835
Percentage lease revenue	8,454			—			166,948			(175,402		)	—
Other revenue	4			2,846			324			—			3,174
Total revenue	8,458			862,681			167,272			(175,402		)	863,009
Expenses:
Hotel operating expenses	—			595,999			—			—			595,999
Taxes, insurance and lease expense	1,313			238,954			23,462			(175,402		)	88,327
Corporate expenses	797			16,299			13,651			—			30,747
Depreciation and amortization	5,769			42,546			85,078			—			133,393
Impairment loss	—			22,994			83,427			—			106,421
Other expenses	17			3,678			(415		)	—			3,280
Total operating expenses	7,896			920,470			205,203			(175,402		)	958,167
Operating loss	562			(57,789		)	(37,931		)	—			(95,158		)
Interest expense, net	(81,494		)	(4,770		)	(53,229		)	—			(139,493		)
Debt extinguishment	(1,658		)	46,436			(465		)	—			44,313
Loss before equity in income from    unconsolidated entities and    noncontrolling interests	(82,590		)	(16,123		)	(91,625		)	—			(190,338		)
Equity in loss from consolidated    entities	(152,326		)	—			—			152,326			—
Equity in income from    unconsolidated entities	17,218			(618		)	316			—			16,916
Loss from continuing operations	(217,698		)	(16,741		)	(91,309		)	152,326			(173,422		)
Discontinued operations	(6,224		)	(9,918		)	(36,273		)	—			(52,415		)
Net loss	(223,922		)	(26,659		)	(127,582		)	152,326			(225,837		)
Net loss attributable to    noncontrolling interests	—			1,134			781			—			1,915
Net loss attributable to FelCor LP	(223,922		)	(25,525		)	(126,801		)	152,326			(223,922		)
Preferred distributions	(38,713		)	—			—			—			(38,713		)
Net loss attributable to FelCor LP    unitholders	$	(262,635	)	$	(25,525	)	$	(126,801	)	$	152,326		$	(262,635	)

24. Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	809,155		$	—		$	—		$	809,155
Percentage lease revenue	12,227			—			140,762			(152,989		)	—
Other revenue	6			2,535			302			—			2,843
Total revenue	12,233			811,690			141,064			(152,989		)	811,998
Expenses:
Hotel operating expenses	—			558,509			—			—			558,509
Taxes, insurance and lease expense	2,125			212,969			22,528			(152,989		)	84,633
Corporate expenses	772			13,906			9,538			—			24,216
Depreciation and amortization	7,956			45,875			77,724			—			131,555
Other expenses	95			3,775			137			—			4,007
Total operating expenses	10,948			835,034			109,927			(152,989		)	802,920
Operating income	1,285			(23,344		)	31,137			—			9,078
Interest expense, net	(43,507		)	(12,555		)	(43,512		)	—			(99,574		)
Debt extinguishment	(1,721		)	—			—			—			(1,721		)
Gain on sale of assets	—			—			723			—			723
Loss before equity in loss from    unconsolidated entities and    noncontrolling interests	(43,943		)	(35,899		)	(11,652		)	—			(91,494		)
Equity in loss from consolidated    entities	(62,653		)	—			—			62,653			—
Equity in loss from unconsolidated    entities	(1,899		)	(755		)	(2,160		)	—			(4,814		)
Loss from continuing operations	(108,495		)	(36,654		)	(13,812		)	62,653			(96,308		)
Discontinued operations	(299		)	(9,767		)	(2,717		)	—			(12,783		)
Net loss	(108,794		)	(46,421		)	(16,529		)	62,653			(109,091		)
Net (income) loss attributable to    noncontrolling interests	—			(180		)	477			—			297
Net loss attributable to FelCor LP	(108,794		)	(46,601		)	(16,052		)	62,653			(108,794		)
Preferred distributions	(38,713		)	—			—			—			(38,713		)
Net loss attributable to FelCor LP    unitholders	$	(147,507	)	$	(46,601	)	$	(16,052	)	$	62,653		$	(147,507	)

Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2011

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Total Consolidated
Cash flows from (used in) operating activities	$	(84,542	)	$	57,413		$	72,994		$	45,865
Cash flows from (used in) investing activities	11,009			(143,371		)	(80,058		)	(212,420		)
Cash flows from (used in) financing activities	(58,314		)	109,378			8,343			59,407
Effect of exchange rates changes on cash	—			(66		)	—			(66		)
Change in cash and cash equivalents	(131,847		)	23,354			1,279			(107,214		)
Cash and cash equivalents at beginning of period	155,350			43,647			1,975			200,972
Cash and equivalents at end of period	$	23,503		$	67,001		$	3,254		$	93,758

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2010

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Total Consolidated
Cash flows from (used in) operating activities	$	(64,668	)	$	20,644		$	102,836		$	58,812
Cash flows from (used in) investing activities	20,366			(114,324		)	(25,504		)	(119,462		)
Cash flows from (used in) financing activities	(24,874		)	100,111			(77,528		)	(2,291		)
Effect of exchange rates changes on cash	—			382			—			382
Change in cash and cash equivalents	(69,176		)	6,813			(196		)	(62,559		)
Cash and cash equivalents at beginning of period	224,526			36,834			2,171			263,531
Cash and equivalents at end of period	$	155,350		$	43,647		$	1,975		$	200,972

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2009

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Total Consolidated
Cash flows from (used in) operating activities	$	(12,636	)	$	3,073		$	82,470		$	72,907
Cash flows from (used in) investing activities	3,876			(17,111		)	(33,728		)	(46,963		)
Cash flows from (used in) financing activities	225,567			9,282			(49,021		)	185,828
Effect of exchange rates changes on cash	—			1,572			—			1,572
Change in cash and cash equivalents	216,807			(3,184		)	(279		)	213,344
Cash and cash equivalents at beginning of period	7,719			40,018			2,450			50,187
Cash and equivalents at end of period	$	224,526		$	36,834		$	2,171		$	263,531